Never miss an update

Bella Vita Womens Gracia Leather Open Toe Open Casual Toe Platform Platform Sandals cf5d634




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: Bella Vita
Fastening: Lace Up Style: Platforms & Wedges
Heel Type: Wedge Material: Leather
Occasion: Casual Color: Tan
Pattern: Solid
Never miss an update

Bella Vita Womens Gracia Leather Open Toe Open Casual Toe Platform Platform Sandals cf5d634 - blurrypron.com

    Bella Vita Womens Gracia Leather Open Toe Open Casual Toe Platform Platform Sandals cf5d634
    Bella Vita Womens Gracia Leather Open Toe Open Casual Toe Platform Platform Sandals cf5d634
    Sandale FUGITIVE escarpin à talon danse bride spartiate mule CUIR 37 NEUFNew Tory Burch Thandie Wedge Flip Flops Sandals 8-11Aqua Womens NWB Famous Orange Leather Sandals Shoes 6.5 MED NEWLucky Brand Tafia SAndals, Women's Size 9 M, Cafe , Cole Haan Women's Jianna Mid Dress Sandal, Sunglow/Nectar/Ivory, Size 10.0 , Women Fitflop Banda Slip On Sandals Grain Leather TanMERRELL Sunstone Strap Outdoor Sport Casual Travel Sandals Womens New All SizeSteve Madden Womens Gavell Heeled Sandal- Pick SZ/Color.Bugatti sandals metallic silver gray new with box original US 8.5 - 9Puma X Fenty By Rihanna Pink Ice CLEAR ️Jelly Slip On Slides Sandals Size 8.5Womens Leather Gladiator Platform Wedge Heels Sandals Retro Hollow Shoes New Sz , Report Signature Pammy Block Heel Sandals, Black, 8 US , SANUK WOMENS SIDEWALK SURFER DONNA HEMP NATURAL SWF1160 NAT SIZE 6RAG & BONE FOLSOM NEW $450 SZ 10 M 40 BLACK LEATHER PLATFORM SANDALS Wood HEELSGentleman/Lady Minnetonka Silverthorne Thong Women's Sandal Exquisite (middle) workmanship Stylish and charming comfortableSteve Madden Nude Patent Leather Stecy Open Toe Sandals Womens Size US 7MGladiators Women Leather Thong Sandals Rhinestone Floral High Heels Party Pumps , Steve Madden DONDDI Women's Casual Leather Ankle Strap Flat Sandals TAN , Crocs Bistro Pro Clog - Color White , SANUK WOMENS SURFER DONNA BLANKET CITRUS LANAI BLANKET 1016485 CLBN SIZE 5Burberry 5.5 Sandals Slip On Kitten Heels Low Brown Size 5.5 EUC Women's , Planet Shoes Didi Womens Comfortable Leather Supportive Flat SandalsSweet Women's Platform Peep Toe Boho Wedge Heels Sandals Slingback Girl Shoes , I35 Pandeh Platform Slide Wedge Sandals, MarshmellowEXCELLENT CONDITION Max Mara Women's Sandals - US 8.5-9 /Gorgeous Women Sandals Pointed Toe High Heels Sexy Black Shoes Plus US Size 4-15 , Steve Madden Womens Meg Dress Sandal- Pick SZ/Color. , PLEASER Ankle Strap Sandal Skull Cross Bone Cut Out Platform MOON-709SK Black PUKeen Newport H2 Sandals - Women's Size 8 - Raven/Capri ,
    Bella Vita Womens Gracia Leather Open Toe Open Casual Toe Platform Platform Sandals cf5d634 - blurrypron.com>Bella Vita Womens Gracia Leather Open Toe Open Casual Toe Platform Platform Sandals cf5d634 - blurrypron.com
    Frye Phillip Harness Tall Leather Women's Boots - US 7, Cognac Brown, 76505 , Asics GEL-DS Trainer 23 [T818N-001] Men Running Shoes Black/Carbon-Red , Gentlemen/Ladies Converse Chucks Monochrome 551599C Multicoloured Fine processing Beautiful appearance best seller , Tommy Hilfiger Bettina Buckle Loafers, Medium BlueNew Django & Juliette Zollie Womens Shoes Casual Sandals Heeled , Arnaldo Toscani 1108905 Women's Slip On Leather Ballet Flats Ballerinas BrownCHLOE BLACK PATENT BALLET FLAT W/CONTRASTING SUEDE BOW Sz 35 , Women Ankle Buckle Strap 8" High Heel Stiletto Platform Pumps Sexy Party Shoes , FENDI Red Pebbled Leather Black Stitching Gold Buckle Wedge Heel Sandals Size 40Cole Haan Gabby Sandal Size 8 B Womens Ocelot Hair Calf HeelsPleaser DELIGHT-1008SQ Womens Del1008sq/g/Gch Ankle Bootie- Choose SZ/Color. , Steve Madden Womens P-Charrm Caged Pump Sandal Shoe , Nike Dunk Low Linen/Linen-White 309324-221 Women's SZ 6CONVERSE X ANDY WARHOL CTAS HI SHOES SIZE MENS 10.5 CHUCK TAYLOR 147051CVans Old Skool DX (Veggie Tan Leather) Tan NIB Size US 10.5 Men's VN0A32GJLUI , Mizuno Men's Wave Creation 18 Running Shoe, Dark Slate/Black, 15 D US , Georgia Boot G6374 Giant Steel Toe Bumper Guard Brown Leather Work Boot , NEW Mens KENNETH COLE Run The Show Black Slip On Casual Dress Shoes DISPLAY , men's shoes DI MELLA 9 () elegant blue leather AB927-C , POLO RALPH LAUREN Men's TEDD Gravel Gry WAXY PULL UP LEATHER CASUAL CHUKKA SZ 12 , MEN'S BARKER WINGTIP DRESS SHOES! BROWN! FULLY LINED! MADE IN ENGLAND! 8 UK/8.5Classic Cherry Brown Double Monk Straps by Vostro Prezzo. All Sizes Available.Handmade Mens leather boot, Men brogue black leather boot, Men formal boot , Nunn Bush Mens Littleton Plain Toe Chukka (84768)GOLA ZODIAC SPEZIAL EDITION 37 NEW retro vintage sneaker medallist harrier , ADIDAS Vigor Bounce Women's Trail Running Shoes Green AQ7518 Thrasher sz 7.5~8.5Spix's Macaw Printed (Black/White) Running Shoes For Women-Free ShippingWOMEN'S SHOES SNEAKERS PUMA DISC BLAZE SHINE [362709 01] , Puma Basket Heart Patent Womens 363073-02 White Patent Leather Shoes Size 11Men/Women Sam Edelman Women's Louie Boot use buy Maintenance capability ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Bella Vita Womens Gracia Leather Open Toe Open Casual Toe Platform Platform Sandals cf5d634 - 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.

    Bella Vita Womens Gracia Leather Open Toe Open Casual Toe Platform Platform Sandals cf5d634 - 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
    Bella Vita Womens Gracia Leather Open Toe Open Casual Toe Platform Platform Sandals cf5d634
    Sandals
    >
    ;