Never miss an update

Round Toe Mary Jane Ankle Hot Ankle Strappy Block Heels Leather Toe Womens Shoes US 4.5-10 Hot a64e8b7




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
Brand: Unbranded
Material: Synthetic Style: Mary Janes
Occasion: Wear to Work Country/Region of Manufacture: China
Pattern: Solid Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Width: Medium (B, M) Heel Type: Block
US Shoe Size (Women's): 4.5
Never miss an update

Round Toe Mary Jane Ankle Hot Ankle Strappy Block Heels Leather Toe Womens Shoes US 4.5-10 Hot a64e8b7 - blurrypron.com

    Round Toe Mary Jane Ankle Hot Ankle Strappy Block Heels Leather Toe Womens Shoes US 4.5-10 Hot a64e8b7
    Round Toe Mary Jane Ankle Hot Ankle Strappy Block Heels Leather Toe Womens Shoes US 4.5-10 Hot a64e8b7
    US4-12 Women Pointed Toe Printed Patent Leather Stilettos Shoes Pumps Sexy Ths01 , Women Grace Flowe Decor Eegant Sequins stilettos high heel shoes Pumps Party SzCrystal Close Toe T-Strap Slides Womens Heeled Dress Shoes Flowers Floral Pumps , Occident Womens 2018 New Kitten Pointy Toe Heel Pumps Shoes Pull On Work OL newLadies Punk Round Toe High Block Heels Platform Buckle Strap Punk Black Shoes SzWomens Patent Leather Pointed Toe Slip On High Heels Spring OL Party StilettosPointy Toes Women's shoes Heels Kitten heels Pumps Multi-Color Elegante , Ladies Open Toe Hollow Out Pumps Sandals Mesh Sexy Wedding Nightclub Shoes SizeWomens Pearls Suede Leather Slip On Chunky Heels Pumps Casual Oxfords NEW Shoes , High Heels Stilettos Open Toe Back Zip Breathable Womens Shoes Nightclub StylishLadies Sexy Pointy Toe Sandals Party New Shoes Prom Flats Low Heel Casual Hot14CM Womens Ankle Stiletto Strapy Shoes Sandals Platform Deep Toe Roman Ch18 newWomens Suede Low Heels Pointed Toe Slip On Pumps Casual Loafers Summer Shoes Szescarpins bruno premi daim taupe pointure 39Vogue womens pointy toes slip on satin block chunky heek party runway shoes pumpFashion Womens Strappy Leather Beads T-Strap Pointy Toe Kitten Heels Party Shoes , British Womens Patent Leather Spring Low Heels Suede Pumps Slip On Buckle ShoesWomen's Elegant Girls Real Leather Fur Ankle Straps Slingbacks Party Shoes Pearl , Women Grace New Stilettos Pumps Shoes Silk Ankle Strap OL Party Nightclub SandalWomens Peep Toe Ankle Strap Wedding Shoes Super High Heel Platform Stiletto SizeWomen Rivet Stiletto High Heel Zip Winter Warm Ankle Boots Shoes ZsellWomens fashion Alluring Slipper wedges Platform Open Toe Genuine leather shoesWomen POM POM Chunky heel shoes Buckle Sandals Ethnic Rhinestone Pumps FashionMr/Ms bebe Women's Leyton Pump Every item described is available special promotion Explosive good goodsNew Womens Pumps Heart High Heels Stilettos Pointy Toe Slip On Court Shoes DressFashion Womens High Block Heesl Pointed Toe Pumps Slip On Suede Slippers Shoes2018 Hot Fashion Womens High Heels Pump Summer Buckle Leather Sandals Slippers , New Hollow Out Block Heels Pumps Women Leather Pointed Toe Low Top Buckle ShoesFashion Women Block High Heels Pumps Casual Sandals Rhinestones Shoes Chic New
    Round Toe Mary Jane Ankle Hot Ankle Strappy Block Heels Leather Toe Womens Shoes US 4.5-10 Hot a64e8b7 - blurrypron.com>Round Toe Mary Jane Ankle Hot Ankle Strappy Block Heels Leather Toe Womens Shoes US 4.5-10 Hot a64e8b7 - blurrypron.com
    Rag & Bone NWT Black Suede Fringed & Tasseled "Ghita Moccasin" Boots SZ 7 , Gentlemen/Ladies Black Fluevog Platform CeCe Boots 6 Louis, elaborate online shop have funNIB Authentic JIMMY CHOO $950 Brown Suede Youth Boots 35.5 , Gentlemen/Ladies Rider Brown Aesthetic appearance low cost Contrary to the same paragraph , NEW MENS ASICS GEL DS TRAINER 23 - SAVE 30%Jessica Simpson Ruella Block Heel Booties 713, Black, 5.5 US / 35.5 EU , ORCA BAY Verona Womens Loafer Casuals - Handstiched Mocs - Premium Leather , SEGNI E SENSI Shoes 387509 Pink 36 , Men/Women Betsey Johnson Low-Heel T-Strap Sandals, Gold Durable service Ranked first in its class Reliable reputationNina New Susanna Brown Womens Shoes Size 8.5 M Sandals MSRP $158 , PUMA 18945601 Womens Fierce Evoknit WNS Cross-Trainer Shoe- Choose SZ/Color.Propét - Cliff Walker - Men's 8.5 Wide boot - W3188076Nike Zoom CJ Trainer 2 Sneakers Size 11 Retail $180 , Adidas Tubular invader strap trainers sneakers BB5038 eu 42 us 8.5 NEW+BOX , Ariat Men's Devon Pro VX Black Full Grain Leather WaterproofNike Lebron 13 XIII All Star Mens 835659-309 Alligator Basketball Shoes Size 10 , Clarks Originals Desert Boot Men's Casual Tumbled Leather Shoes Burgundy RedNike 864347-019: Mens SB Blazer Zoom Low Black/White-Brown SneakersMan/Woman Ralph Lauren Polo size 15 loafers High-quality Fast delivery CharacteristicsSperry Men's Gamefish Top-Sider Boat Shoes, Light Slip-On Leather Linen 11M-US , Drew Men's Traveler 40973-59 Cognac Nubuck 7.5 4W ShoesAndre Assous Shawn Suede Sneaker, 7, Blue , Keds Women's Topkick Wool Sneaker,Gray,8.5 M US , Saucony Women's Omni 12 - Silver/Blue/Purple S10247-1 Running Shoes , Jack Rogers Women's Delaney Mule Oak Leather/Suede MulesMephisto Topazia Sneakers Athletic Shoes Sz 38 US 8 Black w/Rhinestones NEW $325Nike Air Huarache City Womens AH6787-200 Neutral Olive Athletic Shoes Size 9Code West Womens Vintage Turquoise Western Cowboy Boots 7 ML'Artiste by Spring Step Women's Black Multi Rikeet Boots Size 41 , Womens Retro Punk Gothic Motorcycle Ankle Boots Buckles Leather Buckle Zip Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Round Toe Mary Jane Ankle Hot Ankle Strappy Block Heels Leather Toe Womens Shoes US 4.5-10 Hot a64e8b7 - 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.

    Round Toe Mary Jane Ankle Hot Ankle Strappy Block Heels Leather Toe Womens Shoes US 4.5-10 Hot a64e8b7 - 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
    Round Toe Mary Jane Ankle Hot Ankle Strappy Block Heels Leather Toe Womens Shoes US 4.5-10 Hot a64e8b7
    Heels
    >
    ;