Never miss an update

Versace 19.69 VERDE B1387ECO VIT 29893 VERDE SPECCHIO ORO B1387ECO Sandals Women's Green AU ea6daf1




Item specifics

Condition:
New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Colour: Green
Style: Low Sandals Country/Region of Manufacture: Italy
Brand: Versace 19.69 Abbigliamento Sportivo SRL Gender: Women's
Hell Height: Flat Model: B1387ECO VIT VERDE SPECCHIO ORO
Material: 100% Calfskin MPN: B1387ECO VIT VERDE SPECCHIO ORO
Shoe Type: Sandals Season: Spring/Summer
Size Type: Regular Sole: 100% Calfskin
Theme: See description
Never miss an update

Versace 19.69 VERDE B1387ECO VIT 29893 VERDE SPECCHIO ORO B1387ECO Sandals Women's Green AU ea6daf1 - blurrypron.com

    Versace 19.69 VERDE B1387ECO VIT 29893 VERDE SPECCHIO ORO B1387ECO Sandals Women's Green AU ea6daf1
    Versace 19.69 VERDE B1387ECO VIT 29893 VERDE SPECCHIO ORO B1387ECO Sandals Women's Green AU ea6daf1
    Versace 19.69 K880 STRETCH 350 CUOIO VIT NERO Sandals Women's Brown AU , Versace 19.69 B1699 ST 350 NERO MIRROR ACCIAIO Sandals Women's Black AUVersace 19.69 B892ECO PITONE VERDE Sandals Women's Green AUClogs artisan LEATHER - Made IN Italy 35 al 42 - Heel 11-K21001 BROWNARENA SLIPPER ATHENA - 509BLKFUXIA - 39 (3468335831206) , ARENA SLIPPER ATHENA - 509BLKFUXIA - 40 (3468335831213) , Versace 19.69 B2235-G CERVO BIANCO MIRROR C F Sandals Women's White AUVersace 19.69 B1699 VELOUR SABBIA VIT CUOIO Sandals Women's Beige AUVersace 19.69 K535 VELOUR PANNA PIT MULTICOLOR Sandals Women's Beige AUVersace 19.69 B1387ECO VIT ARANCIO SP ORO Sandals Women's Orange AUVersace 19.69 K880 CAM BLU LAM ORO Sandals Women's Dark Blue AUVersace 19.69 B1387ECO LAM CIPRIA SPEC CIPRIA Sandals Women's Pink AUClogs wedge Heel BROWN Made in Italy 35 up to 41 - heel 13-KZ32011 brown , Andrew Charles 4121010A GALASSIA SKY BLU Sandals Women's Light Blue AU , Clarks SANDAL LEATHER mod. CAKE BAKE Cream , Twin-Set Simona Barbieri WH6-BC30001-PT6806-giallo Sandals Women's Yellow AUVersace 19.69 B1387ECO CAM VERDE LAM ORO Sandals Women's Light Blue AU , Holster Serenity Pewter - Style No: HST231PEPKS21 woman celebrity designer inspired 3d print flora real leather shoes UK StockTrussardi 79S002_19_NERO Sandals Women's - colour Black AU , Man/Woman Gioseppo SARIDA Sandal Black - 40495-02 Various goods Beautiful buy onlineNew Andacco Shine Womens Comfort Flat Leather Sandals Made In Brazil , Versace 19.69 K880 VELOUR ARANCIO LAM ORO Sandals Women's Orange AUMan/Woman Rieker Ladies Heeled Sandals 66514 Charming design Primary quality Complete specificationsGentlemen/Ladies Clarks BALLERINA mod. FUNKY DOO Brown Strong heat and wear resistance Sufficient supply comfortable , Versace 19.69 B1709 CAMOSCIO FUXIA Sandals Women's Fuchsia AU , Versace 19.69 B2235-E VITELLO NOCCIOLA Sandals Women's Beige AU , Versace 19.69 B1387ECO VERNICE ROSSO Sandals Women's Red AU , Women shoes ballerina leather model VICKI Aus 2 to 10.5
    Versace 19.69 VERDE B1387ECO VIT 29893 VERDE SPECCHIO ORO B1387ECO Sandals Women's Green AU ea6daf1 - blurrypron.com>Versace 19.69 VERDE B1387ECO VIT 29893 VERDE SPECCHIO ORO B1387ECO Sandals Women's Green AU ea6daf1 - blurrypron.com
    New DANSKO Women's Raina Chestnut Burnished Leather Boots Booties 3813-690200Frye Womens Danielle Short Ankle Boot- Pick SZ/Color. , ASICS Gel Blast 7 - Blue Jewel/White/Safety Yellow Mens Shoes Size-US:8.5/Euro42 , Giorgio Armani Black Shoes size 36.6 pre-owned excellent condition , Womens Open Toe Ankle Strappy Mid Block Heels Slingbacks Sandals Shoes Plus SizeManolo Blahnik Women's Metallic Brown Metal Accent Thong Strappy Slide Heel 9.5 , Women Pointy Toe Rhinestone Stiletto MidHeel Slip On Shoes Bead slingbacks pumps , PRADA Peep Toe Pump Heels Brown Sequence Leather Sling back , New Balance Women's Wt910 Ankle-High Trail Runner , NIB Rene Caovilla Pearly & Crystal Flat Thong Sandal, Black Size 38.5Mr/Ms Pacific Trail Basin Hiking Men's Shoes Outstanding features Strong value cheap priceMens NIKE KOTH ULTRA LOW Dark Grey Leather Trainers 749486 002 , MENS NIKE LUNAR CHENCHUKKA QS FIBERGLASS DARK KHAKI 553553 320 SZ: 8 (26CM)adidas Originals Men's Alphabounce Em CTD Running Shoe - Choose SZ/ColorDS NIKE AIR JORDAN 10 X RETRO OVO black/black-metallic gold 819955-030 sz 12 , Nike Lebron Cork, Pharrell Williams Human Race 2, Yeezy, Air Max 93 Stussy Sz 10 , Under Armour Men's Field Ops GTX - Choose SZ/ColorThe North Face Back-to-Berkeley Mesh Low Men's Trainers All Sizes Limited Stock , Los Altos Men's Narrow Square Toe Vergel Pull Up Cowboy Western BootsMEN'S LUCCHESE SQUARE TOE LEATHER SOLE CORDOVAN CAIMAN WESTERN BOOTS M4481 , Massimo Dutti AW 2018 BLACK LEATHER BOOTS WITH 100% FUR DETAIL 43 R:8603/222Brooks Beast Men's Running Shoes size 14 pre-ownedTom Ford Russell Sneakers Burgundy 9.5 US Made in Italy w/box Originally $750SKECHERS GO WALK Women’s Athletics Shoes, Black /Pink, 6 Eur 36. ....S38 , BZees Naturalizer Women's Lava Athletic Sneaker~Navy & Light Gray 7 WideNew Under Armour Women's Micro G Speed Swift 2 Running Shoes - Size 11 - Black , Asics Gel CIRRUS 33 Womens (T364N-0191) (White / Pink / Blue) Running Sz 6-10Mr/Ms CELINE Shoes 499546 Blue 36 the most convenient product quality Great choiceSTELLA McCARTNEY Shoes 504894 GreyxMulticolor 39 , Winter Women Cow Leather Square Toe High Heels Over The Knee Shoes Plus Size 45
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Versace 19.69 VERDE B1387ECO VIT 29893 VERDE SPECCHIO ORO B1387ECO Sandals Women's Green AU ea6daf1 - 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.

    Versace 19.69 VERDE B1387ECO VIT 29893 VERDE SPECCHIO ORO B1387ECO Sandals Women's Green AU ea6daf1 - 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
    Versace 19.69 VERDE B1387ECO VIT 29893 VERDE SPECCHIO ORO B1387ECO Sandals Women's Green AU ea6daf1
    Sandals
    >
    ;