Never miss an update

CHRISTIAN LOUBOUTIN Heels Brown Large Net Peep Toe Heels Size Size Brown 40 Retail $850 ce76064




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: In Gently Condition! Signs of wear some loss of colour and minor scuff marks and marks. Shoes come with original dust bag. Please ask questions before buying.
Style: Slingbacks Width: Medium (B, M)
Toe Style: Peep Toes EUR Shoe Size (Women's): EUR 40
Exact Heel Height: 4.5 Color: Brown
US Shoe Size (Women's): US 9 Occasion: Evening & Party
Heel Height: Very High Heel (4 1/2 in or More) Brand: Christian Louboutin
Material: Suede Heel Type: Slim
UPC: Does not apply
Never miss an update

CHRISTIAN LOUBOUTIN Heels Brown Large Net Peep Toe Heels Size Size Brown 40 Retail $850 ce76064 - blurrypron.com

    CHRISTIAN LOUBOUTIN Heels Brown Large Net Peep Toe Heels Size Size Brown 40 Retail $850 ce76064
    CHRISTIAN LOUBOUTIN Heels Brown Large Net Peep Toe Heels Size Size Brown 40 Retail $850 ce76064
    Cole Haan Chelsea Double Platform Pump - Women's Size 9B - Gold SequinNIB ASH Thelma Fuschia Canvas Wedge Buckle/Zip Fashion Sneakers 38M , Stuart Weitzman 7 Heel Sandal Black Suede Mink Fur Bunny Love in Smoke and NeroNIB VALENTINO TAUPE SATIN RUCHED STRAPPY SLINGBACK PLATFORM SANDALS PUMPS 40 , New in Box Women Stuart Weitzman The Onfire Sandals, Black, Size 9.5MANOLO BLAHNIK black snakeskin closed back sandal size 37.5 us 7.5 , Charlotte Olympia Open Toe Leather Pumps Sz 37 1/2 EU / 7.5 US $850 NWOB , Giuseppe Zanotti Multicolor Block Wedge Sandals - Size 38 - 8 USPleaser 7" ankle rhinestone fringe dancer bootsGIANMARCO LORENZI black metal cuff sandals Swarovski crystal pump shoes 37.5 NEW , Authentic TORY BURCH Layce sandal pumps Sz 7.5 NIBANN TAYLOR - Lina Cobalt Blue Calf Hair Platform Wedge Sz 7 & Matching Belt Sml , New Bed Stu Leather distressed Occam heeled Sandals Black Lux Boho Chic 6.5 - 10Gentlemen/Ladies Jimmy Choo Designer Stiletto Sandals for you to choose Modern and stylish fashion Explosive good goodsWomens STUART WEITZMAN black patent leather pumps / platforms sz. 9 M , Proenza Schouler Gladiator Sandals Size 38 LeatherMARNI! SUPER CUTE MARY JANE PUMP IN MENSWEAR CHOCOLATE TWEED! NEW! SZ 40-9.5 , NIB Orange Label Italian Missoni Ankle Wrap Espadrille Wedge Sandals - EU39 US9Robert Clergerie Women's 1170 Dixo Black Leather Mules Clogs Size 8.5Jil Sander Black Leather High Heel Platform Shoes Size 40 9.5- 10 *PRISTINE $695Stuart Weitzman Bestow black satin shoes 7.5 worn indoors once , NIB MARC BY MARC JACOBS RASPBERRY PATENT LEATHER BOW MARY JANE PUMPS 39 ITALYWomen's shoes sandals leather pumps model LUCINE Us size 3.5 to 12 , Donald J Pliner Black Suede Camy Round Block Heel Shoe 8 NewNIB Salvatore Ferragamo Darly Rosso 6 Fabric Heels size 9 , Puma x Fenty by Rihanna Slingback Heel Green - Womens - Size 8.5 B$720.00 DOLCE & GABBANA MADE IN ITALY Platfforms Sandals Size US 6,5/ Italy 36Stella McCartney 300175 Multi-Color Open Toe Silk Platform 9 39 NIB $710 , PRADA Red Patent Leather tall Heel Strappy Buckle Strap Sandal Women 39
    CHRISTIAN LOUBOUTIN Heels Brown Large Net Peep Toe Heels Size Size Brown 40 Retail $850 ce76064 - blurrypron.com>CHRISTIAN LOUBOUTIN Heels Brown Large Net Peep Toe Heels Size Size Brown 40 Retail $850 ce76064 - blurrypron.com
    La Redoute Collections Mens Chah 16 Benfil Leather Ankle BootsNike Air Jordan 1 Rebel XX Top 3 AT4151-001 , I35 Taytee Block Heel Dress Ankle Boots 772, Snake Tan, 6 US , adidas Originals Stan Smith W White Black Splatter Women Classic Shoes BZ0408 , Skechers Burst 2.0 Sunny Side Black White Women Sports Shoes Sneakers 12659-BKWTommy Hilfiger Women's Narcee Ballet Flat - Choose SZ/ColorWomens Country Road Leather Back Zip Knee Heigh Flat Boots Black Size AU 5French Sole FS/NY Women's Yafa Moccasin, Cognac, 7 Medium US , Klogs MARISA Women's Leather Clogs Display Model White 8.5 W , FRYE Lisa Leather T-Strap Heels Shoes Brown 10M , Athena Alexander Aerin Platform Wedge Sandals, Women's Size 8M, Blush , Banfi Zambrelli Leather Double Buckle Platform Sandal size 9MNIKE LUNAREPIC LOW FLYKNIT 2 RUNNING SHOES WOMEN 8 863780-405 GLACIER BLUE54799 auth VALENTINO burgundy leather ROCKSTUD Flat Sandals Shoes 37.5FIRE FLY Men's ALL ROUNDER White Blue Sports Cricket Shoes Rubber Sole Fast ShipNWOB Men's Adidas Campus Mens AQ7970 Burgundy Suede Size 12.5 12 1/2 striped , 921669-002 Men's Nike Tanjun Racer Dark Grey/Black/White Sizes 8-12 New in Box , New Five Ten by Adidas Men's District Clips MTB SPD Shoes - Black - Size 12NEW 917753 201 MEN'S NIKE SF AF1 MID SHOES !! NEUTRAL OLIVE/CARGO KHAKIShoes Lotto Leggenda Autograph S8814 Mens Sneaker White Blue Avi Vintage Fashion , Adidas CLOUDFOAM REVIVAL MID Mens Sneaker AW3950Allen Edmonds McAllister 14 A Men's Wingtip Oxford Dress Shoes Cordovan Brown , Geox U721PA00022C4002 MensBrattley 2 Fashion Sneaker 12 US- Choose SZ/Color. , Men's/Women's ECCO Men's Johannesburg Perforated Slip-On Loafer Many styles Cheaper than the price Don't worry when shoppingVersace 19.69 6376-2 VITELLO GRIGIO Classic Shoes Men's Dark Grey USNew British Men Suit Dress Formal Party Leather Shoes Wedding Business Groomsman , NEW ECCO Agua Sport Women Water Different Sizes HEMI Shoes L/10-10.5 R/11-11.5 , Teva Women's Terra-Float Travel Mary Jane Black Hook and Loop , Stella McCartney Sneak-Elyse Leather Platform Sneakers Size 37.5/ 7.5 *2018 *Harley-Davidson Women's Insignia Boot Black Size 5.5 M NEW
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    CHRISTIAN LOUBOUTIN Heels Brown Large Net Peep Toe Heels Size Size Brown 40 Retail $850 ce76064 - 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.

    CHRISTIAN LOUBOUTIN Heels Brown Large Net Peep Toe Heels Size Size Brown 40 Retail $850 ce76064 - 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
    CHRISTIAN LOUBOUTIN Heels Brown Large Net Peep Toe Heels Size Size Brown 40 Retail $850 ce76064
    Heels
    >
    ;