Never miss an update

The Leather Collection Leather White Spike The Heel Shoes White Sz 8 8 7926a0a




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: good condition
Heel Type: Block Style: Open Toe
Material: Leather Pattern: Spikes
US Shoe Size (Women's): 8 Brand: The Leather Collection
Heel Height: High (3 in. to 4.5 in.) Country/Region of Manufacture: Italy
Color: White UPC: Does not apply
Never miss an update

The Leather Collection Leather White Spike The Heel Shoes White Sz 8 8 7926a0a - blurrypron.com

    The Leather Collection Leather White Spike The Heel Shoes White Sz 8 8 7926a0a
    The Leather Collection Leather White Spike The Heel Shoes White Sz 8 8 7926a0a
    EUC Via Spiga Platform Triple Strap Open Toe Sandals Heels Black Leather 7.5JESSICA SIMPSON GOLD SPARKLE GLITTER JS WALEO PUMPS PLATFORM STILETTOS 8.5M EUC , Dolce & Gabbans Round Toes Leather shoes size 9.5 Pre-ownedSolid Shallow Women High Heels Office Lady Work ShoesPREOWNED MIU MIU Madras Calzature Donna Women's Wedge Heel Size 36.5Mr/Ms Steve Madden Grenadne bootie Size 7.5 Fine processing Known for its good quality Elegant and robust menu , Softspots Melbourne Black Leather 2.5" Heel Flower Shoes Size 6, 8.5 WideWomen’s Fluffy Fur Ankle Strappy Block High Heels Shoes Open Toe Sexy Sandalspigalle joggers ss17 wedding collection mint greenEasy Street Womens Tidal Closed Toe Classic Pumps , Vintage PRECIS Patent Leather Deep Navy Blue Square Toe Classic Pumps, 7.5B-B85 , Man/Woman Calvin Klein Wedge Sandles durability Pleasant appearance TRUE , Black KORS by Micheal KORS Heels (Margo Sandal)Alex Marie Gracey White Pearlized Patent Peep Toe Slip On Pumps Size 5.5Gentlemen/Ladies Fergie Footwear Women's Minx Slide the most convenient Stylish and charming a wide variety of goodsMan/Woman Prevata Women's Black Suede Heel Pumps selling price Order welcome Very good classificationChic Womens Snake Patten Pointy Toe Sandals Stilettos Ankle Strap OL Pumps ShoesMen/Women Bumper Snakeskin And Velvet Wedges 8 elegant Online export store Full range of specificationsEUC Masiero Metallic Gold & Black Sandals Sz 8 Made In Brazil , Highest heel 'Hottie' Black Size 14 5 1/4" heel , 2018 High Slim Heel Women Occident Runway Sandals Pointy Toe Breathable Mesh SZ , Seychelles round toe brown Dress Shoes patent Leather 8.5GENTLE SOULS ROUNDED TOE BROWN LEATHER HEELS 8 1/2Giani Bernini Womens Vollett Leather Closed Toe Classic Pumps , Highest heel 'Marquis-11' Black patent Size 6 6" heel 2" platform , Gentlemen/Ladies Zigi Soho Rhinestone Open Toe Heels Guarantee quality and quantity stable quality King of the crowd , Men/Women Womens Ankle boots with buckles quality stable quality Beautiful and charming , WOMEN'S MIA BELLE NATURAL GLADIATOR STYLE HEELS SZ 10 M NEVER WORNJESSICA SIMPSON Haile Platform Heels Slingback Sandals Light Blue Suede ,
    The Leather Collection Leather White Spike The Heel Shoes White Sz 8 8 7926a0a - blurrypron.com>The Leather Collection Leather White Spike The Heel Shoes White Sz 8 8 7926a0a - blurrypron.com
    Miz Mooz Yeats Blue EU Size 36 or 38 Women's Boots , AD28 MOMA shoes brown suede women ankle boots , Adidas Originals Nizza [CQ2333] Men Casual Shoes White/BlackWomen's Shoes Frye HARNESS AMERICANA Tall Boots Leather TanNEW Redback Alpine Soft Toe Work Boot Sale - June 2017 Camping OutdoorRedfoot Ladies Waxy Leather Mika Military Style Brown Ankle Boots /Euro 41Windsor Smith Platform Sneakers Oracle White Satin Size 9 , Ziera Black Leather Boots - BNIB - RRP$349.95 , NEW LADIES WOMENS BLACK LEATHER HIGH HEEL STRAP PLATFORM STILETTO HEELS SHOES , Man's/Woman's Black High Heel Dress Shoes Quality products low cost Quality and consumer first , Women's Shoes Tommy Hilfiger ABRI Espadrille Wedge Sandal Buckle Strappy Black , Men's/Women's marc by marc jacobs shoes Long-term reputation Year-end sale CharacteristicsChinese Laundry Womens Lychee Open Toe Special Occasion Rose Gold Size 8.5 9LESKECHERS WOMENS GO WALK JOY 15600 SLIP ON SHOESCharlotte Olympia Kitty Black Velvet Pool Sliders Size 39 Slide Slip On Cat , UNDER ARMOUR MICRO G TORCH BASKETBALL SHOES SIZE 15 WHITE/ROYAL BLUEMan/Woman Nike Blazer 09 Various goods Latest styles Lightweight shoesNike Air Force 1 High University Gold Mineral White Sz 9 315121-700 , Converse Chuck Taylor High White Classic "Bad Grandpa" Cast and Crew Exclusive PAdidas Men's UltraBOOST All Terrain LTD shoes Trace Khaki /Clear Brown CG3001 b , Puma Future 18.1 Netfit FG Men's Soccer Cleats Shoes 104488-03 1802CORCORAN 1500 10" Combat Military Parachute Jump Boots Black Leather Men Sz 11.5Nike Womens Flex Contact Run Shoes 908995-002-5EY15 Wht Sz5Skechers Soleus The Truth Womens Running Sneakers Shoes Gray Size 10 , Munro American 'Olympia' Black Sneakers 2688 Size 7.5 Narrow , Salvatore Ferragamo pumps enamel leather dark brown manufacturer size 8C , NIKE W Air Force 1 Ultraforce Mid 864025-600 PARTICLE PINK Size 8.5 , Womens Bearpaw Kana Goat Fur Tall Boots Feather Trim Shearling Sheepskin Lining , NWT Olukai Ka'iulani Ankle Boots Women’s Size 7 Kona Coffee Suede & LeatherWomen's COLE HAAN Brown Leather COWBOY BOOTS 9 B
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    The Leather Collection Leather White Spike The Heel Shoes White Sz 8 8 7926a0a - 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.

    The Leather Collection Leather White Spike The Heel Shoes White Sz 8 8 7926a0a - 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
    The Leather Collection Leather White Spike The Heel Shoes White Sz 8 8 7926a0a
    Heels
    >
    ;