Never miss an update

MIZ heel MOOZ black Toan boots high ankle heel ankle boots booties 8 06a4662




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: very good, see description
Modified Item: No Width: Medium (B, M)
Style: Booties Color: Black
Fastening: Zip Occasion: Wear to Work
US Shoe Size (Women's): 8 Brand: Miz Mooz
Heel Height: High (3 in. and Up) Heel Type: Block
Material: Leather
Never miss an update

MIZ heel MOOZ black Toan boots high ankle heel ankle boots booties 8 06a4662 - blurrypron.com

    MIZ heel MOOZ black Toan boots high ankle heel ankle boots booties 8 06a4662
    MIZ heel MOOZ black Toan boots high ankle heel ankle boots booties 8 06a4662
    Womens Mixed Colors Platform T Strap Block Heel Round Toe Spike Shoes Vogue Size , Men's/Women's Shoes Emilio Pucci size 37EU Selling Year-end sale The first batch of customers' comprehensive specifications , Women's wedding rhinestone pointy toe Buckle slim High Heels pumps bridal shoes , AnnaKastle Womens Jeweled Buckle Pumps Stiletto Heel Dress Shoes , Mesh Rhinestones Sequins Summer Pumps Slim Heels Pointy Toe Party Women Shoes , Women Pointed Toe Bow Knot Med Heels Slip On Mules Slippers Sandals StilettosWomen Open Toe High Heels Platform Ankle Strappy Sandals Lady Roma Wedge Shoes , Fashion Women's Pointy Toe Stilettos High Heels Ankle Strap Sexy Slingback Shoes , Sexy Women Platform Stilettos Nightclub Floral ROund Toe Slip On Shoes Black New , New Womens Fashion Sexy Peep Toe Cross Buckle Strap Pumps High heels Prom ShoesWomens Retro Split Toe Block Heels Sandals Casual Shoes Ankle Strap Buckle PumpsWomens Pointed Toes Leather Stilettos Slip On Work OL Dress High Heels Pump Shoe , Womens Parcel Rivet Open Toe Sandals Metal Decor Creeper Buckle Faux Suede Shoes , womens high heels stilettos ankle boots black solid color dress shoes sizes 5678 , Strappy Buckle Platform Round-toe Pumps Women's Chunky Block Heel Casual Shoes , Womens Party Stilettos High Heels Open Toe Sandals Angel Wings Straps Shoes SizeWomens Square Toe Tassels High Chunky Heels Slippers Slip On Pumps Sandals Shoes , Sexy Women Mens Stilettos Pointed Toe Shoes 16 CM Sexy Super High Heel Pumps , US4.5-12.5 Ladies Stiletto Denim Blue Ankle Boot Shoes Sexy Party Dating Ridding , Sexy Women's Pointed Toe Patent Leather High Heel Stilettos Pump Formal OL Shoes , Womens High Stiletto Heel Sandals T-Strap Hollow Out Open Toe Nightclub Shoes szLolita Women Platform Wedge High Heel Fashion Sneakers Bowknot Sequins Shoes , Womens Floral Multi Color High Heel Party Shoes Peep toe Leather Wedding PumpsWomens 2018 Occident Sexy High-Heeled Open Toe Sandals Stylish Party Pumps Shoes , Retro Women's High Heel Pointy Toe Anke Boots Rivet Shoes Clubwear Fashion SexyWomen Peep Toe Sandals Slingback Block HeelsWomens High Heels Stilettos Pointy Toes Sexy Nightclub Pumps Slip On Shoes Chic , Sexy Womens Super High Heel Stiletto Peep Toe Sandals Platform Nightclub Shoes # , Chic Lady Womens Rhinestone Pointy Toe Sandal Slingback Wedding Party Pump Shoes ,
    MIZ heel MOOZ black Toan boots high ankle heel ankle boots booties 8 06a4662 - blurrypron.com>MIZ heel MOOZ black Toan boots high ankle heel ankle boots booties 8 06a4662 - blurrypron.com
    Rossi Boots 360B WOMEN'S ELASTIC SIDE CLARET *Aust Made- Size 5, 6, 7, 8 Or 9Harley-Davidson Women's Robindale Motorcycle Boot - Choose SZ/Color , AMALFI BY RANGONI WOMEN'S AURA TALL FASHION BOOTS,T MORO, US SIZE 5 MEDIUMMens WATFORD Dark Brown leather G fitting by GRENSONMen's/Women's BCBGeneration Sabrina Flat Mules, Rose Gold the most convenient online shop Explosive good goodsNew Birkenstock Arizona Soft Footbed Sandals Slides Leather Mens Womens Classic , Spring Step Women's Hammond Black Mesh Textile Walking ShoesNaturalizer Women's Michelle Dress Pump, Black, Size 6.5Gentlemen/Ladies naturalizer Naomi Classic Pumps, Mauve Easy to clean surface Won highly appreciated and widely trusted at home and abroad Tide shoes listWomens Platform Wedge heel shoes Toe ring Sandals Ankle High Boots Creepers CHIC , Man/Woman Balenciaga Sandal Pelle S.Gomma flagship store New in stock King of the crowd , Stuart Weitzman NearlyNude Ankle Strap Sandal Brown Suede Size 5 M , Nike SB Dunk Low TRD AR0778-001 Grey/Black/Gum Ultimate Stake boarding Shoes Men , Nike Air Jordan Retro 6 Rings Sz 11 Six Championships Limited Release 322992-061Nike Air Huarache Drift Blue Nebula Black White Sz 12 AH7334-403 , NIKE AIR MAX ZERO PREMIUM PURE PLATINUM WOLF GREY 881982 002 SZ 8.5 , PUMA Mens Carson 2 Ripstop Sneaker- Pick SZ/Color.Adidas Originals Climacool 1 Shoes Trainers Clima Cool Black BA8582Adidas Originals EQT Support 93/17 Triple Black Men's Running Shoes BY9512Adidas ZX 500 X Dragon Ball Goku , MASSIMO DUTTI Strap Monk Oxfords Brown Suede Size US 9 Made in Portugal , Rockport Total Motion Slip On Shoes Leather Mens Dress Shoes Flat HeelREEBOK WALK ULTRA 6 DMX MAX WHITE STEEL BS9535 WOMENS US SIZESAC12 2 STAR shoes green textile suede women sneakersAdidas Originals Tubular Invader 2.0 Hi Top Sneakers Womens Black Suede 5.5 NEWAsics GT-2000 5 Women's Medium Width Athletic Running Shoes T757N-9601WMNS NIKE AIR MAX SIREN PRINT in colors SR BLUE / ROYAL / GREY / WHITE SIZE 6.5 , Brooks Ghost 11 D WIDE Black Pink Aqua Women Running Shoes Sneakers 120277 1DWomen's Faux Suede Hidden Heel Round Toe Bowknot Pull On Casual Ankle Boots Sz , Womens Sexy Snakeskin Pointed Toe Ankle Riding Boots High Heels Stilettos zhou8
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    MIZ heel MOOZ black Toan boots high ankle heel ankle boots booties 8 06a4662 - 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.

    MIZ heel MOOZ black Toan boots high ankle heel ankle boots booties 8 06a4662 - 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
    MIZ heel MOOZ black Toan boots high ankle heel ankle boots booties 8 06a4662
    Heels
    >
    ;