Never miss an update

Womens High Black Stilettos High Heel Knee High 29992 Boots Knee Pointed Toe Clubwear Shoes Sexy 75a6f30




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: Unbranded
Occasion: Casual Style: Work Boots
Boot Shaft Height: Knee-High Width: Medium (B, M)
Calf Width: Medium Heel Type: Stiletto
Toe Type: Pointed Toe Heel Height: High (3 in. and Up)
Country/Region of Manufacture: China Material: Leather
Never miss an update

Womens High Black Stilettos High Heel Knee High 29992 Boots Knee Pointed Toe Clubwear Shoes Sexy 75a6f30 - blurrypron.com

    Womens High Black Stilettos High Heel Knee High 29992 Boots Knee Pointed Toe Clubwear Shoes Sexy 75a6f30
    Womens High Black Stilettos High Heel Knee High 29992 Boots Knee Pointed Toe Clubwear Shoes Sexy 75a6f30
    Winter Sexy Womens Pointed Toe Stilettos Ankle Fur Trim Pumps High Heels boots , Women Retro Pointed Toe Wing Tip Brogue Ankle Boots Chelsea new Boots Black US 7Punk Sexy Women's Platform Ankle Boots Fur Trim Casual Nightclub Shoes US4.5-8.5 , Womens Pointy Toe Back Zip Transparent Ankle Rain Boots Block Heel Casual Shoes , Ladies Boots Cherry Warm Black or Taupe Zip Up Ankle Boot Heel 6-10 Comfy ShoeHinge 'Tracker' Wedge Bootie Black Leather Womens Size 8 MTS shoes TAKING SHAPE sz 37/ 6 Jennifer Ankle Boots red nappa leather NIB rp$200Fashion Womens Platform Winter Boots Solid Solid Round Toe Shoes Increase BootsBX342 FRANCESCO MILANO shoes black leather women ankle boots , Womens Block Mid Heel Knee High Riding Boots Buckle Zipper PU Leather Shoes sizeWomens Rhinestone Ankle Boots Casual Fur Lined Pull On Casual Fashion ShoesWomen Pointy Toe Zip Low Cuban Heel Ankle Boot Shoe Fashion Party Leather Casualsexy womens pointy toe chain stilettos super high heel clubwear ankle boots shoeWinter Women's Square Toe Block Heel Ankel Boots Back Zip Metal decor Plus , New Arrivals Fashion Womens Short Punk Boots Hot Casual Round Toe Buckle ShoesWomen's Ankle Boots Block Cuban Heel Side Zip Leather Pointy Toe Plaid Strappy , GALANI Leather Boots sz 10 / 42 sexy knee-high tan riding-style quality NIB $299Fashion Women's Ankle Boots Low Block Heel Rhinestone Round Toe Pull On CasualWomens Sexy Platform Super High Heel Stilettos Buckle Mid Calf boots Shoes Plus , BX800 OLGA RUBINI shoes green leather women ankle bootsWomens Lolita Chunky Mid Heel Mid-calf Boots Csual Shoes Bowknot Zipper SweetBX362 FRANCESCO MILANO shoes black leather studs women ankle boots , Womens stylish ankle short Leather Boots low heel Buckle pull on Casual shoes US , Womens Lady Stretchy High Ridding Punk Shoes Low Heel Over The Knee Thigh BootsLadies Boots Inniu Lolan Black or Taupe Knee High Boot Elastic Back Size 6-1010CM Over Knee Stiletto High Heel Knight Thigh Boots Side Zipper Shoes US9 Jd_ukWomens Chinese Ethnic embroidered Block heels Ankle Boots Side Zipper Shoes PumpWomens Fur Trim Pearl Decor Slip on Loafers Flats Casual Shoes Ankle Boots Size2018 Women Mid Calf Boots RoundToe British Pu Leather Zip motorcycle Shoes hot ,
    Womens High Black Stilettos High Heel Knee High 29992 Boots Knee Pointed Toe Clubwear Shoes Sexy 75a6f30 - blurrypron.com>Womens High Black Stilettos High Heel Knee High 29992 Boots Knee Pointed Toe Clubwear Shoes Sexy 75a6f30 - blurrypron.com
    Aquatalia Fur Trim Cuff-Grey Suede- Size-US 8- $525-(BBB1)Nike Tanjun Black White Sportswear Men Running Shoes NSW Sneakers 812654-011Clarks Mens Formal UN GENERAL Mahogany Lea EXTRA SOFT / US 12 GThe north face Women's hedgehog shoes Mid Hiking shoes , Ana Lublin Shoes Woman Boots High Heel Dark Fashion Black 73383 Cool BDX , Birkenstock Textile GIZEH Velvet Flower Black BNIB 1011414 , Tory Burch Black Patent Quilted Shoes Size 10.5womens sexy silver stilettos high heel pumps shoes party wedding bride shoes newAlexander McQueen L6.5 R7 Metal-Tipped Pointed-Toe Slingback shoe MISMATCH AUCTIMANOLO BLAHNIK Sandal ANIMAL Print STINGRAY JEWELED Ankle Strap Open Toe 37 7Chinese Laundry Womens Lychee Open Toe Special Occasion T-Strap Wine Size 8.0 , Men's New Balance Sz 9 Shoe Classic Leather Running Black ML530BEX Sneakers , Used Air Jordan xxxi 31 Black/ Game Royal/ White Men's Size 12 , PUMA Suede Classic Men's Steel Gray/White 35263466 , Adidas Originals Iniki Runner Boost Collegiate Green Running White Gum BY9726 , NIKE Nike Air Jordan 9 Retro mop Melo 26.5cm from japan (4819 , Mens Fashion Suede Leather Loafers Casual Moccasin Slip On Driving Shoes SolidALLSAINTS Men's White Crescent Low Top- Chalk Dirty Shoes Destroyed EU44/10 29cmNew Rockport Windward 7 M mahogany (4327) , Nike Huarache Drift GS Black Anthracite Kids Women Running Shoes 943344-001NIKE Womens Nike Air Max Sequent 3 908993-101 WHITE Womens Size 6.5NIKE AIR HUARACHE RUN PRM WOMAN SIZE 6.5 GREY GUM NEW RARE ULTRA LIGHTWEIGHTNaot Women's Forward Mary Jane , Evercreatures Ladies Green Rain Boots Ankle-high Wellington boots UK BrandWomen Ladies Pointy Toe Stiletto Knee High Boots Leather High Heel ZsellWomens Stilettos High Heel Patent Leather Nightclub Knee High Boots Sexy Shoes , Dr. Martens Serena Fur Lined 8 Eye Ankle Boots Size 9Women's Ankle Boots Shoes Pointed Toe Buckle Strap Hollow Out High Stiletto Heel , Gia Mia Dancewear Women's Chic Combat Boot Black 7 Medium US , The FLEXX Women's Dipartment Ankle Bootie, Ebony/Bronzo Suede/Saturno, 7.5 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens High Black Stilettos High Heel Knee High 29992 Boots Knee Pointed Toe Clubwear Shoes Sexy 75a6f30 - 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.

    Womens High Black Stilettos High Heel Knee High 29992 Boots Knee Pointed Toe Clubwear Shoes Sexy 75a6f30 - 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
    Womens High Black Stilettos High Heel Knee High 29992 Boots Knee Pointed Toe Clubwear Shoes Sexy 75a6f30
    Boots
    >
    ;