Never miss an update

New BEBE Deena mogochinese-25457 Black White 25452 Polka Dot 5 6 6 7 8 9 10 Neu Schwarz Absatzschuhe 35-40 41f7340




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: bebe
Color: Black Style: Slingbacks
Occasion: Party Width: Medium (B, M)
Heel Height: High (3 in. and Up)
Never miss an update

New BEBE Deena mogochinese-25457 Black White 25452 Polka Dot 5 6 6 7 8 9 10 Neu Schwarz Absatzschuhe 35-40 41f7340 - blurrypron.com

    New BEBE Deena mogochinese-25457 Black White 25452 Polka Dot 5 6 6 7 8 9 10 Neu Schwarz Absatzschuhe 35-40 41f7340
    New BEBE Deena mogochinese-25457 Black White 25452 Polka Dot 5 6 6 7 8 9 10 Neu Schwarz Absatzschuhe 35-40 41f7340
    Highest Heels Black 4.5" Metal Cover Pump W/Ankle Strape size 10 4 1/2" heelsSalvatore Ferragamo Size 7.5N Navy Blue Textured Suede Pump Heels Shoes , Men's/Women's Casadei heels 10 Reliable quality high quality Various , GUESS ANAVEY MESH PEEP TOE BOOTIES! SAVINS and STYLEZara Faux Fur Vamp Block Heel Sandals 37 Black Beige Blogger Faves PreownedGUESS HONORA PEEP TOE PLATFORM PUMPS Save $100!Elie Tahari Women's EL-Ibis Dress Sandal, Argento/Black/Black, 39 BR/9 M US , Nine West Dempsey Heels - Women's Size 7 M - Gold GlitterZARA WOMAN (9/40) BLACK FLATFORM PATENT FINISH DERBY SHOES Sz 9US 40/301 , DV8 by Dolce Vita New Cheetah Pony Hair Pink Platform Block Heels Pumps sz 7.5 , BCBG Max Azria Leather Pumps Shoes Ruched Swing 5 RetroCharlie 1 Horse by Lucchese Womens Size 8B Mules Brown Stitched Leather , Report Ankle boot Size 9 Brown -- NWOB $90 , Bella Vita Shoes Wow Women's Heels Shoes Leather Pumps Shoes White 8W , Sam Edelman Women's Peters Mule, Black/Multi Jacquard, 7.5 Medium USPin Up Couture CUTIEPIE-02 Platforms White Patent Sexy Mary Jane Pump High HeelsJ. Renee Women's Prys Slide,Harlequin Glitter Fabric Bright Multi 8 M US , $199 Killah Shoes Browm Leather Size US 11 IT 41 Huge 7637 , Sam Edelman New Emlyn Suede Leather Strappy Gladiator Platform Heels Sz 6 $140 , Anthropologie Alba Moda Barlow Shooties Shoes Brown Paola Ferri size , Preowned Prabal Gurung Heels SZ 39 EU SZ 8 US Leather Animal Texture Burgundy , GUESS JACOBA Square Toe Ankle Strap Platform Pumps Sparkle and Stun! , New Geox SIRIAZP Womens Nubuck Suede Leather Wedge Heels Sz 9M(39) MSRP$145Famolare Hi There Vtg Italy Ankle Strap Wedge Sandals Women's US 8 N , Rebels Women's Lora Dress Sandal, Orange, 6 M USCall It Spring Cadorella Bordeaux Black Platform Pumps US11MNew SUECOMMA BONNIE BLACK & Blue Slippers Size 36.5Trotters Women's Phoebe Dress Pump, Dark Grey, 12 M US , Pour La Victoire Yermak Black Vachetta Black Leather Women's Heels Sandals 8.5 M ,
    New BEBE Deena mogochinese-25457 Black White 25452 Polka Dot 5 6 6 7 8 9 10 Neu Schwarz Absatzschuhe 35-40 41f7340 - blurrypron.com>New BEBE Deena mogochinese-25457 Black White 25452 Polka Dot 5 6 6 7 8 9 10 Neu Schwarz Absatzschuhe 35-40 41f7340 - blurrypron.com
    US6.5/ EUR37 - NWT ZARA LEATHER ANKLE BOOTS WITH BLOCK HEEL NAVY BLUE SHOES BOOTWomens Gladiator Fringe High Heels Pointy Toe Suede Mid Calf Boots Shoes Roman , FRYE Tall Riding Boots SHIRLEY Distressed Plate Gray Women's US 8 $448 , Rocket Dog Women's Tyree Hush Fabric BootLA CANADIENNE Mila WATERPROOF Zip Ankle Winter Boots Womens Black 10 NEW IN BOXMen's/Women's Ladies Leather Cowboy Boots Practical and economical discount have funEl Naturalista Womens Yggdrasil Ng51 Slipper /- Pick SZ/Color.NEW ECCO Touch Ballerina 2.0 Loafers Women's 38 7/7.5 Black Silver Leather Shoes , Womens Leopard Stilettos High heel shoes Pointy toe Print Slip on Pump NightclubFashion Rhinestone 18 Women’s Elegant Peacock High Heel Wedding Evening Sandal , Rare $400 COMOEDIA ITALIAN Heels 6 VERY HAUTE COUTURE White Bootie Style MUST SEMIU MIU PRADA Black Bamboo Platform Pumps SHOES SZ 37 1/2 37.5 7.5/7ara Women's Gina 41820 PumpTeva Size 9.5 Blue Pink White Wedge Sandals New Womens ShoesNIKE MEN'S ROSHE ONE NM FLYKNIT RUNNING SHOES Vapor Sz.9 677243 016 PRM QS , Men’s Nike Hyperdunk 2017 “Triple Black” Size-11 Black (897631 005) , adidas Deerupt Runner Shoes Grey Men CQ2628Adidas Originals JABBAR MID KAREEM ABDUL Basketball superstar Shoes~Mens sz 11.5Nike Air Foamposite One Pewter 314996 004 Sz 9.5 Silver Grey Pro Premium Jordan , Nike Air Force 1 Premium '07 - 315180 211Nike Rare NikeLab Air Max 1 Pinnacle Sail Size 14 Flyknit Patta Curry Kaws QSMen's Black & Yellow Waterproof & Frost Proof Leather Sneaker , AUTHENTIC LUXURY PRADA SNEAKERS SHOES 4E3020 BLACK RED NEW US 10VANS Prison Issue (Twill) True White/Blanc Men's Skate Shoes Size 11.5 , Reebok DV5120 Classic Royal Dashon Casual shoes grey white black sneakersRARE Sperry Jack Spade Authentic Original Camo 2-Eye Boat Shoe Mens Size 11.5 , Skechers Performance Women's Go Walk Impress Memory Foam Slip-On Walking Shoe, MWOMEN'S SHOES SNEAKERS REEBOK CLASSIC LEATHER [CN5468]NEW Off-white Peep-toe High Heel Boots (Original Retail Price $132)$495 RAG & BONE Harrow Leather Shoes Straps Ankle Stacked Heel Black Boots 38.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New BEBE Deena mogochinese-25457 Black White 25452 Polka Dot 5 6 6 7 8 9 10 Neu Schwarz Absatzschuhe 35-40 41f7340 - 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.

    New BEBE Deena mogochinese-25457 Black White 25452 Polka Dot 5 6 6 7 8 9 10 Neu Schwarz Absatzschuhe 35-40 41f7340 - 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
    New BEBE Deena mogochinese-25457 Black White 25452 Polka Dot 5 6 6 7 8 9 10 Neu Schwarz Absatzschuhe 35-40 41f7340
    Heels
    >
    ;