Never miss an update

Carolinna Espinosa Dynasti Pointed Toe Ankle mogochinese-21406 Boots 21404 143, Black, Black, 9 US e94348b




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Display Shoe. Light scuffs in material of both shoes. The images shown are of the actual shoes for sale.
Brand: Carolinna Espinosa Pattern: Solid
Style: Booties Occasion: Casual
MPN: Dynasti US Shoe Size (Women's): US 9
Width: Medium (B, M) Boot Shaft Height: Ankle
Color: Black Calf Width: Medium
Heel Type: Stiletto Toe Type: Pointed Toe
Heel Height: High (3 in. and Up) Shade: Black
Material: Suede UPC: 840234146132
Never miss an update

Carolinna Espinosa Dynasti Pointed Toe Ankle mogochinese-21406 Boots 21404 143, Black, Black, 9 US e94348b - blurrypron.com

    Carolinna Espinosa Dynasti Pointed Toe Ankle mogochinese-21406 Boots 21404 143, Black, Black, 9 US e94348b
    Carolinna Espinosa Dynasti Pointed Toe Ankle mogochinese-21406 Boots 21404 143, Black, Black, 9 US e94348b
    Hunter Original New in box sz 7 Tall Gloss Rain Boots Graphite GrayFlex & Go Mia Womens Comfort Flat Suede Ankle Boots Made In PortugalNEW Anthropologie Jeffrey Campbell muted pink Suede Ruffle Zipper Ankle Boot 6Men/Women Isabel Marant Suede Ankle Boots New product Latest styles Fair priceFlex & Go Womens Comfortable Leather Ankle Boots Made In Portugal , Joe’s Jeans Knotted Cutout Stacked Heel Black Ankle Boot Booties Sz 8.5Designer HUNTER Womens Green Tall Wellies Rain Boots Everyday Size 8 39 , New Frye Phillip Riding Black Leather Boots Extended Calf Size 6 B $398MEPHISTO GOWING GO WING BLACK SUEDE BOOTIES WOMENS SHOES SIZE /US 86 Layer Rhinestone Fringe Platform Open Toe Knee High Boots Adult Women GoldCOLUMBIA BUGABOOT PLUS III XTM OMNI-HEAT Winter Boots Women's 8NIB $398 Cole Haan Briarcliff Extended Calf Boot 9.5 WIDECarvela Tall Boots Size 41 Kurt Geiger Wonderful Black Suede Wedge Heel , Madden Girl Women's Kloo Engineer Boot Black Paris 7.5 M USLaredo Western Ellery Womens Rust Stkman Western Cowboy BootChloe Suede Knit-trim Wedge Ankle Bootie, Boots, Size 40Steve Madden Size 8.5 WOODMEER Burgundy Leather Ankle Boots New Womens Shoes , Ahnu Women's Sugar Peak Insulated Waterproof Hiking Boot Black 7 M US , FRYE CARAMEL LEATHER WESTERN COW GIRL BOOTS IN SIZE 9B , NEW DANSKO WOMEN'S MICHELLE ZIPPER ANKLE BOOTS TAUPE NUBUCK 38 8 MEDIUM $180 , STUART WEITZMAN Skyline Gray Suede Black Back Platform Heel Knee Boots 10 MBEARPAW Women's Emma Fashion Boot, Chocolate ii, 12 Medium USEasy Spirit Women's Niah Knee High Boot Black Suede Knee High Boots , GRINDERS HARNESS LO -XX UNISEX LEATHER COWBOY BOOTSVal Verde Camino Brown Leather Western Boots Fashion Womens Size 7 , Vintage RARE Women's Leather CHANDLERS Western COWBOY BOOTS Burgundy Red 8.5 B , Demonia Women's 5 1/2 Inch Metal Plates Knee Boot (Black;9) , Laredo Women's Kadi Tan Distressed 8.5 M USFRYE Renee Seam Short Ankle Boots 714, Fatigue, 6.5 US
    Carolinna Espinosa Dynasti Pointed Toe Ankle mogochinese-21406 Boots 21404 143, Black, Black, 9 US e94348b - blurrypron.com>Carolinna Espinosa Dynasti Pointed Toe Ankle mogochinese-21406 Boots 21404 143, Black, Black, 9 US e94348b - blurrypron.com
    Aerosoles Women's Ever After Riding Boot, Brown, 7.5 M USTAMARIS Bordeaux Leather/Nubuck Ankle Boots w/Decorative Ankle Straps Sz 41/US11Shoes Castellanos leather Black Bordeaux Brown XXL Size 47 48 49BAILOUR Men's Formal And Casual Brown Shoes Luxury Double Monk Handmade , Ladies Padders Dual Fitting Ankle Boots Tina -W , Ladies Fly London Pump Luxor Mid Heel Slip on Smart Wedge Ballet Shoes All SizesWomens Material Girl Mystic Beige Flats 8 M , Men/Women Dansko Black Leather Clogs - 35 wholesale At a lower price Preferential pricePLEASER Sexy Blacklight UV Neon White Platform 7" Stripper Dancer Heels Shoes , Nike SB Clutch trainers shoes 729825 101 eu 45.5 us 11.5 NEW+BOXNike Air Force 1 White / Game Royal-Turf Orange Knicks 488298 142 Size: 10 , Puma Tsugi Shinsei Black Men Walking Shoes 11.5New Balance 574 Woven Green/Blue ML574GB Men's SZ 8Fila Sports Men's BUBBLES Shoes New Blue/Gold 1bm00036-127 bMens Under Armour TB Micro G Juke Basketball Shoe - 1231688-016 , Air Jordan 1 Retro High OG "Gatorade" Men's Shoes NEW! Sz 11Nike Air Max 97 Mens Running Trainers 921826 Sneakers Shoes 400 , Skechers for Work Mens Cottonwood Goddard Slip On- Pick SZ/Color.Rockport Men's Barnaby Lane Brown Penny Loafer 7 Medium , MENS VINTAGE WEYENBERG MASSAGIC BLACK LEATHER OXFORD DRESS SHOES SZ 12 B 12BFlorsheim Navigator Wingtip Oxford Mens Shoes Burgundy Nubuck Comfort 14204-601NEW SANTONI Leather Shoes Dress Size Eu 42.5 Us 9.5 (Z 426) , PUMA SOLEIL WHITE/SEAFOAM GREEN BEACH GLASS SEA FOAM MEMORY FOAM US WOMEN SIZESCalvin Klein Womens Ruthie Fashion Sneaker Shoes- Pick SZ/Color. , New Balance Women's Vazee Prism Running Shoe Pink/Navy 6.5 B USLowa Klondike GTX Mid Lady Gore Tex Hiking Boots Size 9 Hike Trail Mountain , 1809 adidas Originals Flashback Women's Training Running Shoes BB5323Gentlemen/Ladies Khaki 'Major' Ankle Boots High quality and low overhead Lush design a lot of varietiesH By Hudson Womens Horrigan Ankle Boot Jet Black Washed Leather Size 37 US , Baske California $255 Ariel Peep Toe Bootie Tan Leather Sz 8.5 - NEW
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Carolinna Espinosa Dynasti Pointed Toe Ankle mogochinese-21406 Boots 21404 143, Black, Black, 9 US e94348b - 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.

    Carolinna Espinosa Dynasti Pointed Toe Ankle mogochinese-21406 Boots 21404 143, Black, Black, 9 US e94348b - 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
    Carolinna Espinosa Dynasti Pointed Toe Ankle mogochinese-21406 Boots 21404 143, Black, Black, 9 US e94348b
    Boots
    >
    ;