Never miss an update

Adrianna EU Papell Acacia mogochinese-25109 Rhinestone Strappy Dress 25103 Sandals 155, Shea, 11 US/ 41 EU fba0990




Item specifics

Condition: New without tags :
A brand-new, unused, and unworn item that is not in original retail packaging or may be missing original retail packaging materials (such as the original box or bag). The original tags may not be attached.See all condition definitions- opens in a new window or tab
Seller Notes: Display shoe. , minor wear on soles.The images shown are of the actual shoes for sale.
Brand: Adrianna Papell Material: Leather
US Shoe Size (Women's): 11 Heel Height: High (3 to 4 1/4)
Colour: Gold Pattern: Solid
MPN: Acacia Width: Medium (B, M)
Style: Strappy UPC: Does not apply
Never miss an update

Adrianna EU Papell Acacia mogochinese-25109 Rhinestone Strappy Dress 25103 Sandals 155, Shea, 11 US/ 41 EU fba0990 - blurrypron.com

    Adrianna EU Papell Acacia mogochinese-25109 Rhinestone Strappy Dress 25103 Sandals 155, Shea, 11 US/ 41 EU fba0990
    Adrianna EU Papell Acacia mogochinese-25109 Rhinestone Strappy Dress 25103 Sandals 155, Shea, 11 US/ 41 EU fba0990
    Jessica Simpson Bassie Platform Sandals 971, Totally Taupe, 11 US / 41 EU , Ivanka Trump Emalyn Ankle Strap Dress Sandals 209, Medium Pink Patent, 9 USIvanka Trump Emalyn Ankle Strap Dress Sandals 119, Medium Pink Patent, 8 US , FRYE Carla Criss Cross Slide Sandals 112, Red, 8.5 USVince Camuto Shetana Ankle Strap Sandals 692, Bright Silver, 6.5 US / 36.5 EU , Calvin Klein Breannie Platform Dress Sandals 297, Black/Soft White, 9 US / 39 EUAlice & Olivia Gala 97 Dress Sandals White/Pale Gold 8.5US/ 38.5EU Display , Born Thea Wedge Wedge Mule Slide Sandals 070, Tan, 7 US , Pour La Victoire Pandora Ankle Strap Strappy Sandals, Black, 8.5 US Display , gentle souls by Kenneth Cole Jasper Sandals, Medium Brown, 6.5 US / 37 EU , Donald J Pliner Gwen Strappy Sandals, Bone/Natural , Pour La Victoire Pandora Ankle Strap Strappy Sandals, Black, 7.5 US DisplayGuess Peri Tie Up Ankle Strap Heeled Sandals 692, platino, 9 US , Via Spiga Kendall Platform Wedge Strappy Sandals, Black, 10 US / 40 EU DisplaySTEVEN Steve Madden Voomme Dress Sandals 070, Black Suede, 8.5 USClarks Deloria Ivy Block Heel Side Zipper Sandals 385, Black Leather, 9.5 US / , Nina Neely Slingback Strappy Dress Sandals 185, Silver Glitter, 8 US , STEVEN Steve Madden Voomme Dress Sandals 426, Pink Suede, 8 USDonald J Pliner Joli Perforated Wedge Sandals, Platino, 6 USFrench Connection Lia T-Strap Dress Sandals, Smmr White/Coffe Bean, 6US DisplayVince Camuto Onia Platform Strappy Sandals, Black Suede, 8.5 US Display , Calvin Klein Hennie Slingback Sandals, Black, 7 US / 37 EU , June by June Ambrose 408269 Jeweld Slide Sandals, Black Print, 8 W USBadgley Mischka Cabina Wedge Dress Sandals F25 Silver Metallic 7US Display , Guess Parris Platform Ankle Strap Sandals 132, Dark Natural, 8 US / 38 EUNina Neely Slingback Strappy Dress Sandals 672, Silver Glitter, 9.5 US / 41 EU , Steve Madden Vienna Ankle Strap Dress Sandals, Gold, 7.5 US Display , Via Spiga Cairo Block Heel Ankle Strap Sandals 075, Black, 7 US , Marc Fisher Creeks 2 Platform Sandals 964, Medium Natural, 7.5 US
    Adrianna EU Papell Acacia mogochinese-25109 Rhinestone Strappy Dress 25103 Sandals 155, Shea, 11 US/ 41 EU fba0990 - blurrypron.com>Adrianna EU Papell Acacia mogochinese-25109 Rhinestone Strappy Dress 25103 Sandals 155, Shea, 11 US/ 41 EU fba0990 - blurrypron.com
    SAUCONY ORIGINALS CHAUSSURE JAZZ - GREYBLKYEL - 11 46 (720026532469) , Clarks Ladies Ayla Low D-Fit Black Slip On Shoes (R1A)(Jen)Nine West Women's Queddy Suede Over The Knee Boot , Womens Leisure Leather Shoes Buckle Breathable Ethnic Flats Round Toes Fashion , ECCO Womens Shape Pointy Tassel Ballerina Pointed Toe Flat 37- Pick SZ/Color.Ladies Leather/velvet Vogue Slippers Embrodiery Flats Mules Oxfords Summer ShoesNEW Womens Very Platform Shoes Leather Pumps Cocktail Party High Heels Plus SizeMarc Fisher Melissa Platform Pumps Sexy HighHeels Womens Shoes,Natural Lthr,7.5M , Gentlemen/Ladies Scene by shoedazzle Bora rhinestone-embellished platform Many styles a wide range of products Brand feastBX778 OLGA RUBINI shoes black patent leather women pumps , ADORE-708MF 7" CLASSIC MARABOU FEATHER UPPER - POLE DANCE ANKLE STRAP PLATFORMVictor & Rolf New Silver Leather Black Platform Sandals Size UK3/ EU36/ US6 , Gentleman/Lady Johnathan Kayne Women's Suntan Not so expensive Good market Elegant and solemnADIDAS ORIGINALS SUPERSTAR SHOES WOMEN'S SIZE 9.5 NEW YEAR OF THE ROOSTERElegant Women's Platforms High Heels Buckle Leather Fashion Sandals Casual Shoes , HAFLINGER Grizzly Franzi 40/L 9 New! medium blueCape Clogs Women's Pink Phlox Pink ClogsNIKE NIKE COURT BOROUGH LOW BLACK BLACK BLACK 838937 001 MENS US SIZESNEW NEW SUPRA VAIDER OCEAN WHITE SURF BMX SNOW SKATEBOARD SPORTS SHOES 11 , Nike Air Jordan I 1 Trek Khaki/Varsity Maize-Baroque Brown 616344-205 SZ 10.5 , Adidas Pro Shell Mens BY4384 White Scarlet Red Leather Strap Shoes Size 8 , Air Jordan XX3 23 1/09/2008 WHITE/STEALTH-BLACK-MTLLC GOLD 318376 102 2018 , Propet Men's Troy Ankle BootRockport Men's Get Your Kicks Mudguard Chukka Chukka Boot, Dark Brown, 11.5 M USNEW ZARA LEATHER SNEAKERS SHOES SPLIT SUEDE PLATFORM PLIMSOLLS SZ 6.5 Black $69 , Nike Womens KOTH ULTRA MID TRAIL TO STREET 806976 283 Authentic SZ US W 8 , Nike Womens Air Max Jewel Running Trainers 896194 Sneakers Shoes 001Kirkland Womens Shearling Buckle Boot 7768761 Black Size 8 New in Box #B512 , Women's Ivanka Trump Onna Black Leather/Suede Knee High Boots Shoes Size 5 M NEW , Matisse Womens scout Suede Almond Toe Over Knee Fashion Midnight Size 8.0 Q9nQ
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Adrianna EU Papell Acacia mogochinese-25109 Rhinestone Strappy Dress 25103 Sandals 155, Shea, 11 US/ 41 EU fba0990 - 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.

    Adrianna EU Papell Acacia mogochinese-25109 Rhinestone Strappy Dress 25103 Sandals 155, Shea, 11 US/ 41 EU fba0990 - 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
    Adrianna EU Papell Acacia mogochinese-25109 Rhinestone Strappy Dress 25103 Sandals 155, Shea, 11 US/ 41 EU fba0990
    Sandals
    >
    ;