Never miss an update

New mogochinese-29998 $178 Free People Platform Platform Heel Luxor New Black Burnished Leather/Suede 38/8 82c6505




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: Free People
Occasion: Casual US Shoe Size (Women's): 8
Material: Suede Color: Black
Width: Medium (B, M) Heel Type: Block
Heel Height: Very High (4.5 in. and Up) Style: Platforms & Wedges
Pattern: Solid UPC: Does not apply
Never miss an update

New mogochinese-29998 $178 Free People Platform Platform Heel Luxor New Black Burnished Leather/Suede 38/8 82c6505 - blurrypron.com

    New mogochinese-29998 $178 Free People Platform Platform Heel Luxor New Black Burnished Leather/Suede 38/8 82c6505
    New mogochinese-29998 $178 Free People Platform Platform Heel Luxor New Black Burnished Leather/Suede 38/8 82c6505
    WALDLAUFER WOMEN'S LOAFER HEEL, COMFORT WALKING SLIP-ON SHOE, WIDE WIDTH , NEW! Pour La Victoire 7 black leather mules, woman, shoes, styleJCrew F8495 Scalloped heels in festive plaid $248 red blue green shoes NIB_7.5NIB A.p.c. apc Charlotte Wedge Sandals 39 RRP $425 , CORDANI Gray Suede Leather Spectator WingTip Pumps NWOB 38 7.5 8 , Hugo Boss BOSS Luxury Staple open-toe pumps in Italian patent leatherRalph Lauren Collection Black Nappa Leather Gemima Bootie New $795Prada 110 Suede Pointy Toe Pump Beige Euro 38 Us 7.5 , Brian Atwood 'Audra' Zebra Striped Sandals 7 NIB , NWOB CASADEI Womens Tan & Black Heels-Size 7B-Made In Italy , JIMMY CHOO YELLOW TAN PLATFORMS SHOES Size 39Fendi Tan Ankle Strap Heel Sandal size 40 , Lanvin Sandal Cork-Platform Braided Leather & Raffia Black/Beige Size 38 , YVES SAINT LAURENT YSL NUDE LEATHER TRIBTOO PLATFORM PUMPS SZ 38½ US 8Pedro Garcia 37.5 Libby Crisscross Slingback Navy Sandals Heels Size 7 WS2Stuart Weitzman Heels 8.5 Gray Brown Snakeskin Printed Pointed Toe Shoes Women’s , NEW DOLCE GABBANA BLACK PATENT LEATHER SLINGBACK STRAPPY SANDALS PUMP 35.5 ITALY , Gentle Souls Womens Noa Star Demi-Wedge Shoe, Black, US 8.5 , 38 US 7.5 NEW MIU MIU Black PATENT LEATHER Strappy PLATFORM Party Cocktail HEELSGIORGIO ARMANI Women's Summer Open Toe Heels Beige Leather, Size 10 () , Sergio Rossi Womens Heels US 11/Brown Patent Leather Point Toe Pumps *1007Women's Shoes Clarks Clarkdale Arlo Suede Leather Ankle Boot 36721 GREY *New* , Womens Flowers T strap Block Heels Rivet Rhinestone Retro Suede Black Shoes sizeCHRISTIAN LOUBOUTIN CATARIBBON CRISS BLACK & WHITE MULES ESPADRILLES WEDGE 39/9 , Prada Shoes Pumps Calzature Donna Vernice 1I699F Women’s Size 39 Colour RoyalStuart Weitzman 45 Nudist Women's Heels Sandals Red Patent Leather Size US 6 M , Prada Black Leather Sequined Mary Jane Pumps SZ 39 , Metallic grey leather Manolo Blahnik d'Orsay pumpsTORY BURCH Etta Embellished Thong Sandal 45MM Block Heels Oil Green $295 ,
    New mogochinese-29998 $178 Free People Platform Platform Heel Luxor New Black Burnished Leather/Suede 38/8 82c6505 - blurrypron.com>New mogochinese-29998 $178 Free People Platform Platform Heel Luxor New Black Burnished Leather/Suede 38/8 82c6505 - blurrypron.com
    Teva Women's Avalina Sandal - Choose SZ/color , EILEEN FISHER BLACK LEATHER & SUEDE ZEST ZIP WEDGE BOOTS BOOTIES 8 , Rockport Women's XCS Britt High Winter Boot Black Leather Waterproof BootsLadies Easy B 'Adelaide' Comfortable Wide Fitting Boots Label ~ K , Think Aida, Women s Wedge Heels Sandals, Black Schwarz 00 , 6 EU , La Differenza Ballerine Moda shoes for Women, Made in Italy, size 39$219 Miss Sixty Shoes Beige Suede Size US 10 IT 40 Save 7579Bcbgirls BCBG Nice Heels Pumps Shoes Black Size 6 , Giuseppe | Tan Leather Heels With Crystals size , RALPH LAUREN COLLECTION IRIS BLACK PATENT PUMP MADE IN ITALYWomens Rhinestones Flats Sequins Bow Knot Slippers Fashion Summer Shoes HOT D836 , White Mountain Womens Ablaze Leather Open Toe Casual Platform, Onyx, Size 6.5NIB $199 Diane von Furstenberg Gladys Leather Wooden Wedge Sandals (US 9.5)Laura Bellariva 1705a Black Leather Platform Slides Sandal 39.5 / US 9.5Vans Men Old Skool Reissue Ca P And D (purple / potent purple) VN0KW7EVP , PUMA BASKET BODE II LIMESTONE GREY WHITE STARS KITH FIEG SZ 7.5-12 * 347387-03 *New Mens 11 Converse One Star Pro Mid Black Leather Shoes $95 157704C , NEW NIKE AIR FORCE 1 '07 MEN'S SUEDE SHOES PALM GREEN WHITE 315122-306New Nike Air Jordan Retro 1 Premium Golf Black SZ 8 AH2114-001 100% Authentic , Nike Lebron XV 15 Four Horsemen Mens 897648-901 Black MultiColor Shoes Size 8.5COMMON PROJECTS ACHILLES LOW BLUE - NEW - to 44 / to 10 / US 8 to 11 , Polo Ralph Lauren Men's Faxon Low-Canvas/Jrsy HTHR Sneaker - Choose SZ/ColorBally Napoli Black Leather Bit Loafers Men's Size 8 M* , WMNS Nike Air Jordan 1 Retro Low NS SZ 7 Partical Beige Red Bronze AO1935-204 , Women Adidas CQ2176 Montreal Running shoes black white gold sneakersGentlemen/Ladies New Balance Women's WW926 Walking Shoe Innovative design Moderate cost Exquisite workmanshipNike Air Max 90 Ultra 2.0 Palm Green/Glacier Blue-Wht-Blck 881106-300 Wmn Sz 9.5 , Skechers BOBS from Womens Bobs Alpine Puddle Jump Cozy Winter- Select SZ/Color.Naughty Monkey Santa Anna Casual Ankle Boots, Taupe Suede, 9 US / 40.5 EU , Mark Nason Roses Brown Leather Zip Fashion Casual Boots Women Size 11 Italian
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New mogochinese-29998 $178 Free People Platform Platform Heel Luxor New Black Burnished Leather/Suede 38/8 82c6505 - 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.

    New mogochinese-29998 $178 Free People Platform Platform Heel Luxor New Black Burnished Leather/Suede 38/8 82c6505 - 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
    New mogochinese-29998 $178 Free People Platform Platform Heel Luxor New Black Burnished Leather/Suede 38/8 82c6505
    Heels
    >
    ;