Never miss an update

Womens Franco Sarto Black 29688 Black Leather Sarto Arya Heels Size 9.5 390b8bf




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
Style: Pumps, Classics
Width: Medium (B, M) Fastening: Zip
Pattern: Solid US Shoe Size (Women's): US 9.5/UK 7.5/EU 40
Color: Black Heel Height: High (3 in. to 4.5 in.)
Brand: Franco Sarto Material: Leather
Heel Type: Slim
Never miss an update

Womens Franco Sarto Black 29688 Black Leather Sarto Arya Heels Size 9.5 390b8bf - blurrypron.com

    Womens Franco Sarto Black 29688 Black Leather Sarto Arya Heels Size 9.5 390b8bf
    Womens Franco Sarto Black 29688 Black Leather Sarto Arya Heels Size 9.5 390b8bf
    Steve Madden Porttt F Floral Multi Pointed Almond Toe Pump Ankle Strap 7.5 M New , Missoni Woven Metallic Fabric Round Toe Pumps Heels 36 / 6 , B. Makowsky Snakeskin Pattern Strappy Sandals Platform Shoes Beige & Black Sz 9Vintage Designer ALAIN TONDOWSKI Luxury Boots Black LeatherSilverNew J Crew Elsie Pumps Glitter Palm Heels Shoes Pink Multi Print Sz 10.5 , Cole Haan Size 7 Snake Kitten Heels New Womens ShoesPleaser DELIGHT-600SK-02 Women's Pink Canvas Neon White Heels Platform SneakersJessica Simpson Women's Clarey, Black, 10 M US , Nine West Women's Florent Pump - Choose SZ/Color , Jeffrey Campbell Platform White Suede Night Walk Havana Last 9 M Handmade 7" , Jimmy Choo Heels Womens 35 Tan Peep Toe 2.5 Inches ItalyWomen’s Crocs Cyprus Iv Leopard Heel With Gold/Black 16140-751 Size 6 , White Sexy Stylish Heels Sandals 36 US6 , J Crew 6.5 Elsie Pumps Heels c1036 NEW $268 Sold Out , 7 B retro 50s style BERNARDO open-toe spring-o-lators slides heels pumps shoes , Mint Stunning Boden Green Navy LILLI MID HEEL Mary Janes Shoes 8 US 39 EUNEW POUR LA VICTOIRE Cork With Blue Leather Trim Platform Pumps Shoes, 8.5Tods Leather Pumps Shoes Size 6.5 , Salvatore Ferragamo Womens Shoes Size 10 White Color Block Leather Pumps HeelsNEW Cole Haan ‘Mariela’ Black Patent Cork Heel Peep-Toe Pump- Size 9.5MRockport Total Motion Suede Kitten Heel Pumps Kalila Black Women's Shoes 6 NewNew with Box Ann Taylor Madelyn Ankle Strap Heels in Golden Sun Size 5.5 , Clarks Keesha Luca - Grey - Womens , Antiqued Green Eject Heels with Button Strap 9 40 , Calvin Klein New Naida Black Womens Shoes Size 8.5 M Heels MSRP $149 , NEW marc fisher shoes 7 brown keeps2 patent leather animal print - size 7Salvatore Ferragamo Womens Shoes Size 7AA Black Mules Leather Pointed Toe HeelsDANSKO VEGAN WOVEN STRIPED CLOTH CLOG SIZE 38Tory Burch Womens Sz 7.5M Black Suede Block Heels ,
    Womens Franco Sarto Black 29688 Black Leather Sarto Arya Heels Size 9.5 390b8bf - blurrypron.com>Womens Franco Sarto Black 29688 Black Leather Sarto Arya Heels Size 9.5 390b8bf - blurrypron.com
    crocs Womens Lodge Point Suede Pull-on Winter Boot- Pick SZ/Color.Burberry Black Rubber Rainboots Medallion embellished size 38Prada Shearling & Leather Lug Sole Booties, Brown Leather, Womens Various SizesMiss Sixty by Grace Court Shoes High Heels Sandals Shoes Shoes Wedge Heel 37 , Amali By Rangoni Elasticized Slip On, Navy, Size 9.5WSPERRY TOP SIDER WOMENS BOAT SHOES A/O QUINN SPICED CORAL SIZE 7Steven By Steve Madden Shoes Size 7.5 Red Textured Leather Classic Pumps Heels , Man's/Woman's Aldo's Velrien US 7.5 Promotion Has a long reputation A balance between toughness and hardness , College Womens Med Wedge Heels Platform Pointy Toes Leather Slingbacks Shoes NewNIB ARMANI CHOCOLATE PATENT LEATHER SCULPTURED HEEL PUMPS 40 10 $525 , NEW JEFFREY CAMPBELL BROWN ADRA BRAIDED SANDALS Shoes WOMEN'S SIZE 8 , Adidas Originals Womens Tubular Defiant Black White Lifestyle Running BB5122 , Big Sean Puma Clyde Limited Edition SZ. 11 , Under Armour Speed Tire Ascent Mid BOA Sz 12 Hiking Shoes 1289139-076 Black Gray , NIKE HYPERDUNK LUNARLON [NWOB]: Burgundy Red and White Athletic Shoes Size 15Parra x Nike Air Max 1 2018 Brand New Size 10 AT3057 100ASICS Men's Gel-Quantum 180 2 Running Shoe - Choose SZ/Color , Takashi Murakami x Vans Vault Slip-On Blue Flower Size 9.5 DS 2015 Collection , Matterhorn 1949 mens 6M Black Leather Steel Toe Gore-Tex 10" jump Boots militaryAUTHENTIC LUXURY PRADA HALF-BOOT SHOES 4T3153 BROWN NEW US 7.5Lacoste Sport Men's Qjetti MAG SPM Leather White/Dark Blue 28SPM0048X96 NewBrand New Sperry Gold Cup Sport Wedge PT Mesh Dress Shoe Black Amaretto sz: 9.5Mkenneth cole new york Men 's pop the cork le slip-on (COGNAC) size 9.MNike LUNAREPIC FLYKNIT OC 844861 999 Womens Running Multi-Color SZ5.5 NO BOX TOP , NIKE Womens 'CK Racer' Blue/Gray/Pink Running Sneakers Sz US-8.5 / EUR-40Garmont Nagevi Vented Women's Hiking Shoe, Steel/Turquoise - Size 7.5 , Puma Fenty x Rihanna Bow Creeper Sandal Pink Tint Women SZ 8REEBOK WOMEN'S YOUR FLEX TRAINETTE CROSS-TRAINING SHOES,MISS-MATCH, SIZE 8 & 8.5 , La Sportiva Womens Synthesis Mid GTX Athletic Trail Hiking Boots Sz US 8.5Clarks Women's Wave Grip Quarter Strap Sandal Black Textile Slingbacks
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Franco Sarto Black 29688 Black Leather Sarto Arya Heels Size 9.5 390b8bf - 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 Franco Sarto Black 29688 Black Leather Sarto Arya Heels Size 9.5 390b8bf - 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 Franco Sarto Black 29688 Black Leather Sarto Arya Heels Size 9.5 390b8bf
    Heels
    >
    ;