Never miss an update

La 23440 Redoute Womens Heels With Redoute Strap And And Bee Detail 4113ac9




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: La Redoute
Style: Pumps,Stilettos MPN: 350116671
Heel Type: Med (1 3/4 in. to 2 3/4 in.) Width: Medium
Color: Black
Never miss an update

La 23440 Redoute Womens Heels With Redoute Strap And And Bee Detail 4113ac9 - blurrypron.com

    La 23440 Redoute Womens Heels With Redoute Strap And And Bee Detail 4113ac9
    La 23440 Redoute Womens Heels With Redoute Strap And And Bee Detail 4113ac9
    ladies shoes Laura Vita Vautre yellow size 10/41 Made In FranceLittle Mermaid Ursula Ariel Women's Platform High Heels Disney Villains , Miss Sixty Estefan Court Shoes High Heels Sandals Shoe Shoe Wedge Heel 37Miss Sixty Heter Court Shoes High Heels Sandals Shoes Shoe Wedge Heel 37Pierre Cardin Shoes Womans Sandals Black new zip heel slim 79586 moda1 ORIGINALPin Up Couture TEEZE-12-2 Blk Pat (Sacred Heart Print) ()ladies shoe Cabello 6930 black size 40/9 , ladies sandal La Pinta Zone tan multi size 37/6 , ladies sandals Cabello 5778 orange size 38/7Pleaser BABY PINK & WHITE Spectator Mary Jane Pumps 4" High Heel Size 6USladies shoes Cabello 5502 black size 37/6 , Court shoes ALAIN JARIAN All Leather Tulle netting Black T 35Pleaser Day & Night DELUXE-601RS Blk Suede () , Man's/Woman's Clarks Ladies Court Shoes 'Adriel Viola' Modern and elegant fashion Affordable Clearance saleMiss Sixty Rina Pumps High Heel Sandals Shoes Shoe Wedge Heel 37 Miss15New Skechers Womens Beverlee High Tea Luxe Foam Footbed Wedge Sandals , New Beira Rio Lucie Womens Cushioned Comfort Wedge Shoes Made In Brazil , ladies shoes Laura Vita Vautre yellow size 6/37 Made In France , Ana Lublin Loafer Platform Heels Suede & Patent Leather Nero Black Size 40 , Miss Sixty Susanna Pumps High Heel Sandals Shoes Shoe Wedge Heel 37 Miss13Miss Sixty Heter Pumps High Heel Sandals Shoes Shoe Wedge Heel 37 Miss15Made in Italia women Shoes Pumps & Heels Black front strap 82918 moda1 ORIGINAL , CLARKS KEESHA LUCA LADIES SLIP ON CASUALS , Gentleman/Lady CLARICE ROCCA - Black Shimmer Heels use Carefully selected materials uniqueModa Capri Hand Made Ladies 38 39 Court Shoes Slingback Ankle-Strap Sandal Np , NEW Stunning Womens Bow Patent Sheep Leather Heels Peep Toes Sz 2.5-9(S611567)Man/Woman Pleaser MOTIF-701FL Clr/Blk-Wht () New varieties are launched King of quantity retail price , ladies slip on shoes MG Marcell black patent size 7 , Olivia Heel - Italian Leather Shoes Made in Europe New
    La 23440 Redoute Womens Heels With Redoute Strap And And Bee Detail 4113ac9 - blurrypron.com>La 23440 Redoute Womens Heels With Redoute Strap And And Bee Detail 4113ac9 - blurrypron.com
    New Under Armour Women's Post Canyon Mid Waterproof - Size 6.5 - GrayAuthentic TORY BURCH ELOISE 211394 black leather knee high boots sz. 5.5 MSteel Blue 'TORQUAY' 617539 Wheat, Composite Toe, Safety Work Boot. ZIP SIDE! , Gentlemen/Ladies Soda Women's Salsa-H Riding Boot New varieties are launched Quality First Excellent workmanshipNaturalizer Women's Gilly Flat, Black, Size 6.0 US / 4 UK , Gentleman/Lady Sebastian Womens S7313CAMNERJET36 Espadrilles 3 UK Reliable quality Lush design Valuable boutiqueluxury rhinestone silk satin high heels sandals fine with wedding shoes US 4.5-8 , HOT Womens Hollow out High-Heels Strapy Gladiator Sandals Roman rope shoes F197Women's Stilettos High Heel Ankle Strap Tassel Pointy Toe Sandals Shoes Pump NewBrian Atwood Leopard Designer Heels 8.5 39 Print Metallic Gold Black Jonquil BoxNEW Abel Munoz Pointed Pumps HARLOW Black Suede Leather Gold Trim US 10 Eur 41 , $1299 Dsquared Shoes Silver Real Leather Size US 9 IT 39 Ebay 8340 , Kenneth Cole REACTION Women's Mass-Ter Mind Mule - Choose SZ/Color , Madden Girl Runner Retro Jogger Sneakers Black 6.5MVans Bedford (Coated) Black/White Men's Skate Shoes RARE SIZE 13ASICS GEL VENTURE 6 T7G1N 9016 BLACK PHATOM MIDGREY MEN SHOES SIZE 8 & 11 , Men Adidas Lite Racer Running Shoe DB0630 Color Grey Two / White/ Core Black NewNike Air Max 1 FB Yeezy Back FRESH MINT GREEN PINK Flash White Sz 9 350V2 750Air Jordan XXXII 32 PE Size 9 Georgetown Hoyas Player Exclusive Promo SampleHaider Ackermann chelsea leather boots cuban heel men’s US 10 1200$TOD'S MEN'S LEATHER LOAFERS MOCCASINS NEW BLACK 858Man's/Woman's Merrell Pechora Sky Boots Women's Shoes Elegant and sturdy set meal modern high quality productSkechers Women's D'Lites Biggest Fan Low Top Sneaker Shoes Light Blue Footwear , Baskets Femme samples shoes VISION STREET WEAR BONITA WHITE PLAID WOMENNew Balance W880VC8 D Wide Pink Silver Women Running Shoes Sneakers W880VC8D , Original studded Converse Chuck Taylor AllStar high top gold spike studs red , Men's/Women's Naot Women's Rongo selling price Modern and stylish fashion cheaper , adidas Performance Women's Mana Rc Bounce W Running Shoe - Choose SZ/Color , Lucky Brand Womens TAMELA Leather Suede Dark Moss Ankle Boots Booties R$139FERGIE Womens 'Aurora' Snakeskin Sz 7.5 M Wedge Booties NEW! 229129 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    La 23440 Redoute Womens Heels With Redoute Strap And And Bee Detail 4113ac9 - 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.

    La 23440 Redoute Womens Heels With Redoute Strap And And Bee Detail 4113ac9 - 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
    La 23440 Redoute Womens Heels With Redoute Strap And And Bee Detail 4113ac9
    Heels
    >
    ;