Never miss an update

Burberry(R) SIGNATURE CHECK CANVAS/LEATHER CANVAS SIGNATURE/LEATHER DARK 29991 TAN FLATS SZ NIB 044a415




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: Burberry
Country/Region of Manufacture: Italy Modified Item: No
Style: Ballet Flats US Shoe Size (Women's): 39.5 EU
Width: Medium (B, M) Material: LEATHER & CANVAS
Color: DARK TAN
Never miss an update

Burberry(R) SIGNATURE CHECK CANVAS/LEATHER CANVAS SIGNATURE/LEATHER DARK 29991 TAN FLATS SZ NIB 044a415 - blurrypron.com

    Burberry(R) SIGNATURE CHECK CANVAS/LEATHER CANVAS SIGNATURE/LEATHER DARK 29991 TAN FLATS SZ NIB 044a415
    Burberry(R) SIGNATURE CHECK CANVAS/LEATHER CANVAS SIGNATURE/LEATHER DARK 29991 TAN FLATS SZ NIB 044a415
    SO CUTE! Women's $450 Stubbs and Wootton Velvet "MOOR" Slippers Loafers ShoesNew Prada AUTH Logo Canvas Espadrille Flats Natural Beige Size US 6.5New $670 Marni Sabot Burgundy Red Calf Leather Mules Flats Slides Size 39 / 8.5Manolo Blahnik Flats Gold Metallic Leather Size 39 Keyhole Pointed Toe Shoe , ROGER VIVIER - 6.5 - 36.5 - BLUE BLACK - SUEDE FLATS - BALLET SHOES BELLE DE NUI , NIB Jimmy Choo Whirl Ela Python Snake Cap Toe Classic Ballet Flat Shoe 39.5 $550 , sz 36.5 NEW $475 SAINT LAURENT Suede Leather LEOPARD PRINT Espadrille FLATS 6.5Prada Silver Ballerina Flats Size 39 US 9Man's/Woman's Valentino Rockstud Double Flat Espadrille Innovative design discount retail price , SO CUTE! Women's $450 Stubbs and Wootton Velvet "FLUFFY" Slippers Loafer Shoe , SO CUTE! Women's $450 Stubbs and Wootton Velvet "FLORAL" Slippers Loafers Shoes , COLE HAAN Lunagrand Wingtp II,pink suede, size 8B, new, comfort,sneakers,oxfordsYSL Saint Laurent Paris 10 Patent Ballerina Flats Shoes 36.5 / 6.5New Jimmy Choo Satin Leopard Print Flat, Leopard, 39/9, Retail $595NEW 9 / 39 Jimmy Choo Romy Champagne Pink Glitter Point Toe Ballerina Flat $595Men's/Women's Paul Smith Ballerina Flats Size 38 Various goods Elegant and sturdy packaging Pick up at the boutiqueTODS Gommino Moccasin Leather Loafer in Rose Pink, size 37 SOLD OUT , Marc Jacobs Size US 8 M MJ21089 Black Leather Oxfords New Womens ShoesTory Burch Chelsea Calf Hair Leopard Print Women's Ballerina Flat Sz 7 M 4581NWOB $1195 Brunello Cucinelli Womens 100% Patent Leather Slip-On Loafer SneakersWomens Fendi Monster Face Loafer Slip On Shoe 40 , New $690 MARNI Sabot Calf Leather Mules Slides Flats Loafer Black White Sz 37.5 , Dr Doc Martens Women's Shoes Mary Jane Brown Leather Double Strap MIE USA 9NIB TORY BURCH JESSE QUILTED SNEAKER SIZE 7.5 FRENCH GRAY , Nicholas Kirkwood NWT "Natural" Cream Tweed "Beya" Pointed Mules SZ 37.5TOD'S New sz 39.5 - 9.5 Authentic Designer Womens Flats Loafers Shoes blackBALENCIAGA Anthracite Gray Leather Classic Ballet Flats Regular HW 37 6.5* RARE!new $595 Giuseppe ZANOTTI dark silver GLITTER ballet flats shoes - super cute , Man/Woman Tod's Gommino Leather Print Moccasin selling price Price reduction Acknowledgement feedback
    Burberry(R) SIGNATURE CHECK CANVAS/LEATHER CANVAS SIGNATURE/LEATHER DARK 29991 TAN FLATS SZ NIB 044a415 - blurrypron.com>Burberry(R) SIGNATURE CHECK CANVAS/LEATHER CANVAS SIGNATURE/LEATHER DARK 29991 TAN FLATS SZ NIB 044a415 - blurrypron.com
    Cole Haan Adler Leather Brown Riding Boots 6733 Size 9.5B * , FUR LINED PRADA HALF-BOOT SHOES 3TZ041 NUBE SUEDE NEW US 7.5NEW RACHEL COMEY WOMENS BLACK/NATURAL MARS BOOT , New $695 Stuart Weitzman RACEWAY Black Calf Leather Tall/Riding/Moto Boot sz 8New Beltrami Calandra Womens Shoes Casual Shoes Flat , Earth Currant - Women's Slip-on Comfort Shoe Floral Multi - 7.5 Medium , New DONALD PLINER Black CONNI Perforated Oxfords 6 M $228 NIB connisp sneakerChloe Dark Red Leather "Lauren" Ballet Flats SZ 39 , ZARA BNWT BLACK WRAPAROUND SANDAL SHOE HIGH HEELS UK4 US6,5 EU37 , Vince Camuto Women's Vatena Peep-Toe Leather Dress Pumps SambaNew Lilly Pulitzer Gold Leather Wedge Heels 5.5 , Pleaser Pink Label Womens Tee06w/Bpu Platform Pump 1- Pick SZ/Color.Men/Women Sandal Louise et Cie Adana Sterling superior Optimal price Exquisite processingStuart Weitzman Alexlo Crochet Wedge Espadrille Sandal 9.5Adidas Originals Superstar Mens Shell Toe Leather Trainers Shoes Sneakers Sz 19Sanuk Pick Pocket Denim Sidewalk Surfer - Charcoal - NewNew Men's NIKE DUNK HI Dark Mushroom Brown Black Shoes High 904233-200 Retro , Nike Men's Free SB Skate Shoe SequoiaBlack University Gold 704936-307 SZ11.5 NEWPuma Ignite Limitless Netfit Nightcat - Red - Mens , Jordan Retro 1 Royal Flyknit Size 9.5100% AUTHENTIC Brooks Revel 2 White Grey Black Men Running Shoes 110292 1D 135 , ASICS GEL LYTE III SZ 10.5 APRICOT ICE CLEAR ORANGE EASTER PACK H803L 9595Sneakers baskets GUESS homme neuves pointure 41NEW Men's Nike Roshe Two SE Shoes Sz 9.0 Hasta Ghost Green 859543 300 AnthraciteRoper 09-020-0601-0266BR Mens Slip-On Steel Toe Work Shoes- Choose SZ/Color. , ECCO Men's Jack Slip On Fashion Sneaker - Choose SZ/ColorDr. Martens Jorge II Dark Brown Sandal, - Choose SZ/ColorNike Wmns Presto Fly Thunder Blue-Black Lifestyle Running 910569-402 size 10Nike Air Huarache City Womens Style : Ah6787Vintage Polo Sport Ralph Lauren Running Shoes, RED. P Wing. Women 7 B, Not Yeezy ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Burberry(R) SIGNATURE CHECK CANVAS/LEATHER CANVAS SIGNATURE/LEATHER DARK 29991 TAN FLATS SZ NIB 044a415 - 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.

    Burberry(R) SIGNATURE CHECK CANVAS/LEATHER CANVAS SIGNATURE/LEATHER DARK 29991 TAN FLATS SZ NIB 044a415 - 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
    Burberry(R) SIGNATURE CHECK CANVAS/LEATHER CANVAS SIGNATURE/LEATHER DARK 29991 TAN FLATS SZ NIB 044a415
    Flats
    >
    ;