Never miss an update

STEVE MADDEN "DAMAS" pewter pewter metallic pointy toe mogochinese-22020 strappy heels MADDEN sz. 7.5 NEW! $140 9321cfa




Item specifics

Condition: New with defects :
A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour variations to scuffs, cuts or nicks, hanging threads or missing buttons that occasionally occur during the manufacturing or delivery process. The apparel may contain irregular or mismarked size tags. The item may be missing the original packaging materials (such as original box or tag).  New factory seconds and/or new irregular items may fall into this category.  The original tags may or may not be attached. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: New with defects ! Scuffs, please check all pictures for more details.
Brand: Steve Madden Heel Type: Slim
Style: Sandals Heel Height: High (3 in. to 4.5 in.)
US Shoe Size (Women's): 7.5 Material: Man Made
Width: Medium (B, M) Pattern: Solid
Color: Pewter Fastening: Zip
Occasion: Special Occasion UPC: DOES NOT APPLY
Never miss an update

STEVE MADDEN "DAMAS" pewter pewter metallic pointy toe mogochinese-22020 strappy heels MADDEN sz. 7.5 NEW! $140 9321cfa - blurrypron.com

    STEVE MADDEN "DAMAS" pewter pewter metallic pointy toe mogochinese-22020 strappy heels MADDEN sz. 7.5 NEW! $140 9321cfa
    STEVE MADDEN "DAMAS" pewter pewter metallic pointy toe mogochinese-22020 strappy heels MADDEN sz. 7.5 NEW! $140 9321cfa
    Crocs You by Crocs Monaco 3" heels pumps grey 9 Med NEW , Womens Cute Creepers T-Strappy Round Toe Lolita Gothic Punk Pumps Shoes SIZEWomen Block High Heels Pearl Ankle Strap Sandals Open Toe Summer Shoes GoldenWomen Stiletto High Heel Kitten Party Rhinestone Pointy Toe Silk Pumps Shoes @women's pumps block mid heel platform buckle slip on patent leather shoes clubChic New Womens Clubwear Platform Slim High Heels Dress Shoes Glitter Party SizeThs Womens Sexy Black Super High Heels Stilettos Sandals Ankle Strap Club Shoes , J CREW Women's Gold Metallic Leather Heels Sandals Size 7 1/2 Made in ItalyTransparency Elegant Women Straps Rivet High Heels Stilettos Pumps Shoes SandalsWomen's Leather Pointed Toe Green Scale Pumps High Heel Shoes Party Stilettos , Steve Madden Echo pump brown patent 3" heel 7.5 Med NEW , Man's/Woman's Tory Burch Wedges 7.5 Special price Won highly appreciated and widely trusted at home and abroad Selling new products , Size Leisure Women's Mary Janes Ankle Strap High Heels Court Shoes Pumps CasualChic Womens Pointy Toe Strappy Buckle High Heels Party Nightclub Stilettos ShoesBCBG MAX AZRIA 215702 sparkly gold pumps platforms heels sz. 9 M NEW!Womens Kurt Geiger Orange Suede Pointy Toe Pumps Sz. 36 , womens open toe rivet strappy British stilettos 6'' high heel T show sandal shoe , KRISTIN CAVALLARI 207683 "CHELSEA" black leather ankle strap heels sz. 8 NEW! , Elegant Ladies Pointy Toe Mid Heel Pumps Leisure OL Shoes Formal Stylish Slip On , Women Sexy Pumps Block High Heel Colors Sandals Slip On Slingbacks Shoes PumpsBCBG Max Azria Maelle sandal teal satin 3.75 " heels sz 9.5 Med New $200+2018 Fashion Womens Spring Square Toe Low Heels Suede Pumps Casual Slip On Shoes , Summer Women Pumps Stiletto Shoes Clear Multi Color Pointy Toe Slip On ElegantEasy Spirit Rovana pump light green suede leather 2.75" heels 10.5 Med NEW , Man/Woman Seychelles No Holds Barred Banded Sandal Elegant shape First grade in its class Export , Fashion Women Slip On Suede Creepers Mid Heels Mixed Color Platform Shoes Casual , Multi-Colors Women Peep Toe Slip On Wedges Heels Colorfuls Dress Party Shoes Sz , Womens T-Strap Stilettos Ankle Strap High Heel Shoes Vogue Summer Clubwear Shoes , Sofft Sasha Dark Brown Dress Shoes Heels Pumps Slingback Summer Comfort Shoes S7 ,
    STEVE MADDEN >STEVE MADDEN
    ROCK & REPUBLIC BLACK GABRIEL STUDDED PLATFORM BOOTIES , Dr Martins Doc Women Size 5 Tall Black Leather Boot 20 eyelet punk the original , Nike Revolution 3 III Blue Volt Black Men Running Shoes Sneakers 819300-403Juicy Couture Meline Suede Tie Front Boots - Size 10 - Brand New , **Authentic** Brooks Glycerin 16 Womens Neutral Running Shoes (B) (034)New Naturalizer Dalia Womens Comfortable Wide Fit Everyday Flat Shoes , Ladies Van Dal Ballerina Style Shoes 'Wentworth' , Propet Women's Corinne XT Silver/Grey Synthetic Comfort ShoesCole Haan Womens Shoes Size 8.5 Black Solid Leather Classic Pumps Heels Casual , Steve Madden Womens Piper Suede Pointed Toe Classic Black Nubuck Size 9.5 Zcro , gracosy Sandals for Women, Summer Beach Flip Flops T Strap Thong Shoes... , Nke Max Air Shoe, Size 8, While w/Blue & Red , DC 320040 Mens Anvil TX Skate Shoe 6.5 D US- Choose SZ/Color. , Nike Cortez Basic Leather Casual Men's Shoes Size 13 , Converse Chuck Taylor All Star x Nike Flyknit Low Top Unisex Shoe - Men sz 9.5 , NEW SUPRA SKYTOP BROWN PATINA SURF SKATEBOARD BMX SNOW HIP HOP SPORTS SHOES 9.5 , Adidas Copa Tango 18.1 TF Turf Soccer Shoes White Black Size 11 CM7665Under Armour Threadborne Slingflex 1285676-941 Men's US 7 ~ 15 / New in Box! , Crevo Ranger 226 Plain Toe Pebbled Memory Foam Winter Ankle Boots Men's US 9PUMA Men's Enzo Street Knit Sneaker - Choose SZ/ColorRockport Men's Rocsports Lite Five Clog Shoe, Dark Bitter Chocolate, 10.5 M US , Cole Haan Men's Black Leather Tucker Venetian Loafers 7872 Sz 9.5 MMerrell 0915 Moab WP Hiking Shoes-Women's size 8.5 Grey , Womens Vagabond Zoe Shiny Leather Black Fashion Summer Flat Trainers , Wmns Nike Zoom All Out Low 2 II White Off White Women Running Shoes AJ0036-100Nike Air Max 2017 Womens Running Shoes Concord Violet Purple Size 8NIKE Women's Air Presto Running Shoe, University Red/Fuchsia Blast-White, 9 , Material Girl Women's Bonita Boot (6.5, Brown) , Bogs Women's Solid Rain Boots Size 7Womens Cuban Heel Rivets Black Leather Ankle Boots Slip On Riding Oxfords Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    STEVE MADDEN

    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.

    STEVE MADDEN "DAMAS" pewter pewter metallic pointy toe mogochinese-22020 strappy heels MADDEN sz. 7.5 NEW! $140 9321cfa - 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
    STEVE MADDEN "DAMAS" pewter pewter metallic pointy toe mogochinese-22020 strappy heels MADDEN sz. 7.5 NEW! $140 9321cfa
    Heels
    >
    ;