Never miss an update

INC International mogochinese-29999 8.5 Concepts Platform Women's Anton Platform Pumps Black Suede Size 8.5 M f14ee9c




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: INC International Concepts
Heel Type: Block Style: Pumps, Classics
Heel Height: High (3 in. and Up) US Shoe Size (Women's): 8,.5
Material: Suede Width: Medium (B, M)
Pattern: Solid Color: Black
Country/Region of Manufacture: China Occasion: Dress
UPC: 706256888880
Never miss an update

INC International mogochinese-29999 8.5 Concepts Platform Women's Anton Platform Pumps Black Suede Size 8.5 M f14ee9c - blurrypron.com

    INC International mogochinese-29999 8.5 Concepts Platform Women's Anton Platform Pumps Black Suede Size 8.5 M f14ee9c
    INC International mogochinese-29999 8.5 Concepts Platform Women's Anton Platform Pumps Black Suede Size 8.5 M f14ee9c
    PleaserUSA MOTIF-701BD Womens 7 in Stiletto Heel Bandana Print Platform Slide , Women's Shoe Clarks Calla Lily T Strap Pointy Toe Pumps 32120 Beige Suede *New* , Chic Womens Retro Brogues Mary Jane Gilrs Flower Block Heels Shoes Slip On Pumps , stylish womens leather ankle boots round toe low chunky heel shoes zipper boots , Men/Women STACCATO Shoes 801027 Black 24cm elegant Strong value Comfortable and naturalSchutz Women's Caiolea Pearl Snake Gray Gilberta Pointed Toe Stiletto Dress Pump , Pleaser Delight 609 FW Suede Upper Ankle Strap Fx Wood Platform Shoe 6" , VINCE CAMUTO -PADON BLKQRTZ BLUE LAPIS sandal SIZE 9 , Pleaser SKY-308LG Women's Clear Silver Multi Glitter Platform Ankle Strap Sandal , New Womens Suede Wedge Heels Pointy Toe Pump Shoes Ankle Strap BucklesGentleman/Lady Women's High Heels Strong heat and wear resistance Beautiful Tide shoes list , JCrew Falsetto Printed Leather Pumps Size 7 Fresh Cream Black White Heels , Calvin Klein Women's Verie Mule Loafer Espadrille Leather Jute Us Sz 10 M/EU40.5Stuart Weitzman Shoes Size 9.5 Black Solid Leather Classic Pumps Heels , Nine West womens Black high heel Studs leather pumps shoes size 12 M , Man's/Woman's Dior Black Sandals selling price Selected materials Different styles , Jon Josef Woven Raffia Ashley Heels 8 M Mesh Bow Made in Spain Tan Pump ShoesJESSICA SIMPSON JAYKO FISHNET BOOTIES - SIZE 7.5 - NIBNine West Women's Peacesign Black Leather Dress PumpPLEASER Sexy Womens Single Sole Wedge Ankle Boots KIMBERLY-102 Brown PUWomens Rivet Wedge Heels Pointy Toe Sport Shoes Canvas High Top Sneaker SZ 33-42 , Aldo Womens thylia Closed Toe Ankle Wrap Classic Pumps Black Leather Size 8.0 , Gentlemen/Ladies Donald Pliner Ibby Leather Pump Online Shopping product quality leading the fashionRon White 'Katee' Gold Leopard Patent Leather Pumps sz: US 8-8.5 | EURO 38.5 , Charles By Charles David Black Ruffle peep toe pump heel party shoe stiletto , COLE HAAN Womens Size 8B Wedge Heels Brown Suede Leather Tassels Rubber SolesWomen's Stiletto Candy Color Bowknot Platform Pumps Slip On Patent Leather ShoesPLEASER ADORE-708HMG High Heel Platform Ankle Strap Sandal Opal Mini Glitter , CHAUSSURES SNEAKER SALSA FEMME GRAND RAPIDS TAILLE DISPO 36 à 41
    INC International mogochinese-29999 8.5 Concepts Platform Women's Anton Platform Pumps Black Suede Size 8.5 M f14ee9c - blurrypron.com>INC International mogochinese-29999 8.5 Concepts Platform Women's Anton Platform Pumps Black Suede Size 8.5 M f14ee9c - blurrypron.com
    New Vince Camuto Womens Kaelen Pull On Casual Over The Knee Tall Wedge Boot $219Converse First String Chuck Taylor All Star 70 OX Blue 1970s Blue Men 155449CReebok Boys Royal CL Jog 2L Low-Top Sneakers, White WhiteWhiteSteel, 5Premium Ranger NPS Made in England Petrol Rub Off 8eye Steelcap ns034-x11551petr , NEW MENS PUMA EVOPOWER 1.2 FIRM GROUND MEN'S INDOOR FUTSAL FOOTBALL BOOTS SHOES , Mr/Ms Pleaser AMUSE-26 Year-end special promotions Quality First Breathable shoes , New Lauren Ralph Lauren ASHBY Patent Ballet Slip-On Round Toe Flat ~Black *6995$ NIB VALENTINO RUNWAY spider pump heels Shoes Size 39 US9NIB Christian Louboutin Pijonina 100 Beige Suede Scalloped Peep Toe Heel Pump 37Walking Cradles Women's Anikka Wedge Slingback , New Nike Dart 11 Women Running Shoes Sz. 10 - 724477-100 , Nike Air Jordan Melo M8 Anthracite/Orange Men's Shoes 469786-016 Size 14NIKE FLYKNIT LUNAR 2 RUNNING SHOES Mens SIZE 12 46 620465-801 Orange RoyalNIKE LEBRON XIV LOW SIZE 11.5 MEN'S BASKETBALL SHOES 878636 005 NEW IN BOXNIKE JORDAN 12 XII RETRO MCS BASEBALL CLEATS [854566 010] Sz 13 , Retro Mens Red Colors Rivets Design Fashion Sneakers Women's Sport Leisure ShoesGentlemen/Ladies Shoes Skechers Brown Men 64833-CDB wholesale First quality Modern modeUnder Armour Men's Team Drive 4 Basketball Shoe, - Choose SZ/ColorAIR JORDAN 11 72-10 size 10.5JUSTIN 1944 BROWN LEATHER COWBOY WESTERN BOOTS size 10 D made in USA , Men's Pointy Toe British Mules Slip On Block Heels Slipper Leather Pumps Shoes , Propet Women's Washable Walker Walking Shoe, SR White, 9.5 2E USNike Air Max 90 Ultra 2.0 GS Blue Navy Kid Youth Running Shoe Sneaker 869950-401VANS Authentic Weave DX (Leather) Black Skate Shoes WOMEN'S Size 8NIKE AIR Size 10 599364-059 Vapor Advantage Womens White and Purple Tennis ShoesPUMA WOMAN SPORTS SNEAKER SHOES LEATHER CODE 364108 BASKET HEART NSAllSAINTS WOMENS "KOKO" BOOT NWT SIZE "7" US /(ORIG $418.00) - FOR $109.00! , NEW NIKE AIR MAX 90 PREMIUM DB DOERNBECHER OREGON SHOE 838767-100 WOMEN SIZE 9 , VINCE CAMUTO 'Casha' Perforated Bootie- Size 5.5- TanVintage Shoe Co. Heritage Brands/HH Brown Ankle Leather Boots Women's US 6.5 M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    INC International mogochinese-29999 8.5 Concepts Platform Women's Anton Platform Pumps Black Suede Size 8.5 M f14ee9c - 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.

    INC International mogochinese-29999 8.5 Concepts Platform Women's Anton Platform Pumps Black Suede Size 8.5 M f14ee9c - 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
    INC International mogochinese-29999 8.5 Concepts Platform Women's Anton Platform Pumps Black Suede Size 8.5 M f14ee9c
    Heels
    >
    ;