Never miss an update

Stuart Weitzman Black Women's Leather Mid-calf Boots Leather With Embellishments Mid-calf Black Size 37 695e6b3




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: only twice, in condition.
Color: Black Style: Mid-Calf Boots
Brand: Stuart Weitzman Country/Region of Manufacture: Spain
Material: Leather US Shoe Size (Women's): 7
Fastening: Pull On
Never miss an update

Stuart Weitzman Black Women's Leather Mid-calf Boots Leather With Embellishments Mid-calf Black Size 37 695e6b3 - blurrypron.com

    Stuart Weitzman Black Women's Leather Mid-calf Boots Leather With Embellishments Mid-calf Black Size 37 695e6b3
    Stuart Weitzman Black Women's Leather Mid-calf Boots Leather With Embellishments Mid-calf Black Size 37 695e6b3
    Splendid Loretta Smoke Grey Over the Knee Tall Suede Boots 7 M , Women's Frye 'Diana' Cut Tall Studded Black Distressed Leather Boots SZ 7B , HOUSE OF HARLOW 1960, JEAN BOOT, GREY, WOMENS, EURO 38.5, US 8.5M, PRE/OWNEDWomens VINCE CAMUTO taupe suede over knee high boots sz. 5 M NEW! $250Womens Light Brown Embroidered Western Wear Leather Cowboy Boots Snip ToeNEW Dolce Vita Sz 9.5 Boots Womens SILAS Over the Knee $300 Khaki Suede Tall 2"Ariat Heritage Stockman Western Boot - Brown - Womens , NWOB Frye Women Melissa Seam Tall Leather Black Boots Size 6.5Black Jack Hand Made Crocodile Boots 6.5 B Zip Caiman Brown Cigar , NEW $348 Frye Madeline Bootie Ankle Brown Boot Suede Womens .SZ:9M , RARE 90s London Underground Leather Platform Raver Boots Goth Grunge SZ 5 Nice , OTBT Women's Move On Snow BootCORRAL A1976 WOMEN'S ANTIQUE SADDLE BLUE JEAN WING WESTERN BOOTS SIZE 6.5 NEW , NIB RTL $555! VIC MATIE Florentine Tall Boots Italian Leather- Size / US 7Laredo Womens Sharona Western Cowboy Boots Stitched Leather Snip Toe Tan/Bone , Pre-owned FRYE Women's Brown Leather Harness Boots M USA! XLNT , Corral Circle G Women's Western Black Embroidery Boots L5433Free People Cecil Ankle Boots Booties Leather 39 US 9 Grey Free People Exclusive , Ariat Heritage Western Round Toe - Brown - Womens , Justin Brown Tan Inlaid Cowboy Boots - Wmns Size 9B Cutout Pee Wee Worn TwiceDan Post Heart Breaker Women's Leather Western Cowboy Boots Shoes , Dan Post Laredo Fierce 01-3132-BN97 Women's 10" Tan Leather Cowboy BootsCamilla Skovgaard Black Leather Ankle Boots w/ Overlay/Booties/Shoes Sz 36.5Saks Fifth Avenue Black Leather Tall Boots Made in ItalyMen's/Women's Harley Davidson Derringer Boots New market Elegant style Cheap orderara Frances Mid-Calf Boot, Women's Size 11 M US / 8.5 UK / 42.5 EU, Black Suede , FRYE WOMEN'S MAXINE TRAPUNTO HARNESS BOOT Size Left 7.5/Right 8.5 MISMATCHED , NWB Charleston Shoe Co. Womens Brown Suede Tribal Pattern Ankle Boots Size 10 , NIB $299 Mephisto TOSCO Black Bucksoft Bootie Ankle Boots Womens 10 M ,
    Stuart Weitzman Black Women's Leather Mid-calf Boots Leather With Embellishments Mid-calf Black Size 37 695e6b3 - blurrypron.com>Stuart Weitzman Black Women's Leather Mid-calf Boots Leather With Embellishments Mid-calf Black Size 37 695e6b3 - blurrypron.com
    80s Vintage Dr Martens 14eye Black Quilon 1914 Women’s Sz 6/37*NWOB* , Joan & David Womens Beige Leather Ankle Boots 9.5 M , Merrell Women US 9.5 Captiva Buckle-Down WP Leather Boots Black , NEW Alexandre Birman Python Snakeskin Peep Toe Ankle Bootie Shoes, $1,900, 7Stuart Weitzman Highland Over the Knee Black Suede Boots Size 11.5 Madidas CrazyTrain Pro 3.0 TRF W Blue White Women Cross Training Shoes CG3478 , Via Spiga Maury Block-Heel Booties, Blue, 8.5 US / 38.5 EU , TAOS Womens 'Ideal' Black Leather Oxford Shoes Sz 38 NEW! 229524 , Rockport Women’s Envelope Metallic Alloy LTHR Flat Size 6.5W D958/Man's/Woman's sperry top sider 9 Clever and practical Skilled manufacturing cheap price , FABULICIOUS COCKTAIL-512 518 526 556 568 572 589 Platform Sandal Size 5-14 , Pleaser Diamond-601R/C/M Womens Platform Sandal- Choose SZ/Color. , ARA Womens PREMA Red Patent Heeled Pumps US-6; UK-3.5 (4030222379444)Converse Jack Purcell JP Jack Ox Men Sz 10 Navy Blue White Sneaker 1Q811 Casual , NIKE AIR ZOOM SPIRIDON “DESERT RED" sz 9Reebok Men's Answer DMX 10 Basketball Shoes Black Pre-Owned Size 8 Iverson , Adidas Originals Men's Jeremy Scott Instinct Hi Union Shoes Sizes 4.5 us D65204solebox asics GEL-LYTE RUNNER 26.5cm new from japan (6164 , TCX S-Sportour Evo Waterproof Motorcycle Boots - Black , Nike Foamposite Royal Wolf Gray Size 8.5 VNDS Not Jordan Kobe Lebron , Air Jordan 11 Retro, Cap and Gown, Triple Black, Size 10, 378037-005adidas Originals Campus Tactile Green Crystal White Suede Men Women Shoes BZ0082Steve Madden Size 9 Black Leather Oxfords New Mens Shoes , Steve Madden Men's Caviarr Rhinestone Smoking Slipper Black Size 10 Retail $125 , Gentleman/Lady Nike Elegant shape Carefully selected materials Tide shoes listWOMEN'S NIKE AIR MAX 95 SE Premium - Pure Platinum/Silver , COLE HAAN Womens 11 Waterproof Brown Suede Side Zip Knee High Riding BootsVINCE CAMUTO Womens 'Kriton' Black Leather Knee High Boots Sz 6.5 M NEW! 223037Diba Womens Beth Bootie Fabric Pointed Toe Ankle Fashion Boots, Black, Size 8.0 , Man/Woman Authentic Browns Knee High Boots Cheap Reliable performance Superb craftsmanship
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Stuart Weitzman Black Women's Leather Mid-calf Boots Leather With Embellishments Mid-calf Black Size 37 695e6b3 - 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.

    Stuart Weitzman Black Women's Leather Mid-calf Boots Leather With Embellishments Mid-calf Black Size 37 695e6b3 - 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
    Stuart Weitzman Black Women's Leather Mid-calf Boots Leather With Embellishments Mid-calf Black Size 37 695e6b3
    Boots
    >
    ;