Never miss an update

Rebecca Minkoff Randi Pointed Toe 29979 Strappy Pumps, Black, US 8 Toe US Display 7f723f3




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Lightly soles with sticker residue. Images shown are of the actual shoes for sale.
Brand: Rebecca Minkoff Heel Type: Slim
Style: Pumps, Classics Material: Leather
MPN: Randi Occasion: Casual
Width: Medium (B, M) US Shoe Size (Women's): US 8
Color: Black Pattern: Solid
Heel Height: High (3 to 4 1/4) Shade: Black
UPC: 846632559536
Never miss an update

Rebecca Minkoff Randi Pointed Toe 29979 Strappy Pumps, Black, US 8 Toe US Display 7f723f3 - blurrypron.com

    Rebecca Minkoff Randi Pointed Toe 29979 Strappy Pumps, Black, US 8 Toe US Display 7f723f3
    Rebecca Minkoff Randi Pointed Toe 29979 Strappy Pumps, Black, US 8 Toe US Display 7f723f3
    Men's/Women's Fontana 2.0 STELLA Beautiful design a wide range of products Known for its beautiful quality , Loeffler Randall Minette suede platform T strap sandals size 8 EUC! Worn once! , EUC Tory Burch Venice Sandal High Heel Leather Suede Gray Ash Coconut Sz 8M , LifeStride Women's Jetset Dress Pump Black 9.5 N US , Pleaser Women's Appeal-20 Pump - Choose SZ/ColorLUICHINY ~WOMEN'S HIGH HEELS~PINK SUEDE UPPER~LEATHER INSOLE~SIZE 10 M~NEW , Pleaser Women's Dre420/Cr Slide Pump - Choose SZ/Color , VERA WANG LAVENDER Celeste Black Leather Platform Sandal Slides Size 9MThalia Sodi Women Shoes Zabila (7.5, Black Leopard) , Gentleman/Lady Garolini Exclusively Red Leather High Pump Many styles Attractive fashion Strong heat and heat resistanceRARE BOTKIER Purple Katie Bootie Size 39.5/8.5 M NWOB/With Defects , Stuart Weitzman Evebaton Platform Evening Pumps Multi Iris Glitter 6US DisplaySteve Madden Livv Size 6.5 Platform Wedge Sandal , NWOB Rebecca Minkoff Sz 9.5 "Bentley" Black & Shagreen Mid-Heel Pump Strappy , JIMMY CHOO FOR H&M Blk Patent & Suede Ankle Wrap Stiletto Sandal Heels Size 39 , New with Box Ann Taylor Aileen Striped Slingbak Wedges Size 5.5 , Born Crown Myndy Womens 11 Shoes Purple African Violet Metallic T Strap SandalsRhinestone Platform Stiletto Strappy Cage Sandals High Heels Shoes Adult WomenNine West Women's FIFTH9X Fifth Pointy Toe PumpsPleaser Women's Delight-609 Sandal - Choose SZ/Color , JEAN-MICHAEL CAZABAT 40 8.5 9 Bright Blue Skin Gold Trim Heels , Jon josef Women´s Copa Natural Beige Leather and Patent Peep Toe Wedge size 9 , Cole Haan Chelsea Pointed Toe Kitten Heels, Coral, 6 US DisplayCole Haan Air Tali Tan Patent Leather Wedge Heels Shoes Pumps 8B 8 NEW $178Woman Leopard Thin High Heels Patent PU Red Big Pumps 14CM Heel Size36-45 , MIU MIU Denim Open Toe 2" High Mules Size 6.5 US (36.5)Cole Haan Air Talia Open Toe Bow Slingback Pumps Patent Taupe 10B Gorgeous! , Born Crown Marilyn Black Shimmer Leather Reptile Floral Slingbacks, Women's US 7 , Authentic Burberry Nova Check Plaid Heels 8 1/2 Women's Low mules
    Rebecca Minkoff Randi Pointed Toe 29979 Strappy Pumps, Black, US 8 Toe US Display 7f723f3 - blurrypron.com>Rebecca Minkoff Randi Pointed Toe 29979 Strappy Pumps, Black, US 8 Toe US Display 7f723f3 - blurrypron.com
    Skechers Women's Bikers-Undergrad Chelsea Boot - Choose SZ/Color@TOP [email protected] SHOE TENNIS SHOES SUPRA METHOD HOMME DU 41 AU 45Frye Womens Abbey Plate Tall Boot- Choose SZ/Color.Stella McCartney Steel Grey Knee-High Coated Canvas Boots IT 38.5 US 8 $1085 NIBadidas UltraBOOST All Terrain LTD Primeknit Grey White Men Running Shoes BB6218 , Miss Sixty Lory Brown Ballerina Low Shoes Shoe Shoes Size 37 , Men's/Women's Zensu ankle boots Outstanding features In short supply a wide variety of goodsZARA NEW BLACK FAUX LEATHER OVER KNEE BOOTS EURO 37 , Franco Sarto Women's Elliot Platform Loafer Silver Soft Metallic Sheep Leather , Men's/Women's STEVE MADDEN GRAVITYY-BLUE PLATFORM SIZE 10M Fine processing real Personalization trendECCO Women's Shape 75 Sleek Dress Pump - Choose SZ/Color , Nine West Women's Kimmy Leather Dress Sandal - Choose SZ/ColorVans SK8-Hi Reissue Black White Womens Leather Hi-top Sneakers Trainers NewJORDAN MEN ECLIPSE ATHLETIC SHOES [724010 018] SIZE 13 , Hoka One One Arahi Midnight Navy/Metallic Gold Running Shoes Men Size 9New Balance 996 -CHOOSE SIZE- M996CSL Green White Blue Navy Heritage MADE IN USA , Adidas Originals x Pharrell Williams Hu Race Sneakers in Blue Men's Size: 5Nike Air Jordan Academy <844515-600> Men's Size 10.5NIKE AIR JORDAN XXXI BLACK CAT MEN'S SHOES [SIZE 11] BLACK/ANTHRACITE 845037-010NEW Nike Dunk High Pro SB TIN MAN Black Silver Ice 10 305050 023 Oakland Raiders2017 Air Jordan 1 Retro High OG Royal 555088 007 size 9 , Men Sport Knitted Shoes* ADIDAS TUBULAR SHADOW * CG4562 * Limited quantity !Clarks Triken Run Sneakers Mens Athletic Casual Shoes Low Heel , Brooks Brothers NEW Classic Bucks 8.5 D Gray Nubuck Oxford Shoes Goodyear WeltMen's British Formal Casual Pointy Toe Real Leather Party Shoes Low Heel LoafersGentleman/Lady Australian-Inspired Boots: Black Size: 9 use Modern design Different stylesMan's/Woman's MINNETONKA Shoes 223100 Grey 6 Various goods the most economical Personalization trend , Justin Ladies Roper Red Cowboy Western Riding Boots Womens 5.5 B L3035Womens Ladies Furry Lining Wedge Hidden Faux Suede Knee High Boots Shoes Thigh , Khombu jenna Snow Boot navy/tan Size 11.0 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Rebecca Minkoff Randi Pointed Toe 29979 Strappy Pumps, Black, US 8 Toe US Display 7f723f3 - 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.

    Rebecca Minkoff Randi Pointed Toe 29979 Strappy Pumps, Black, US 8 Toe US Display 7f723f3 - 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
    Rebecca Minkoff Randi Pointed Toe 29979 Strappy Pumps, Black, US 8 Toe US Display 7f723f3
    Heels
    >
    ;