Never miss an update

CASADEI Yellow Exotic Zip Snakeskin Yellow Heeled $1120 Zip Up Boots 7 Made in Italy $1120 ed654d5




Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Flaw Free; See Photos for Details
Color: Yellow Fastening: Zip
Material: Snakeskin US Shoe Size (Women's): 7
Brand: Casadei Heel Type: Slim
Country/Region of Manufacture: Italy Pattern: Animal Print
Style: Mid-Calf Boots
Never miss an update

CASADEI Yellow Exotic Zip Snakeskin Yellow Heeled $1120 Zip Up Boots 7 Made in Italy $1120 ed654d5 - blurrypron.com

    CASADEI Yellow Exotic Zip Snakeskin Yellow Heeled $1120 Zip Up Boots 7 Made in Italy $1120 ed654d5
    CASADEI Yellow Exotic Zip Snakeskin Yellow Heeled $1120 Zip Up Boots 7 Made in Italy $1120 ed654d5
    Delman Thus Black Suede Leather Knee High boots 10 , New STEVE MADDEN Women Fur Knee-High Suede Blk Pull On Flat Boots Sz 9 M 40 Euro , NWT Free People A.S. 98 Ankle Boots Booties Black Size 37 $315Ariat Women's Leather Dahlia Western D Toe Wingtip Boot 10008780 , Frye 77578 Dorado Inside Zip Brown Leather Riding Motorcycle Boots Women Size 7 , DOC DR.MARTENS STELLA WHITE BOOTS WITH BLACK STARS RARE UNISEX US W10 M9 , Kurt Geiger Strike Chain Womens Black Leather Ankle Boots 36 , ECCO WOMEN'S BABETT WATERPROOF GORE-TEX, MID ANKLE BOOTIE DOUBLE ZIPMatisse White Distressed Leather Gold Studded Cutout Ankle Boots Size 8.5 , Reef Women's Voyage LE Chelsea Boot Saddle 9 M US , ECCO Women's Touch Mid Cut Ankle Bootie Black 40 EU/9-9.5 M US , New In Box Women's Frye Cara Tall Leather Boots 7 1/2 M Color: CognacLoeffler Randall Women's Carter (Kid Suede), Camel Choose Size , Frye Womens Melissa Button Slate Washed Antique Pull-Up 8.5M , Stuart Weitzman AllJack Black Suede Knee High Boots Size 7.5 E357 , NWT Frye Jamie Chelsea Leather Ankle Boot, Style 76232, Tan (Cognac-ish) sz 8.5B , Tory Burch Sidney 70mm Boots Black Stretch Suede Block Heel size 11 , New $348 Frye Billy Harness Burgundy/Brown Leather Multi Cowboy Boots DistressedLUCCHESE Brown Leather Western Cowgirl Boots Women's Size 6.5FRYE 77035 LTN Austin Flower Cut Out Brown Leather Riding Boots Women's Size 7 , RACHEL COMEY BLACK LEATHER MARS MULES SIZE 9Sigerson Morrison Women's Seley Black Leather 7 M , Harley-Davidson Women's Annadale Boot Black 8.5 M USBogs Women's Classic Butterflies Snow Boot Black/Multi 10 M US , Frye 77167 Melissa Brown Leather Riding Biking Motorcycle Boots Women's Size 7.5 , FRYE Austin Cut-Out Floral Western Leather Boots Olive Green Size 8 NEWCole Haan Women's Boots Putnam Waterproof Suede Knee High Boots BlackFrye Black riding boots 6.5 Campus Stitching Horse leather Black distressed NEWAldo 'OLENA' OVer The Knee Boots New Black Suede 8.5M
    CASADEI Yellow Exotic Zip Snakeskin Yellow Heeled $1120 Zip Up Boots 7 Made in Italy $1120 ed654d5 - blurrypron.com>CASADEI Yellow Exotic Zip Snakeskin Yellow Heeled $1120 Zip Up Boots 7 Made in Italy $1120 ed654d5 - blurrypron.com
    NIB Women's Ellen Tracy Prowler Black Leather Knee High Heel Zip Dress Boots 7MGenuine Leather Metal Pointy Toe Strappy Rivets Womens Punk Mid-calf Boots Shoes , CELINE Pale Grey Suede Black Leather Heel Boots 37 38.5 or 40 , Hermes Boot Black Leather Silver Studded Strap Buckle Wrap Size 39 NewNIKE MAN SNEAKER SHOES SPORTS CASUAL FREE TIME ROSHERUN NM FB 685196 WITHOUT BOX , Panama Jack Womens Shoes Made in Spain Mint Condition Sz 37 Eur Sz 7USMan/Woman B.O.C - Womens - Howell flagship store At a lower price Complete specificationsCLARKS Women's Danelly Molly Slip on Shoes Navy 8 MSam Edelman Women's Patsy Espadrille Wedge Sandal - Choose SZ/ColorBrandblack Men's August Ii Ankle-High Fashion Sneaker , Men/Women Huf Shoes Galaxy White/Orange/Navy Selling King of quantity Good quality , Mens Skechers Sneakers Depth Charge Eaddy Casual Shoes Navy - Worldwide Shipping , Under Armour Men's NXT TB - Choose SZ/ColorAir Jordan Why Not Zero.1 White Ice Sharpie Sz 10 AA2510-100NEW CUSTOM MEN’S NIKE AIR MAX 1 ID RED BLACK CHICAGO LEATHER SHOES SIZE 10 , NIKE AIR JORDAN VIII RETRO 8 AQUA BLACK NBA ALL STAR GAME 10.5 BASKETBALL SHOESNike Air Presto Mid Acronym Cool Grey Size 10 Brand New!! , Air Jordan Retro 12, Dark Grey-Wolf Grey, Size 7, 130690 005Golden Retriever Men's 9205 Waterproof Logger Brown Size 10.0 dSIYDanner 30800 Mountain Light II Men's GTX Hiking Boot - Brown - 12NIB $200 Converse by John Varvatos CT Hi Black / Gun Metal 150162C US Mens 11 , Allen Edmonds Men's Shoes "Sedona" Penny Loafers Blue 10D Leather Moc ToeBelvedere Men's Omar Driving Loafer Brandy Ostrich LoafersBostonian Size 8 Black Leather Loafers New Mens ShoesBrooks Ghost 9 Womens Running Shoes Sz 6.5 37.5 EU Black Purple Silver White , Men's/Women's Sneakers Bottines PALLADIUM p 39 Not so expensive Make full use of materials Rich on-time delivery , RYKA D0332F1 Womens Ultimate Running-Shoes- Choose SZ/Color.New FILA Womens Disruptor II 2 FS1HTZ3075X EPK Pink TOP Unisex Mense SizeDZ691 MBT shoes brown nabuk women sneakers 6 - 6.5 ()Arturo Chiang Vala Brown Leather Knee High Boot Size 6 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    CASADEI Yellow Exotic Zip Snakeskin Yellow Heeled $1120 Zip Up Boots 7 Made in Italy $1120 ed654d5 - 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.

    CASADEI Yellow Exotic Zip Snakeskin Yellow Heeled $1120 Zip Up Boots 7 Made in Italy $1120 ed654d5 - 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
    CASADEI Yellow Exotic Zip Snakeskin Yellow Heeled $1120 Zip Up Boots 7 Made in Italy $1120 ed654d5
    Boots
    >
    ;