Never miss an update

*BNIB* VERSACE - Marylin Monroe guptauniver-14838 Print Over VERSACE The 38 Knee Boots - 38 e53614d




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
Model: Marylin
Width: Medium (B, M) Modified Item: No
Pattern: Print Country/Region of Manufacture: Italy
EUR Shoe Size (Women's): EUR 38 Style: Over the knee
Color: Multi-Color Boot Shaft Height: Over-the-Knee
Occasion: Party Calf Width: Medium
Brand: Versace US Shoe Size (Women's): US 7.5
Toe Type: Pointed Toe Heel Height: High (3 in. and Up)
Heel Type: Stiletto Material: Canvas
Never miss an update

*BNIB* VERSACE - Marylin Monroe guptauniver-14838 Print Over VERSACE The 38 Knee Boots - 38 e53614d - blurrypron.com

    *BNIB* VERSACE - Marylin Monroe guptauniver-14838 Print Over VERSACE The 38 Knee Boots - 38 e53614d
    *BNIB* VERSACE - Marylin Monroe guptauniver-14838 Print Over VERSACE The 38 Knee Boots - 38 e53614d
    Bottes Vintage 1982 "Bordeaux" - LYDIA Italie --- T. 39Women's Shoes Church'S Black Rois Calf Stefy Boot Fall Winter 2019YEEZY SEASON 4 by Kanye West WOMEN BAT STRETCH CANVAS THIGH HIGH BOOTS KW3005058Stuart Weitzman Womens Overcoat Boot in Mongolian Lambswool Multi Mongolian LambBalenciaga Ladies Black & Gold Leather Ankle Boot 477162 New in BoxRODARTE Snakeskin Embossed Leather Booties SIZE 40Hermes Short Boots Zip Smooth Calf Etain Lady's Italy Authentic 4638209 , GIUSEPPE ZANOTTI Black Suede "Yvette" Wedge Boot with Chain Detail Size 37 , Isabel Marant Black Leather Knee Boots UK3 IT36 FR37 Auth NewGiuseppe Zanotti kitten heel knee high boots in black Leather Size US 9 - , Gentleman/Lady Lezilla winter boots from sheepskin durability New design Don't worry when shopping , Manolo Blahnik Velvet new Boots Swarovski crystal size 41Women's Boots Shoes LA MARTINA L7106928 Palmellato Nero Leather Black Made Italy54162 auth ALEXANDER MCQUEEN black leather CUT-OUT Boots Shoes 39.5YSL boots rrp $1779 k. Sz 38Alaia Embroidered suede ankle boots Size 36.5 new in boxVetements Light Blue elastic Boots with Lighter Heel Size US 9 - , Prada Boots Brown Knee High Classic (size US 9.5)Christian Louboutin Purple Suede Belfeconica Flame Ankle Booties UK5 EU38 US7.5 , BN ALEXANDER WANG 'kirby leather ankle boots' black smooth silver high heels 37 , *** BALENCIAGA - Talon Mirrored Silver Leather Ankle Boots 38Vetements Black Leather ‘Lighter’ Boots Size 36Authentic Gianmarco Lorenzi New Leather Italian Designer Boots Sizes 9,10Dolce&Gabbana women's italian fashion ankle boots in black calf leather , Lucchese Bootmaker Womens N4554-54 Chocolate Burnished Mad Dog Goat Cowboy Boots , Gianvito Rossi Nappa Leather Stiletto Over The Knee Thigh Boots EU38.5/39 $1,760 , BNIB RARE GUIDI LEATHER DISTRESSED HIKING BROWN BOOTS CALF FUR LINING sz 37EUPRADA WOMAN WINTER HIGH KNEE BOOT LEATHER CODE 1WP044AUTHENTIC CHRISTIAN LOUBOUTIN BACK ZIP POINTED TOE LONG BOOTS GRADE A USED -AT
    *BNIB* VERSACE - Marylin Monroe guptauniver-14838 Print Over VERSACE The 38 Knee Boots - 38 e53614d - blurrypron.com>*BNIB* VERSACE - Marylin Monroe guptauniver-14838 Print Over VERSACE The 38 Knee Boots - 38 e53614d - blurrypron.com
    DKNY Sloane Ankle Strap Bootie Black Women's 9 M US / EURO 40 - MSRP $285 , MANITOBAH FOR J CREW Winter Boots SUEDE MUKLUKS Moccasins Black | SZ 7Juicy Couture Slipper Boot 8 Pink Knit Holiday Winter Slouchy Rhinestone Crystal , ANNA SUI BOOTS BLACK CAT FOOT 23cm US 6in M Rare Japan F/S UK4.5in , Christian Louboutin Daf Daffodile Booty 160 Suede Platform Boots 38.5adidas Originals Tubular Shadow Sneakers Green size US 10.5 Brand New RRP $180 , New Nike Solarsoft Moccasin Mens Casual/Sports Shoes , MORI MADE ITALY ANKLE HEELS BOOTS STIEFEL STIVALI SHOES PONY LEATHER ZEBRA 42 , AUTH Prada Women Patent Leather Smoking Slipper Flat Loafer Shoes 37.5NEW!! Kelly & Katie Nadia Blue, White Sandals 3" Heels Size 8M US 38M EURWomens Wing Tip Platform Block Heel Lolita Bowknot Mary Jane Shoes Sweet Lolita , Gentleman/Lady SKY-302 Reliable quality a wide range of products Diversified new design , Sancho Boots, neuve, modèle mixte, pointure 37 , NIB Stuart Weitzman 100 Square Nudist Pink Fuchsia Satin Sandals Heels Shoes 7 MA753 Nike SB Koston Hypervulc 844447-318 Skate Shoes Size 8.5 NewNike Hyperdunk 2016 Men’s High Basketball Shoes Orange White 844368 881 Size 14 , BORN Women's Post Pe - BORN Women's Post Pennywise , Nike Lunar Force 1 Duckboot Dark Obsidian Navy Blue Size 8 New 805899 4002004 Nike Air Jordan II 2 Retro Low WHITE BLACK RED CHICAGO BULLS 309837-101 9Rocky Men's Rkk0178 Construction Boot - Choose SZ/ColorConverse Jack Purcell Signature Ox White Low Top 147564C Men’s 10 / Womens 11.5 , Adidas Cloudfoam Men's white advantage sneakers sz. 10 (42.5 )Man's/Woman's Bostonian Men's Nantasket Step Loafer fashion special promotion Pick up at the boutiqueHigh-end Men Real Leather Pointy Toe Metal Buckle Formal casual Shoes Oxford , Stacy Adams Men's Desmond Cap Toe Monk Strap Shoes Black 25162-001$127 Ahnu Womens Yoga Flex Cross Trainer Shoes, Snow Melt, US 7.5VANS WOMAN CASUAL SNEAKER SHOES CODE AUTHENTIC ZUKFQ0 - ZUKFPZ - ZUKFPY , PUMA Women's Suede Classic Wn Sneaker Puma Black-pearl 8 B(M) US , Valentino Rockstud Sneakers Size 37.5 / 7 NWTSam Edelman Campbell Floral Jacquard Block Heel Bootie Womens Size 9
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    *BNIB* VERSACE - Marylin Monroe guptauniver-14838 Print Over VERSACE The 38 Knee Boots - 38 e53614d - 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.

    *BNIB* VERSACE - Marylin Monroe guptauniver-14838 Print Over VERSACE The 38 Knee Boots - 38 e53614d - 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
    *BNIB* VERSACE - Marylin Monroe guptauniver-14838 Print Over VERSACE The 38 Knee Boots - 38 e53614d
    Boots
    >
    ;