Never miss an update

Alfani Slingbacks Sz Leather 8.5 Womens M Blossom Pink Seashell Leather Slingbacks Wedges New Womens Shoes 04ad4b7




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
SKU#: 9147B
Material: Leather Heel Length: Approx. 3 1/2 Inches
Width: Medium (B, M) Style: Slingbacks, Wedges
Pattern: Solid US Shoe Size (Women's): 8.5
Color: Pink Heel Height: High (3 in. and Up)
Brand: Alfani UPC: 706255884753
Never miss an update

Alfani Slingbacks Sz Leather 8.5 Womens M Blossom Pink Seashell Leather Slingbacks Wedges New Womens Shoes 04ad4b7 - blurrypron.com

    Alfani Slingbacks Sz Leather 8.5 Womens M Blossom Pink Seashell Leather Slingbacks Wedges New Womens Shoes 04ad4b7
    Alfani Slingbacks Sz Leather 8.5 Womens M Blossom Pink Seashell Leather Slingbacks Wedges New Womens Shoes 04ad4b7
    Womens Suede Leather Slip on Loafers Low Top Heels Casual Oxfords Occident Shoes , Vogue Womens Transparent Wedge High Heel Pumps Pointed Toe Glitters Party Shoes , Ivanka Trump Carra3 Pointed-Toe Classic Pump Heels, Gold Fabric, 9.5 USWomens Fashion Pointy Toe transparent Stiletto High Heels Party Shoes pumps PVCNew Womens Block Mules Leather Pumps High Heels Sandals Peep Toes Slip On ShoesPLEASER Sexy Mini Iridescent Glitter Platform 8" High Heel Stripper Clear Shoes , High Heel Black Tux 5" Heel platform Sandals Ellie 550-PINSTRIPE/BLK , Guess GWARCHER green multi suede heel 8MPrada Sport Brown Patent Leather Round Toe Pumps Size 37.5 7.5Steve Madden Veruca Triple Strap Mary Jane Pumps, Black, 9 US DisplayWomen's Leather Fashion High Wedge Sneakers Hidden Heel Athlitic Sport Shoes NewKelsi Dagger Brooklyn Women's Kellum Ankle Boot, Quartz, Size 6.5 negY , Womens Retro Rhinestone Block High Heel Suede Round Toe Ankle Strap Buckle ShoesMan's/Woman's BETTIE-25 Beautiful design Elegant and sturdy packaging Excellent function , Womens High Heels Platform Round Toe Patent Leather Evening Party Shoes Prom SZGentlemen/Ladies Jessica Simpson Women's Cambredge Dress Pump Louis, elaborate luxurious SimpleFabulicious BELLE-350 Platform Slingback Sandal Size 5-16Man/Woman FLAMINGO-808G durable The latest technology Famous storeZARA BLACK WEDGE PARTY PLATFORM ANKLE STRAP SANDALS SIZE , Bella Pin-Up Dark Green Ankle Strap Peep Toe Pump Shoe High Heel Shoes Heels , Trendy Womens High Wedge Heels Sandals Open Toes Platform Suede Ankle StrappyPrada Black Satin Beaded Heel Dorsay Pumps Size38.5 8.5Women BCBG BCBGeneration PARADE Size 9 Platform Heels Pumps Bronze MetallicPOLO RALPH LAUREN FOOTWEAR HASEL WOMEN BLOCK HEEL SANDALS (8.5 M, BROWN) , CHARLES DAVID STILETTO PLATFORM BOOTS - Size 9 , Women's OL Ankle Strap Sequins Faux Leather Work Pumps Rhinestone Shoes Heels szPleaser ASPIRE-608LG Womens Clear Black Glitter Heel Platform Ankle Strap Sandal , Manolo Blahnik Camel Brown Suede Buckle Detail Pointed Toe Heels Size 9.5 , BCBG Max Azria Size 9 M Amaris Blush Satin Pumps New Womens Shoes ,
    Alfani Slingbacks Sz Leather 8.5 Womens M Blossom Pink Seashell Leather Slingbacks Wedges New Womens Shoes 04ad4b7 - blurrypron.com>Alfani Slingbacks Sz Leather 8.5 Womens M Blossom Pink Seashell Leather Slingbacks Wedges New Womens Shoes 04ad4b7 - blurrypron.com
    Dr. Scholl's Shoes Women's Powered Ankle Bootie - Choose SZ/colorCall It Spring Women's Legivia Western Boot, Black Nubuck, 5 B USWomen's Rhinestone Hollow Out Sandals Platform Open Toe Slingbacks Casual ShoesCamper Women Micro Heels Sandals, Black Black 003 , 6 EU , Steve Madden Women's Kandi Slip-on Loafer - Choose SZ/Color , The FLEXX Women's Easy Run Fashion Sneaker , Retro Womens Leather Flat Heels Oxfords Round Toe Shoes Loafter Slip On MoccasinSTICO Womens BLACK Non-Slip Safety Chef Kitchen Shoes Elastic EVA InsoleSTUART WEITZMAN Black Strappy Platform Stilettos 9M Bandura Peeptoe Heels Buckle , CHRISTIAN DIOR sandals Heels Metallic Blue Sz38, $1499 , Columbia Women's Sunbreeze Vent Cruz Flip Sandal - Choose SZ/Color , Man/Woman Chloe Fringed Flat Sandals Charming design cheapest Quality and consumer first , DC Women's Trase TX Skate Shoe, Mint, 5.5 B B USEUC Mens 8.5 42 Nike Hyperdunk 2015 Basketball Shoe Sneakers Orange 749645-808 , NIKE AIR MAX PRIME (876068-103) WHITE BLACK LEATHER Mens Size 9.5 BRAND NEW WBOXNIKE DUNK FREE NAVY MEN Size: 9.0 NEW BASKETBALL AUTHENTIC RARE , Ninja Boots Tabi Shoes Not Slip Sole Double Cushion 7 Snaps Black US9.5 28cm F/S , Geox Men's Snake MOC 18 Moccasin, - Choose SZ/Color , Clarks Men's Stinson Hi Brown Oily Leather Boots 26063363 , Florsheim Men's Casey Casual Wingtip Oxford, Cognac, 10 D USASICS Women's Gel Havoc Running Shoe Light Blue/Lightning/Punch Size 11Brooks PureCadence 7 Running Shoes Women's US Size 8.5Propet Stability Walker - A5500 - Women' White Leather - 10.5 Medium , AHNU WOMENS SUGARPINE WP DARK SLATE SIZE 7 , Vintage Womens Creeper Round Toe Genuine Leather Back Zippers Riding Ankle Boots , Born Womens Leather Knee Boots Shoes W62550 size 10/42 M/W BROWNLauren Ralph Lauren Genna Women's Ankle Boots/ Booties , US 5, B, Black , Maliparmi Womens Tronchetto Wallpaper Boots Blue Size 38 NewComfortview The Loreli Bootie - Leopard, 10 1/2WJack Rogers Women's Sallie Print Rainboot Rain Boot - Choose SZ/Color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Alfani Slingbacks Sz Leather 8.5 Womens M Blossom Pink Seashell Leather Slingbacks Wedges New Womens Shoes 04ad4b7 - 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.

    Alfani Slingbacks Sz Leather 8.5 Womens M Blossom Pink Seashell Leather Slingbacks Wedges New Womens Shoes 04ad4b7 - 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
    Alfani Slingbacks Sz Leather 8.5 Womens M Blossom Pink Seashell Leather Slingbacks Wedges New Womens Shoes 04ad4b7
    Heels
    >
    ;