Never miss an update

Betsey Johnson mogochinese-29493 Womens Betsey cherl Open Toe Special Champagne Champagne Glitter Size 9.5 00ccb0f




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: Betsey Johnson
Fastening: Buckle Style: Platforms & Wedges
Heel Type: Stiletto Width: Medium (B, M)
US Shoe Size (Women's): 9.5 Material: Synthetic
Occasion: Special Occasion Color: Silver
Pattern: Solid UPC: Does not apply
Never miss an update

Betsey Johnson mogochinese-29493 Womens Betsey cherl Open Toe Special Champagne Champagne Glitter Size 9.5 00ccb0f - blurrypron.com

    Betsey Johnson mogochinese-29493 Womens Betsey cherl Open Toe Special Champagne Champagne Glitter Size 9.5 00ccb0f
    Betsey Johnson mogochinese-29493 Womens Betsey cherl Open Toe Special Champagne Champagne Glitter Size 9.5 00ccb0f
    Jessica Simpson Womens Jadyn Leather Peep Toe Casual Buff Medusa Size 10.0 ymu , Bar III Womens Lasso Pointed Toe Special Occasion Black1050383 Size 8.0 JnoHReport Womens Bosen Closed Toe Ballet Flats Pink Size 7.0 uu3JGuess Women's Blasa Dress Sandal Black Size 10.0 H7lUEurosoft - Womens - Cardea Black Size 8.5 aVdn , Call It Spring Womens NYDAREDIA Peep Toe Casual Slingback Beige Size 8.5 zY3vBetsey Johnson Women's Iliana Dress Sandal Black Velvet Size 6.0Drew Alana Women's Sandal Pewter/Bronze Size 13.0 fq2Q , GUESS Women's Parris Heeled Sandal Pink Size 8.0 VQvR , Franco Sarto Women's Alora Heeled Sandal Golden Yellow Size 6.0Qupid Womens Interest Fabric Closed Toe Knee High Fashion Boots Taupe Size 6.5Report Womens Bosen Closed Toe Ballet Flats Pink Size 9.5 Qxxw , Skechers Cali Women's Meditation Zen Child Flip-Flop Navy Size 6.0DOLCE VITA Black Flat Sandals (SIZE 8)Onex Women's Alexandria Dress Sandal Tan Size 9.0 7kjt , Comfortiva Riverton Round Toe Suede Ankle Boot Black Suede Size 6.0Nine West Women's Clowd Synthetic Moccasin Black Size 7.0Carlos by Carlos Santana Womens Malor Fabric Peep Toe Special Black Size 9.0 , ITALIAN Shoemakers Womens Liliana Open Toe Casual Platform Black Size 7.0 VcFRAnnie Shoes Women's Lara Wide Calf Dress Sandal Red Size 8.5 rRbX , Ann Marino Womens faustion Closed Toe Casual Mule Sandals Black Size 9.0Guess Women's Blasa Dress Sandal Black Size 9.0 Gxem , Dr. Scholl's Womens harlin Closed Toe Casual Mule Sandals Black Size 6.5 QykiOnex Women's Dancer Heeled Sandal Black Size 5.0Cole Haan Womens Chiannasam Open Toe Casual Brown/Bronze Size 6.0 , Beacon Womens Cupake Closed Toe Casual Slide Sandals White Size 7.0 cca0Easy Spirit Women's Earthen First Walker Shoe Grey Size 7.5 GpOUBandolino Womens meissa Fabric Open Toe Special Black/Black FB Size 7.5 NUXZReport Womens Bosen Closed Toe Ballet Flats Pink Size 8.5 2rtt ,
    Betsey Johnson mogochinese-29493 Womens Betsey cherl Open Toe Special Champagne Champagne Glitter Size 9.5 00ccb0f - blurrypron.com>Betsey Johnson mogochinese-29493 Womens Betsey cherl Open Toe Special Champagne Champagne Glitter Size 9.5 00ccb0f - blurrypron.com
    Merrell All Out Blaze Vent Mid GTX [ML35897] Mens Outdoor Hiking Shoes Navy , Puma Basket Classic Gum Deluxe Low-Top Sneakers, Black-Metallic Gold, 7.5 UK , Brooks Transcend 4 Mens Running Shoes (D) (081) , New Flex & Go Mackenzie Womens Leather Wedge Shoes Made In Portugal , Espadrille model 110882 Inello - Matter - Shoes , Women's Softspots Venus Lite Taupe Leather Casual / Comfort Shoe , $178 ELLA MOSS AMANDA Muted Multi Ixtaca Designer Fashion Comfort Flats 7Gentleman/Lady Badgley Mischka Women's JULESA Boot LEOPARD Durable service Fast delivery renewed on timePRADA SPAZZOLATO VERO COUIO BROWN LEATHER LOAFERS WOMENS SZ 9.5 RETAIL $380.00Alfani Womens Rochele Leather Open Toe Casual Slide SandalsVans Half Cab DX Leather Black Gold Women's Size: 7 , Reef Womens Sandals Rover Catch | Comfort Flip Flops for Women with Soft Cush... , Skechers Equalizer 2.0 Air-Cooled Memory Foam Shoes 13 Red , Reebok Hexaffect Run 5.0 Mtm Running Men's Shoes , Nike SF AF1 Dusty Peach Suede 864024-204 9-12 special air force 1Jordan Air Future Black White Metallic Gold Black Men's Trainers All Sizes , Mens Leather formal Chelsea Ankle boots Dress Zip Pull On Cuban Heel Shoes , Mens Drew Black Walker II Shoes Oxfords Orthotic Diabetic Size 9.5 W 40784-14Stacy Adams Men's Sanfillipo 24938 White Woven Print Leather Plain Toe ShoesAllen Edmonds Warren Brown Leather Oxfords Dress Shoes Mens 9.5 D Made USALos Altos Men's Genuine Full Deer Skin Dress Shoes Casual Slip On Loafer EE , Mezlan Aaron Penny Loafer Mens Size 10 M Brown Leather Brogue Slip On Shoe Spain , Paul Green Size 6.5 Burgundy Patent Leather & Suede Sneakers Shoes , Man's/Woman's Reebok Womens Swimwear Thunderstruck- Pick SZ/Color. fashion High quality and economy Elegant and robust menuSkechers Flexibles SPARKLER Navy Blue Ankle Boots Women's 7.5 - NEW - 48666 , Church's LANA MET Wingtip Monk shoes leather dark olive studdedWomen's Enzo Angiolini Eadaniana Brown Leather Tall Riding Boots 6.5 Medium , Gentleman/Lady Jill Sander Suede Ankle Boot Diverse new design Elegant style Non-slip , Gentlemen/Ladies stephane kelian booties Big clearance sale Bright colors Exquisite workmanship , Unlisted by Kenneth Cole Men's Drop Ur Anchor Ankle Bootie - Choose SZ/Color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Betsey Johnson mogochinese-29493 Womens Betsey cherl Open Toe Special Champagne Champagne Glitter Size 9.5 00ccb0f - 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.

    Betsey Johnson mogochinese-29493 Womens Betsey cherl Open Toe Special Champagne Champagne Glitter Size 9.5 00ccb0f - 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
    Betsey Johnson mogochinese-29493 Womens Betsey cherl Open Toe Special Champagne Champagne Glitter Size 9.5 00ccb0f
    Sandals
    >
    ;