Never miss an update

BY827 29929 GIANNI BY827 MARRA shoes mogochinese-29934 black leather women pumps 7fe58dc




Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Main category: shoes
Style: pumps Color: black
Brand: GIANNI MARRA Material: leather
MPN: Does not apply Gender: women
Never miss an update

BY827 29929 GIANNI BY827 MARRA shoes mogochinese-29934 black leather women pumps 7fe58dc - blurrypron.com

    BY827 29929 GIANNI BY827 MARRA shoes mogochinese-29934 black leather women pumps 7fe58dc
    BY827 29929 GIANNI BY827 MARRA shoes mogochinese-29934 black leather women pumps 7fe58dc
    Man/Woman Pleaser ECLIPSE-609 for you to choose Sales Italy have funWomens Irregular Choice Ascot Fashion Satin Closed Toe Floral Mid Heel US 5.5-11 , Moda Di Fausto women's pumps, Black,Leather Sole, Leather Lining NEW , Gentlemen/Ladies Fabulicious CLEARLY-420 Customer first Has a long reputation Elegant and robust menuFibula Salvatore Ferragamo Brown Open Toe Shoe 9 AA LeatherJ Crew Mona Heels Shoes Pumps Yellow Leather Sz 6.5 M NIB New Boxed J.Crew $198DIANE VON FURSTENBERG Sudan Wedge Espadrille Sandal Heels Orange 8.5 NWT $250NEW Free People Brown Decades Ankle Boots Booties Shoes Raw Suede w Tassels , Miz Mooz Kipling Wedge Shoe - CurrantJ Crew Collection Sandal 8 a0541Jeweled Mirror Metallic High Heel Sandals $278JCrew Elsie Suede Pumps 6.5 High-Heels Tidewater Blue E4969 $245 , Pour La Victoire $250 Helice Leopard Crisscros Sandal High Heel Platform Sandal , SERGIO ROSSI BLACK SATIN POINTED TOE SLINGBACK HEELS SIZE , Lady Couture Women’s Winner Special Occasion Rhinestone Dress Heels Black , EUC ASH platform Nude Pink WEDGE sandals SHOES 38 US 7.5 Rare!!!Tory Burch Emmanuelle Sequin Satin Strappy High Heel Sandals Shoes Black 8 $375 , Men/Women Fabulicious LOVELY-420RS Elegant appearance Has a long reputation Popular recommendationMen's/Women's Pleaser Pink Label QUEEN-04 Diverse new design New products in 2018 Pick up at the boutiqueDolce & Gabbanna Silver Leather Strappy Front Backless Stiletto Sandals Sz 35.5Woman's Giuseppe zanotti l print Cristal sandals 40.5/10.5 heels pump ‏ , Gentlemen/Ladies YSL Loafer Pump Gray 37.5 (pre-worn) High security product quality Exquisite workmanship , Man/Woman Pleaser RADIANT-708UV Elegant and sturdy set meal New style The first batch of customers' comprehensive specificationsMen's/Women's Pin Up Couture BETTIE-07 Easy to use Online export store Shopping promotionCharles Jourdan Paris Suede Brown Pump Shoes Size 7 , WOMEN'S PRADA BLACK LEATHER FLIP FLOP THONG SHOES WORN MINIMALLY SZ 9 B , NEW! NIB! BADGLEY MISCHKA Bronze Metallic SHAW Open Toe T Strap Sandal 9.5 $215Nicole Miller Women's Maiden-NM Pump Ivory Satin Size 8.0COLE HAAN Air 10B Rich Brown Suede Bow Heels Stylish Rare Strong , Man's/Woman's Manolo Blahnik Suede Pastel Flower Mules Special purchase Sales Italy Acknowledgement feedback ,
    BY827 29929 GIANNI BY827 MARRA shoes mogochinese-29934 black leather women pumps 7fe58dc - blurrypron.com>BY827 29929 GIANNI BY827 MARRA shoes mogochinese-29934 black leather women pumps 7fe58dc - blurrypron.com
    Mephisto Floreta Boots, Women's Size 7.5, BlackBlack Calfskin Gold Floral Shoes Ankle Boots Runway Occident o1hNew FRYE Harness 12R Charcoal Leather Harness Boot Size 10 M Made In USAVintage Isaac Mizrahi Suede brown boots EU Size 7 Made in ItalyKickers sneakers 1980's new old stock men's sz7,ladies sz 10 , NIKE WOMENS RENEW RIVAL STEALTH WOLF GREY WHITE SHOES 2018 **FREE POST AUSTRALIA**Authentic** Nike Flex Contact 2 Womens Running Shoes (B) (001) , Ladies Rieker Fleece Lined Rieker Tex Boots 'Y0363-01' , Dansko Womens Pro XP Clog Shoe Sz 9.5 - 10 M US / 40 EU Black Medallion Patent L , New Womens Tsubo Triss Chamois Blue Leather Suede Ankle Strappy High Heel , Women's round toe pearls slip on low heel block fashion OL patent leather shoes , Juicy Couture FERNANDA Coral Wedge Sandals 7029 Size 9.5 M NEW!NEW COSTUME NATIONAL pumps heels shoes $754 37 6.5 7 M suede leather navy , Sergio Rossi Leather Classic Pump Beige SIZE 38Man/Woman LEMARÉ BRONZE LAMINATED MEDIUM -HEELED SANDAL Cheap Latest styles Don't worry when shoppingChristian Louboutin- Black Patent Pigalle 120 Sz 36.5Adidas Originals ZX Flux ADV X Limited Edition Mens Classic Suede Trainers GreenCONVERSE ONE STAR OX 157804C BLACK DS SIZE: 10.5 , Adidas NMD R2 Wings + Horns BB3118 Primeknit PK Size 10.5us Light Grey White , Adidas Men Superstar Boost Primeknit - Noble Metal gray solid grey BB8973 , Nike Air Max 2015 Men's Black/Bright Crimson/Blue Lagoon/White 98902006Nike Hyperdunk Low Lux Black Men Size 8.0 New Rare Authentic Basketball , Nike Air Force 1 '07 QS Easter Pack Sneakers 18 Ice Blue Size 8 9 10 11 12 Mens , Nike Air Jordan 3 III Retro Cyber Monday Black/Black-White Basketball 136064-020New Men's KEEN Utility Omaha Low Waterproof Steel Toe Work Boots Brown - 1014608HOGAN men shoes Interactive black suede tech fabric sneaker HXM00N0U041H18B999Creative Recreation Women's w Savona Sneaker, Silver, 10 B US , Nike WMNS Air Max 1 Ultra Essentials [704993-401] NSW Running Deep Blue/MulberryPrada Women American Cup Sneakers Animal Print Leopard Pattern Tan Black 39.5Chic Womens Platform Round Toe Fur Trim Genuine Leather Wedges Shoes Ankle Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BY827 29929 GIANNI BY827 MARRA shoes mogochinese-29934 black leather women pumps 7fe58dc - 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.

    BY827 29929 GIANNI BY827 MARRA shoes mogochinese-29934 black leather women pumps 7fe58dc - 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
    BY827 29929 GIANNI BY827 MARRA shoes mogochinese-29934 black leather women pumps 7fe58dc
    Heels
    >
    ;