Never miss an update

Gorgeoous Kate Rare Red Christian Louboutin So Gorgeoous Kate 120 4263 Stiletto Heels ff500a0




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: Christian Louboutin
Style: Stilettos Model: Christian Louboutin So Kate
Material: Leather US Shoe Size (Women's): 36
Heel Type: Stiletto Heel Height: Very High (4.5 in. and Up)
Color: Red EUR Shoe Size (Women's): EUR 36
Never miss an update

Gorgeoous Kate Rare Red Christian Louboutin So Gorgeoous Kate 120 4263 Stiletto Heels ff500a0 - blurrypron.com

    Gorgeoous Kate Rare Red Christian Louboutin So Gorgeoous Kate 120 4263 Stiletto Heels ff500a0
    Gorgeoous Kate Rare Red Christian Louboutin So Gorgeoous Kate 120 4263 Stiletto Heels ff500a0
    NIB Jimmy Choo Pearl 120 Moire Metallic Gold Black Ankle Buckle Sandals 6.5 36.5VALENTINO GARAVANI Brown Turquoise Leather Flower Blossom Ankle Wrap Sandals 39 , jimmy choo sandals size 7 1/2 MediumYSL SAINT LAURENT TRIBTOO 105 ROYAL BLUE PATENT PLATFORM LEATHER PUMP SHOES 37Jimmy Choo Glossy Black Patent Leather High Heel Sandals Size 41.5 , Auth Christian Dior Songe Pastel popular Pump High Heels Shoes size 36.5 $895YVES SAINT LAURENT YSL Red Patent Poppy Stiletto Pumps Shoes Size 37 US 7 , $765 New MANOLO BLAHNIK Ruched WHITE SATIN DORSAY SHOES 36 35.5 BRIDAL WEDDING , FENDI DECOLLETE CAMOSCIO LACCATO RED ROSSO SUEDE PUMPS DIAMOND HEELS 9NIB MANOLO BLAHNIK TAN LEATHER HEELS PUMPS STILETTOS SHOES 39.5 9.5 , CHLOE JAKE BLACK MULE SANDALS SLIDES BLOCK HEEL MESH CROCHET SIZEYSL Yves Saint Laurent Paris 105 Pressed Python Fushia Pumps Shoes 38.5 8.5 , Saint Laurent Black Velvet "Candy 55" Platform Sandals SZ 36 $935 , Christian Louboutin Black Argotik Leather pumps /38Saint Laurent Women's Python Skin Wedges Ankle Strap Sandals Shoes Sz 6.5 7.5 10Ralph Lauren Purple Label Italy Black Leather T-Strap High Heel Sandals 8.5 38.5Christian Louboutin Morphing Pony Hair Leopard Wedge Pumps Shoes 37.5 NIBPRADA Classic Nude Leather Round Toe Mid Heel Bow Pumps I LOVE SHOES , NIB $990 Bottega Veneta Women’s Leather Shoes Black Boots 9.5 US ( 39.5 Eu ) , NIB $650+ PRADA Slant Block Heel Pump Shoe Dark Blue Suede Pointy Toe 37 - 7NIB Charlotte Olympia Kiss Me Dolores Crystal Lips Platform Pumps Sz 37 7 $975 , ESCARPINS LOUBOUTIN PIGALLE Follies 100 Patent Stellar , $625 New SERGIO ROSSI Grey GODIVA Stiletto Size 38 Pumps ShoesSaint Laurent Kate 80 Studded Crystal Ankle Strap Sandals Shoes Heels 38 8 , Christian Louboutin Daffodile 160 Brick-Red Suede Heels Pumps Euro 37.5NEW Sz 35 - 5 PRADA BLACK Leather Logo & Bow Detail Pump Low Heel ShoesCHRISTIAN DIOR ANNIVERSARY peepto12 noir black leather strappy sandals heels 39Versace Pink palazzo Sandals Sz IT 38.5 US 8.5Christian Louboutin Lady Peep 150 Brocart Size 35 ,
    Gorgeoous Kate Rare Red Christian Louboutin So Gorgeoous Kate 120 4263 Stiletto Heels ff500a0 - blurrypron.com>Gorgeoous Kate Rare Red Christian Louboutin So Gorgeoous Kate 120 4263 Stiletto Heels ff500a0 - blurrypron.com
    Pleaser Demonia SINISTER-201 202 203 300 301 302 Women's ABS Heel Platform BootNEW Porter leather sandals in beach Women's by RIA Menorca , EXPRESS! BORDELLO TEEZE-06~BABY PINK PATENT CLOSED TOE PLATFORM STILLETTO PUMPSGentlemen/Ladies DIVINE-440 Black Aesthetic appearance Elegant and sturdy packaging The first batch of customers' comprehensive specifications , BURBERRY METALLIC LEATHER BALLERINAS METALLIC NUEDE 38.5 8.5 , FRYE Women's Melanie Slip On Sneaker, Denim, 8 M US , Women's Rivet Stiletto High Heel Zip Match Color Winter Warm Ankle Boots Shoes 4Cole Haan Black Patent Classic Pump With Block Heels 7.5B NikeAir , Nine West Womens Jeanery Closed Toe Classic Pumps , MAX MARA BLACK LEATHER STRAPPY PLATFORM SANDALS W/GOLD ACCENTS SZ 8/39 E U CNEW WITH BOX - GIANNI BINI CHELLIE COBBLE TAUPE ANKLE BOOTIES size US 9.5Fendi Boot Black And Brown Calf Skin Size 371/2 , Salvatore Ferragamo Gradiva Brown & White Spectator Pumps Size 9 1/2B BNIB!Take Me Women's Cambria Leather Hook And Loop Ankle-Strap Wedged Sandals Red , GIUSEPPE ZANOTTI WOMEN'S I06187 HIGH-HEEL PUMP CAM NERO SUEDE SIZE 7 MED , Nine West Yorada Ankle Strap Mule Sandals, NaturalNike Air Zoom Hyperdunk Hyper Dunk 2015 TB white teal mens sz 11.5 VNDS worn 1X , [616781-001] NIKE AIR DT MAX '96 PRM MENS SNEAKERS NIKEBLACK/BLACK-BLACK-VOLTM2007 ADIDAS ZXZ 123 SNAKESKIN Fango/Light Wine/Pure Green/Black 014900 MENS 11Nike Shoes - 2009 Air Max 90 Day of the Dead - Orange Green Purple - Size 9Russell & Bromley ankle boot Made in Italy tan leather tramline chukkaAllen Edmonds "WILBERT" Oxfords 10.5 D Brown Outland (287) , Salvatore Ferragamo Men's Black Nero Patent Wedding Tuxedo Oxford 9 , New Balance Retro 530 90's Bold Women's Size 5.5 Running Shoes W530BOB NEW!!NEW!! ADIDAS ORIGINALS Women's BZ0412 Stan Smith Multi-Color, size US 7.5 & 8NIKE Womens Nike Free Rn Running 2018 942837-001 BLACK/WHITE Womens Size 9.5FREEBIRD by Steven Women's Budha Heeled Slide Sandal Green Multi Leather SlidesPura Lopez Gray Suede Round Toe High Heel Ankle Boots SZ 39Women Square Toe Pearl Rivets Low Chunky Block Heel Loafers Shoes Faux Suede hotMan/Woman Liberty Black Boots 6 Wear resistant auction The first batch of customers' comprehensive specifications ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Gorgeoous Kate Rare Red Christian Louboutin So Gorgeoous Kate 120 4263 Stiletto Heels ff500a0 - blurrypron.com

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    Gorgeoous Kate Rare Red Christian Louboutin So Gorgeoous Kate 120 4263 Stiletto Heels ff500a0 - blurrypron.com

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.

    Conclusion

    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?

     

    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    Gorgeoous Kate Rare Red Christian Louboutin So Gorgeoous Kate 120 4263 Stiletto Heels ff500a0
    Heels
    >
    ;