Never miss an update

TOD'S LIGHTWEIGHT BLACK WHITE OXFORD LEATHER BROGUE TOD'S PLATFORM 7 OXFORD SIZE 37/US 7 $745 67cae05




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: Excellent condition
Color: Black Width: Medium (B, M)
Material: Leather Fastening: Lace Up
Brand: Tod's US Shoe Size (Women's): 7
Pattern: Multi-Colored Country/Region of Manufacture: Italy
Style: Oxfords Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Look: Brogues UPC: Does not apply
Never miss an update

TOD'S LIGHTWEIGHT BLACK WHITE OXFORD LEATHER BROGUE TOD'S PLATFORM 7 OXFORD SIZE 37/US 7 $745 67cae05 - blurrypron.com

    TOD'S LIGHTWEIGHT BLACK WHITE OXFORD LEATHER BROGUE TOD'S PLATFORM 7 OXFORD SIZE 37/US 7 $745 67cae05
    TOD'S LIGHTWEIGHT BLACK WHITE OXFORD LEATHER BROGUE TOD'S PLATFORM 7 OXFORD SIZE 37/US 7 $745 67cae05
    NIB Tod's Gommini Penny Loafer Flats Blush Tan Leather Low Heel Driver 37.5/7.5 , NIB Prada Radzimir Espadrille Striped Logo Bow 39.5 9.5 Flats Brown Cap toe AUTH , NIB Prada Red Orange pointy toe espadrille 9.5 39.5 Suede Flats Slip-on ItalyFAMOUS GIUSEPPE ZANOTTI SHOES FAMOUS CRYSTAL SKULL FLATS SUEDE LEATHER 40.5 10 , Conni 168a Beige Leather Loafers Slip-On Platform Shoes 38 / US 8NWB Joshua Sanders Italy Pompom Sneakers EU36ROBERT CLERGERIE Womens Beige Weaved Slip On Platform Shoes Sz 36.5Tod’s Womens Shoes Brown Size 6; European 36Christian Louboutin black Suede & Gold Metallic 36.5 flats loafer Paris 6.5 , NIB Salvatore Ferragamo ENA Logo Ballet Flat Shoe Bon Bon PINK Leather 35.5 -5.5 , C-353180 New Salvatore Ferragamo Filea Sneakers Shoes Size US 9.5 BNIB Tod's Women's Metallic Ombre Peach Dee Fibbietta Ballerina Ballet Shoes 36 6Burberry Avonwick Women's Heritage Gold Flat Shoes 1017 Size US 10 , Womens TODS kittie fringes tan leather loafers shoes sz. 36 NEW! $545 , Man/Woman Authentic Prada Loafers sz 39.5 High security Fast delivery The first batch of customers' comprehensive specificationsSalvatore Ferragamo Womens 7.5 Black Leather Gold metal Driving Loafers Drivers , New In Box Salvatore Ferragamo 'Varina' Metallic Silver Flats Size 5.5 $525.00Tory Burch Carissa Jeweled-Bow Smoking Flats Conceria Belle BlueNew Miu Miu Shoes Flats Beige Women's Size 39.5 Vernice Ballet Calzature LeatherFrances Valentine Sz 7 Greta Silver Metallic Tassel Loafer Flat Womens New $465Nicholas Kirkwood NIB Aqua Blue Suede Pointed Toe Alona Loafers SZ 36.5 , 100% AUTH NIB $485 AQUAZZURA PALM BEACH WOVEN POMPOM RAFIA ESPADRILLE 39 1/2 , Ralph Lauren Vtg Collection Womens Ostrich Tassel Slip On Loafer Sz 8AANew MANOLO BLAHNIK Pink Suede Patent Leather Peep Toe Ballet FLATS SHOES 38 , ANYI LU Womens Black Patent Leather Pointy Toe Flats Sz 37 NEW! , Derek Lam 10 Crosby Dana Loafers, Burgundy, Size 7M , Men's/Women's Dee Reminder Ballerina Fine workmanship Medium cost Official websiteMiu Miu Belted Ankle Wrap Leather Mule , CUTE! Women's $450 Stubbs and Wootton Velvet "FLEUR DE LIS" Slippers Loafer Shoe ,
    TOD'S LIGHTWEIGHT BLACK WHITE OXFORD LEATHER BROGUE TOD'S PLATFORM 7 OXFORD SIZE 37/US 7 $745 67cae05 - blurrypron.com>TOD'S LIGHTWEIGHT BLACK WHITE OXFORD LEATHER BROGUE TOD'S PLATFORM 7 OXFORD SIZE 37/US 7 $745 67cae05 - blurrypron.com
    Dansko Women's Hartley Nubuck Booties Black Sizes 36- 41 , Vic Matié women's low heels midcalf boots in black Leather Size US 6.5 - ½ , CABOOTS Black Bullhide Leather Cowboy Boots Size Ladies 7.5C$1,200.00 CESARE PACIOTTI PYTHON BOOTS SHOES SUEDE HEELS WOMENS SHOESSkechers Women's On The Go City 2 - Vibrant BootGentlemen/Ladies Pleaser Pink Label FABULOUS-3035 durable Orders are welcome Maintenance capability , Ladies Caterpillar Mid Calf Leather Boots Label - Anna P304182 , Dr. Brinkmann Womens 700920 Mules Black Size 6.5Dark Red PAUL GREEN Leather Loafers Shoes w/ Bungee Closure Sz. 9 Austria , SANDALES FREE LANCE NOIR Taille F 40 I 39 US 8 TTTBE , Franco Sarto Women's Sukie Ballet Flat, Midnight Blue, Size 8.5Womens Snake Skin Pattern Stiletto Pumps Pointy Toe Sexy Formal Dress Shoes SizeGiuseppe Zanotti Size 37 Python platform heelsAir Jordan III 3 Force cement IV 4Merrell Waterpro Maipo Men's - Black J80053NIKE AIR PENNY II 1 max 3 foamposite Mens Black Cyber 535600 003 new sz 10.5 -11Men's Nike Air Max 90/1 OG White University Red Shoes -Size 7.5 -AJ7695 100 -NewConcepts X New Balance 575 Independent Day US 10New Balance Men's 215v1 Sneaker - Choose SZ/colorSuperga Shoes Unisex Sneakers Sports Fashion Comfortable Green 77806 Outlet BDXKenneth Cole New York Men's Kam Sneaker,, Black Fabric, Size 8.5Nike Air Max 1 Ultra SE Woman ( black ) Wmns US 9 (no box cover ) Retail: 120$ , NEW SKECHERS WOMENS FLEX APPEAL 2.0 ESTATES COMFORTABLE MEMORY FOAM SHOES , CLASSIC WALKER HUSH PUPPIES Casual Walking Comfortable Soft Leather Black Shoes , Dansko Women's Holland Sneaker in Black Suede - size US 11 - was $110 , NIKE Womens Nike Roshe One Same As 844994-001 511882-096 Black Size 5.5 , Lucky Brand Jakeela Women's Suede Cut-Out Almond Toe Ankle Bootie BootNIKE AIR MAX 90 ULTRA PLUSH ,,ATOMIC PINK' 844886 600 Wmn Sz 7 Limit Edition , Corral Distressed Olive Multi Colored Inlay Leather Cowgirl Boots Size 7.5M! Nine West Vengeance Womens Black Leather Heel Over The Knee Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    TOD'S LIGHTWEIGHT BLACK WHITE OXFORD LEATHER BROGUE TOD'S PLATFORM 7 OXFORD SIZE 37/US 7 $745 67cae05 - 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.

    TOD'S LIGHTWEIGHT BLACK WHITE OXFORD LEATHER BROGUE TOD'S PLATFORM 7 OXFORD SIZE 37/US 7 $745 67cae05 - 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
    TOD'S LIGHTWEIGHT BLACK WHITE OXFORD LEATHER BROGUE TOD'S PLATFORM 7 OXFORD SIZE 37/US 7 $745 67cae05
    Flats
    >
    ;