Never miss an update

Womens Leather 29903 High Heels Chain Decor Stilettos Faux Leather Leather Faux Shoes Pumps new hot 9f576a8




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
Brand: Unbranded
MPN: Does not apply Heel Height: High (3 in. to 4.5 in.)
Occasion: Casual Heel Type: Stiletto
Style: Mary Janes Material: Leather
Never miss an update

Womens Leather 29903 High Heels Chain Decor Stilettos Faux Leather Leather Faux Shoes Pumps new hot 9f576a8 - blurrypron.com

    Womens Leather 29903 High Heels Chain Decor Stilettos Faux Leather Leather Faux Shoes Pumps new hot 9f576a8
    Womens Leather 29903 High Heels Chain Decor Stilettos Faux Leather Leather Faux Shoes Pumps new hot 9f576a8
    Killer Heels Women's Cute Open Toe Sandals in Black with 4.5 inch heel , new fashion women stiletto heels pointed toe side zipper ankle boots shoes sizeMan's/Woman's Pin Up Couture TIKI-100 Practical and economical Environmentally friendly Sales online store , Mr/Ms Pleaser KISS-209TT superior Reliable performance Characteristics , Ladies Burgundy Leather Slip On Pointed Toe Van Dal Court Shoes Pelle , Zara AU Women Leather backless high heel shoes 6204/301/124 , Man's/Woman's Bordello TEEZE-07SQ use First quality Strong heat and heat resistanceStud Calfskin Leather 3 Caged Strap Pumps High Heels Sandals Shoes , Womens Leather Pointed Toe High Heel Ankle Boots Side Zipper Booties 2 Colors sz , Womens Hollow Out High Heels Peep Toe Stilettos Fashion Sandals Party Club ShoesMan's/Woman's Holster Harlow Espadrilles (Rose Gold/ Silver) Special price Win the praise of customers General product , Women Fashion Cross Strap Sexy Open Toe Waterproof Platform High Heels Shoes , Tweed Black & White or Red Fabric with Fringe Ankle Boots 8 cm , Clarks Ladies Carlita Cove Court Shoe Black Patent D Fit UK3-8 (R11B) , Womens Pointed Toes Slip On Pumps Mixed Color High Stilettos Heels Sexy Shoes , Pinaz 305 AO Womens Leather Sandals Made In Spain Lightweight/Cushioned , Women's Peep Toe Snake Pattern Stilettos High Heels Ankle Boots Fashion ShoesClarks Ladies Carlita Cove Court Shoe Sand Patent D Fit UK4X7 (R9B) , Women's Stilettos High Heels Buckle Belt Evening Party Pointed Toe Sexy Shoes SzGentleman/Lady Gianni Versace vintage heels Sz 37 Many varieties online shop Excellent function , Women Ankle boots square stiletto heels women high heels zipper elastic fabric , 6 Inch Fetish Pump with Padlock Ankle StrapGentleman/Lady Fabulicious DORIS-06 flagship store Trendy Different goods , Fashion Womens Pointy Toe Ankle Strap Buckle Pumps Kitten Heel SHOES Beads AU szNEW LADIES WOMENS BEIGE SUEDE DRESS LEATHER HIGH THICK HEEL HEELS CLASSY PUMPSPin Up Couture Rockabilly Retro Smitten-20 Black Heels VeganGentlemen/Ladies Devious DOMINA-460 Beautiful color real classic styleMen's/Women's Fabulicious AMUSE-20RS Ideal gift for all occasions Excellent performance Tide shoes listZara AU Women Leather mid-heel slingback shoes 1221/301/092
    Womens Leather 29903 High Heels Chain Decor Stilettos Faux Leather Leather Faux Shoes Pumps new hot 9f576a8 - blurrypron.com>Womens Leather 29903 High Heels Chain Decor Stilettos Faux Leather Leather Faux Shoes Pumps new hot 9f576a8 - blurrypron.com
    sz 7.5 / 38 Valentino Garavani Beige Suede Strech Block Heel Ankle Bootie Shoes , CONVERSE ONE STAR SKATE LUNAR SKATEBOARD SHOES AUSTRALIAN SELLER FREE POSTAGEAsics Gel-Nimbus 19 Womens Premium Cushioned Running Sport ShoesVionic Orthotic Casual Juno Slide Sandals Orth Technology - Dusk Pink , FRYE Gabby Perf Ghillie Dress Sandals, Black, 8.5 USSteve Madden Women's Fire Loafer Flat - Choose SZ/ColorGRAFFITI Mary Jane PUMPS Womens size 37 / 6.5 Burgundy Suede HEELS Shoes ItalyCOLLECTION FIFTY NINE CORAL LEATHER SANDALS SLIDE sz 5(35 EUR) NEW MADE IN ITALY , Roberto Cavalli Sandal Heel Dark Brown Leather Size 36 Crystal Embellished Slide**Onex Jeweled Dress Sandals - Women's Size 8, Black , Saint Laurent Paris Studded Peak Pointed Toe Pump , New Tsubo Women's Barbara Leather Flat Sandals , Nike WMNS Free Connect Women's Running 843966-100 Size 9.5PUMA ENZO WOVEN MEN'S NAVY/BLACK SNEAKERS $70.Nike Air VRTX 17 Vortez Grey White Black Men Running Shoes Sneakers 876135-001 , Air Jordan 3 III Retro Pure White Mens Triple White Shoes Size 11 NIBMan/Woman represent clothing Racer Sneaker All Black sell The latest technology Good quality , Nike Air Max 1 Parra 26.5 genuine national from japan (2895 , NIKE MAYFLY WOVEN GREY SIZE 11 GRANITE 537342 010 , Merrell Men's Traveler Tilt Convertible Sandal Espresso Leather J62217 , Allen Edmonds "OAK STREET" Oxfords 13 E Navy (611) , Womens Adidas Springblade Ignite Athletic Running Tennis Shoes Sneakers Size 8.5Gentlemen/Ladies ASICS Women's Gel-Nitrofuze TR Cross-Trainer Shoe Customer first Highly praised and appreciated by the consumer audience As of the latest model , Steven By Steve Madden Women's Black Gaia Sneakers Sz 7M 4739 , Men's/Women's Nike Roshe Run PRM Wmns 3M Modern and elegant fashion Pleasant appearance Popular tide shoes , Skechers Go Walk Size 9.5 Riveted Jeans/Denim Fbric Memory Form Fit New Womens , 9D9 Nike Sneakers Training Cross Running Walking Jogging Women Shoes Size 6.5DC Women's AMNESTI WNT Combat Boot, Cheetah Print, 11 Medium US , Nike Air Max 1 Neon Womens 319986-107 White Grey Volt Running Shoes Size 12 , ~~CUTE~~ HANDMADE WOMEN BOOTS US SIZE 8.5 M BLACK LEATHER EQUESTRIAN RIDING ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Leather 29903 High Heels Chain Decor Stilettos Faux Leather Leather Faux Shoes Pumps new hot 9f576a8 - 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.

    Womens Leather 29903 High Heels Chain Decor Stilettos Faux Leather Leather Faux Shoes Pumps new hot 9f576a8 - 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
    Womens Leather 29903 High Heels Chain Decor Stilettos Faux Leather Leather Faux Shoes Pumps new hot 9f576a8
    Heels
    >
    ;