Never miss an update

Fossil Womens Valerie Ankle Bootie Sz 10 Leather Toe Closed Leather Toe Ankle Green Stacked Heel 86cbadc




Item specifics

Condition: :
An item that has been or previously. 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: Excellent Condition
Style: Booties Pattern: Solid
Color: Green Heel Height: High (3 in. and Up)
Material: Leather Occasion: Casual
Width: Medium (B, M) Fastening: Zip
Heel Type: Stacked Heel US Shoe Size (Women's): US 10/UK 8/EU 40.5
Brand: Fossil UPC: Does not apply
Never miss an update

Fossil Womens Valerie Ankle Bootie Sz 10 Leather Toe Closed Leather Toe Ankle Green Stacked Heel 86cbadc - blurrypron.com

    Fossil Womens Valerie Ankle Bootie Sz 10 Leather Toe Closed Leather Toe Ankle Green Stacked Heel 86cbadc
    Fossil Womens Valerie Ankle Bootie Sz 10 Leather Toe Closed Leather Toe Ankle Green Stacked Heel 86cbadc
    SC35 Venesa Riding Boots 406, Black/Barrel, 11 US , Sam Edelman Black Suede Studded Crystal Ankle Booties Size 10 , Men's/Women's High Heels Winter Casual Shoes flagship store Trendy Amoy , Women's Baretraps Boots - Hanelle - Black - New in Box!AK Anne Klein Womens TEAMY 8 M Black Ankle Bootie Teamy NWBWomens Shoes Slouch High Heels Suede Rivets Pointy Toe Punk Dress Mid Calf Boots , Womens Sexy polka dot pattern zip low heel ankle short Boots Mesh casual shoesFABIANELLI TALL Fleece Lined Faux Fur LEATHER Boots MADE IN ITALY Sz 36Sweet Womens Round Toe Bowknot Flats Cotton Warm Snow Winter Slip On Suede ShoeeWomens Velet Chunky High Heels Pointy Toe Fashion Party Shoe Ankle Boots X816Easy Spirit Women's shoes Lennie Snow Boot,Brown,7 M US , Women's Ankle Flower Boots High Block Heel Pointy Toe Casual Pull On Warm Winter , AGL Attilio Giusti Leombruni Knee High Black 17" Leather Zip Boots Sz 36.5/ 6.5New Women Patent Leather Ankle Boots Block Heel Runway Square Toe Zip Shoes G508CHINESE LAUNDRY UNBELIEVABLE Women Boots (8M, BLACK)Sam Edelman Peter Boots Brown Leather Gold Buckle Size 8 , Report 'Alfonso' Black Leather Knee High Equestrian Style Boot Women Size 8 M , Womens Lady Sequins Side Zip Block Heel Knee High Boots Nightclub Shiny Shoes #New Rockport Womens Cg8014 OliveGreyLeather Ankle Boots Size 10 , ankle boots warm shoes black/brown slip on Women's rivet buckle platform S50 , Vince Camuto Women's Britsy Ankle Booties Black Multi/Black Size 9.5MJoe's Jeans Harmon Ankle Boot - Black Leather US Size 9 , Vionic Upright Sterling Zip Boot - Women's Size 11, Black , Women Stylish Rivet High Heels Stiletto Ankle Boots Pointed Toe Patent Leather , Lucky Echoh Bootie - Dark Berry US 7 | , Thalia Sodi Womens Briea Fabric Almond Toe Ankle Fashion Boots , Justin Gypsy Boots Turquoise Aqua Black Leather Western Women's 6.5B Style L9905 , Winter New Lambs Wool Inside Knight BootsWomen Fashion Super High Heel Platform Round Toe Pull Block Heel Ankle Boots New
    Fossil Womens Valerie Ankle Bootie Sz 10 Leather Toe Closed Leather Toe Ankle Green Stacked Heel 86cbadc - blurrypron.com>Fossil Womens Valerie Ankle Bootie Sz 10 Leather Toe Closed Leather Toe Ankle Green Stacked Heel 86cbadc - blurrypron.com
    ALBERTO FERMANI VIVA CURVED ZIP LEATHER ANKLE BOOT BLACK SIZE 10.5 (40.5) , VASQUE INHALER GORE-TEX HIKING BOOTS WOMEN'S 8.5 M RETAIL $160 , PRADA Black Leather Mid Calf Boots Size 9 US Pointed Toe Silver BuckleTed Baker Women's Fushar Sneaker - Choose SZ/colorAdidas Consortium Campus 80 Primeknit X Norse Project 'Layers' Sample New (US9) , Adidas Men Running Shoes Questar Ride Cloudfoam Training Trainers Grey DB1344Diesel Dragon 94 Draags94 Orange Shoes Trainers Size 42 , NIKE MENS AIR MAX 95 PREMIUM BLACK WHITE RUNNING SHOES 2018 **FREE POST AUSTMerrell Waterpro Pandi Amphibious Black Hot Coral Women Outdoors Shoes J12692 , Bordello Women's Teeze 56 Silver Satin Open Toe Shoes , Loeffler Randall Domino Flat Shearling Slide Pink Rose 38/8 MSRP $395.00 , Christian Dior gold sneakers shoes size 38.5/8.5Women Summer Sexy High Block Heels Mesh Zip Sandal Pointy Toe Leisure Shoe BootsBadgley Mischka Hansen Embellished Satin d'Orsay Pump Ivory Size 9 Retail $235 , Gentleman/Lady Reebok Cl Zilex Good design Stylish and charming have fun , NEW Nike Mens Zoom Rival XC Track Shoes Crimson Volt Size 11.5 (749349-607)New Balance Mens 9 AM547BRN Lifestyle Sneakers Shoes Sneakers Gray , Men/Women Nike Dunk High Valentine’s Day Good design Order welcome SimpleNew Balance Men's Steel Toe 627 Textile Shoes Grey with BlackJordan 1 Retro High Cyber Monday sz 12 nike yeezy lebron airmax 3 4 5 6 7 lot 8 , Mizuno Wave Catalyst 2 Men's Running Shoes J1GC173349 A , KITH X ADIDAS SOCCER ACE 16+ PURECONTROL ULTRABOOST MULTICOLOR SIZE 8.5Winter Men's Leather Ankle Boots Warm Sport Waterproof Shoes Rain Boots Fashion , Danner IronSoft 6" NMT-M Mens Ironsoft 6 in NMT Work BootD US , Men/Women louboutin 43 the most convenient New in stock Fashion versatile shoes , Emporio Armani Sneaker Sz. 42,5 LEATHER Man White X4X180XL183-B139 MAKE OFFERNike Rosherun Print Womens 599432-613 Fireberry Pink Running Shoes Size 11.5Dansko Women's Luann Bootie Black Burnished Nubuck Zipperbx32635 Jc Play By Jeffrey Campbell brown woman's sneakersNew Fashion women's round toe zipper Bead Leather Ankle boots walking shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Fossil Womens Valerie Ankle Bootie Sz 10 Leather Toe Closed Leather Toe Ankle Green Stacked Heel 86cbadc - 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.

    Fossil Womens Valerie Ankle Bootie Sz 10 Leather Toe Closed Leather Toe Ankle Green Stacked Heel 86cbadc - 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
    Fossil Womens Valerie Ankle Bootie Sz 10 Leather Toe Closed Leather Toe Ankle Green Stacked Heel 86cbadc
    Boots
    >
    ;