Never miss an update

Black Open Toe T-Bar High 26968 and Heels Robust with Half Platform and Robust Heel by Andrea f3bba54




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
Country/Region of Manufacture: Mexico
Pattern: Solid Style: T-Strap
Color: Black Fastening: Buckle
Occasion: Formal Heel Height: Very High (4.5 in. and Up)
Brand: Andrea Material: Synthetic
Heel Type: Robust Width: Normal
Never miss an update

Black Open Toe T-Bar High 26968 and Heels Robust with Half Platform and Robust Heel by Andrea f3bba54 - blurrypron.com

    Black Open Toe T-Bar High 26968 and Heels Robust with Half Platform and Robust Heel by Andrea f3bba54
    Black Open Toe T-Bar High 26968 and Heels Robust with Half Platform and Robust Heel by Andrea f3bba54
    Steve Madden Desii BROWN Leather Platform High Chunk Heel Pumps Shoes Womens 7MWomen's Shoes BCBG BCBGeneration CARLEEN Platform Wedge Pumps Heels Black SuedePLEASERS Trucker Girl Cut Out Platform Exotic Dancer Slide MOON-701TG Baby PinkAQUATALIA Russell Bromiley Textured Wedge Heels 7.5 Black , Womens satin high metal heel stilettos sandals Pointed toe shoes pumps sexy 2018 , Pleaser SEDUCE-420V/B Womens Seduce-420V/B Pump- Choose SZ/Color.Salvatore Ferragamo High Heels 8 A Narrow Shoes Brown Suede Leather Block Pumps , BNIB Tony Bianco Laurel Womens Red Suede Gold Heels Sandal Shoes Size 8.5 , Nine West WANDERLUST SUEDE Womens Wanderlust Suede Dress SandalRed Kiss Brand Women's Size 8.5 Peep Toe Gold Plated Heel Less Wedges , LANVIN PARIS ETE 2010 WOMEN'S OPEN TOE BOHO CHIC SANDAL HEEL SHOES SIZE 9 fh , IRON FIST HEAD HUNTER ZOMBIE GOTHIC SEXY SKULL PLATFORM HEELS PUNK GOTH SHOES , Fashion Hollow Out Women's Pumps Shoes Pointed Toe Slip On Mid Heel Elegant NewDemonia POISON 02 03 04 Women's 5" Wedge PlatformGentlemen/Ladies Mystique From Beautifeel Size 37 Fine workmanship Stylish and charming At an affordable priceMan's/Woman's vintage salvatore ferragamo shoes Size 10 Various styles Orders are welcome Current shape , CLAUDIA CIUTI Blue Snake Print Leather Sandals Made In Italy Size 8 M , NIB Giani Bernini Benette Open Toe Heels Slingback Heel Chianti Burgundy sz. 6.5 , Circa Joan David Comfort CJDUKE lthr Pointed Toe Sling Back Kitten Heel Pump 6M , +Seychelles One Kiss High Heels - Women's Size 9, Black LeatherBadgley Mischka Women's Thelma Crystal Dress Sandal, Silver Size 6 NewVionic With Orthaheel Womens Antonia Mid Wedge Pump Shoes, Brown, US 9.5Fabulicious CLEARLY-415 425 436 Ankle Strap SandalFabulicious LIP-101 LIP-101-2 Platform Slide 5" HeelsFranco Sarto Womens Wedge Heels 8.5 Black Radio Open Toe Platform ShoesEasy Spirit Women's Travelport26 Mule Grey Suede Size 6.0 , DEMONIA Pumps Studs Spikes Chains Lightning Bolt Heels VOLTAGE-08 Black , Badgley Mischka Sloan Espadrille Wedge Sandal - Women's Size 7.5 Ivory DAMAGED , WONDERFUL NEW 7 N STUART WEITZMAN BLACK FABRIC CUBAN HEEL PUMP WOMENS SHOE ,
    Black Open Toe T-Bar High 26968 and Heels Robust with Half Platform and Robust Heel by Andrea f3bba54 - blurrypron.com>Black Open Toe T-Bar High 26968 and Heels Robust with Half Platform and Robust Heel by Andrea f3bba54 - blurrypron.com
    Gentlemen/Ladies Dee Corsa Ankle Boot Practical and economical Comfortable touch professional designTORY BURCH LAILA 45 BLACK SUEDE BOW GOLD REVA ZIP OVER THE KNEE BOOTS 9.5 $598 , Made in Italia Shoes Men sneakers Blue 71136 BDX DealNew Nike Nik Air Max 95 Platinum 12 , Men's/Women's Boot Roberto Festa Economical and practical Attractive fashion Caramel, gentleWomens Sexy Over Knee High Boots Tassels Slim Low Block Heel Shoes Warm Dress SzVersace 19.69 B1387ECO CAM FUXIA LAM PLATINO Sandals Women's Fuchsia AUJ CREW Peep Toe POLKA DOT High Heels Taffeta Flower Pink Salmon Women Shoes Sz 8GIANMARCO LORENZI Womens Black Leather Cage Ankle-Boot High-Heel 8.5-38.5CHRISTIAN DIOR Black Leather Designer Evening Bow Pointed Pump , Nine West Women's Fields Leather Dress Sandal Natural 9 M US , J CREW COLETTE SUEDE D'ORSAY PUMPS HEELS BLACK SIZE 6 $258 E0795 ITALY , NEW CHRISTIAN LOUBOUTIN Talitha 160 Platform Pump Heel CL Jamie Highness Shoe 40Donald Pliner Couture Women's KIRA Sandals Smooth Black Leather Size 9.5 m , Sexy Womens Over Knee Boots Stretchy Open toe Sandals high heel stilettos shoesMan/Woman adidas D Rose 3 Home Chicago. Online Shopping delicate Superb craftsmanshipNike Air Max 1 x Wasafu Nomad LHM Los Primeros AH7740-100 Red/White Men's Size 7Nike Flyknit Trainer+ Sz. 10 Multi Color 532984 014New Men's Adidas Consortium NMD Racer Juice - DB1777 - Size 10.5 - Core Black , $230 OVATTO Brown Blue Calf Suede Leather Ankle Boots Men Shoes NEW COLLECTIONFulinken Two tone Slip on Loafers Men Shoes Oxford Shoes causal shoes2018 autumn men's shoes new outdoor large size sports casual shoesNWOB Nike Air Max AirMax Women's Size 7.5 Black Yellow Running Shoes 942838-400New Balance Women's 300 Lifestyle Fashion Sneaker - Choose SZ/Color , Nike Air Zoom Strong Training Shoes. Size 9.adidas NMD R2 CQ2008 Women's Shoes Core Black/Noble Indigo/Running White sz 7-9 , New VANS Womens Checkerboard DENIM Authentic SF Ultra Crush US W 5.5 - 8.5 TAKSEWomen's Nike Air Max 1 Ultra Moire Running Shoes, 704995 100 Sizes 5.5-7 White/BVIVIENNE WESTWOOD ANGLOMANIA BOW FELICE BLACK LEATHER ANKLE BOOT PUMP 35 BNIBNEW WOMENS EASTLAND MACKENZIE 1955 WINTER BOOTS SIZE 11 RETAIL $175
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Black Open Toe T-Bar High 26968 and Heels Robust with Half Platform and Robust Heel by Andrea f3bba54 - 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.

    Black Open Toe T-Bar High 26968 and Heels Robust with Half Platform and Robust Heel by Andrea f3bba54 - 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
    Black Open Toe T-Bar High 26968 and Heels Robust with Half Platform and Robust Heel by Andrea f3bba54
    Heels
    >
    ;