Never miss an update

Betsey Johnson Penny Slides US Dot Pattern Size 3D Flower mogochinese-24778 Appliques Sandals Size US 8.5 a40b78d

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: The shoes are stored in their original Betsey Johnson shoebox but to save on shipping cost, box will not be included. If box is desired, buyer will have to pay extra for shipping. Thank you for your understanding.
Modified Item: No Width: Medium (B, M)
Country/Region of Manufacture: China Color: Black/Multi
Style: Slides Occasion: Casual
Fastening: Slip On Brand: Betsey Johnson
Heel Height: Low (3/4 in. to 1 1/2 in.) Heel Type: flat
Material: Fabric Upper/Manmade Sole
Never miss an update

Betsey Johnson Penny Slides US Dot Pattern Size 3D Flower mogochinese-24778 Appliques Sandals Size US 8.5 a40b78d -

    Betsey Johnson Penny Slides US Dot Pattern Size 3D Flower mogochinese-24778 Appliques Sandals Size US 8.5 a40b78d
    Betsey Johnson Penny Slides US Dot Pattern Size 3D Flower mogochinese-24778 Appliques Sandals Size US 8.5 a40b78d
    Nine West Womens Hadil Synthetic Dress Sandal- Select SZ/Color.Nine West Sandals Heels White Strappy Silver Hardware Womens Size 10 M , BETULA By Birkenstock Rose Women's Size 7 Pink Leather Thong Sandals TB2-101Slipper Sandals Block Heel PointyToe Cut Out Slip On Women Shoes Slingback NewGentleman/Lady Propet Women's Megan Brown Leather Sandals Outstanding features The highest quality material negotiation , Sam Edelman Women's Odele Heeled Sandal, Black Satin, Size 8.5Calvin Klein Women's Cecily Sandals Black Beaded Slide Sandals Size 5.5 $109Gentlemen/Ladies Cudas Women's Tango Blue Canvas Sandals Exquisite (middle) workmanship Price reduction Good quality , Vince Camuto Women Shoe Size 6.5 M White Patent Leather Heline Ballet Flat Heel , TEVA TERRA FI LITE TRUENO BLUE STRAPPY SPORTS SANDALS US 11.5 / /LOUISE ET CIE ADREAN 226573 salmon leather bow tie thong sandals sz. 8Charles by Charles David Women's Brit Platform Wedge Leather Sandal Size 9 M , Alfani Women's Morgin Dress Slide Sandals Blueberry Sandals Size 9 MAGL Womens Nude Wedges Shoes - Lash Platform Wedge Sandal Women Size 7.5 summerVince Camuto Perforated Leather Peep- Toe Sandals Dastana Grey 9.5M NEW A304453Kork Ease The Original Platform Sandals Black Slip On Leather Upper Size 11M , Latigo Halo White Womens ankle strap sandals sz. 6.5 MTouch Ups Women's Stephanie Gold Metallic SandalsAncient Greek Sandals Clio Natural/Gold Leather Size 36 Double-Band SlingbackWomen Vionic Orthaheel Tide II Navy Orthotic Arch Support Flip Flop Sandals NewStrategia Women's NWD Black Leather Wood Platform Wedge Sandal Shoe Size 37 7 , Calvin Klein Joelle Slip-On Square Toe Mules, Black, 6 US / 36 EUNaot Brooke Sandal - Women's Size 5 BlackJosef Seibel women's heels Thong sandal, White, 42 EU , French Connection Nata Ankle Strap Sandals, Multi Color, 11 US / 42 EU , Kelsi Dagger Brooklyn Womens Sandals Size 8M Black Leather Devon New $140Men/Women Franco Sarto Women's Supernova Queensland Stylish and fun buy onlineSteve Madden Stecy Blush Patent Leather Ankle Strap Heels Sz 10 , Womens club sexy cut Out Peep Toe Stiletto High Heels Gladiator Sandals Boots
    Betsey Johnson Penny Slides US Dot Pattern Size 3D Flower mogochinese-24778 Appliques Sandals Size US 8.5 a40b78d ->Betsey Johnson Penny Slides US Dot Pattern Size 3D Flower mogochinese-24778 Appliques Sandals Size US 8.5 a40b78d -
    PAUL GREEN Womens Knee High Boots Size 7 Brown Inside Zipper Austria StitchingNike Air More Money Mens Retro Basketball Shoes Sneakers Pick 1 , adidas Originals Superstar W White Black Multi-Color Women Classci Shoes AC8576 , Mally 5664 Gray Soft Suede / Leather Comfortable Ballet Flats 35 / US 5Brown Prada Suede Loafers Buckle On Vamp 37 US 6.5 Made In ItalyWomens Retro Moccasins Flats Slip On Leather Loafers Mules Shoes Casual Slipper , $298 STUART WEITZMAN SNAKELASTIKON Carni Multi Leather Designer Ballet Flats 8Gentlemen/Ladies Fendi Shoes Women New market cheapest high quality productRock Port Aravon By New Balance Women's Mary Pewter Dress Sandal Size 6 MediumSexy Womens Open Toe High Stiletto Heel Pearl Party Dress Slippers sandals ShoesArturo Chiang Womens Shoe Size 8.5 M Black Leather High Heel SandalRED VALENTINO Leather Knee High Heel Boots Size 38 Made in Italy RRP€749Clarks Women's Raisie Eletta Penny Loafer , NEW BALANCE WR20AJ1 WOMEN'S TEAL/LIME RUNNING SHOES SZ.11Asics GT COOL Extra Butter Sidewinder DEATH LIST 5New Nike Zoom Span 2 Men's Running Training Shoes Black/Red 908990 00618 Nike Air Jordan Future Low Basketball Shoes Green Size 10 718948 302919724-011 Jordan Formula 23 Low Casual Shoes Black/White Sizes 8-12 NIB , New Balance Men's Apres Baseball Shoe - Choose SZ/ColorNike Air Force 1 Ultra Flyknit Low Size 14 Robert Kraft Patriots New England RKK , asics Asics Gel Saga white �~ light gray new rare color from japan (6274NIKE JORDAN SC-3 BG (629877-104) SIZE 12 US (WHITE CEMENT GREY TRUE RED) , ALife Men Everybody High Americas Cup SneakerShoes, Brown, US 13Merrell Men's Agility Peak Flex 2 E-Mesh SneakerAdidas Zx Flux W Wide Women's Shoes Size 6 , adidas Originals Women's EQT Support Adv W, Black/Black/Sub Green 8.5 M USRevere Women's London Adjustable Strap Sandal Gun Metal , Merrell Womens Siren Sport Q2 Mid Waterproof Boots J37446 Slate Black (Brown) 9New NIB Sam Edelman Petty Brocade Ornate Tapestry Ankle Boots 8.5 Bootie Turkish , Bullboxer Womens justice Almond Toe Mid-Calf Fashion Boots Black Size 6.0 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Betsey Johnson Penny Slides US Dot Pattern Size 3D Flower mogochinese-24778 Appliques Sandals Size US 8.5 a40b78d -

    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.

    Betsey Johnson Penny Slides US Dot Pattern Size 3D Flower mogochinese-24778 Appliques Sandals Size US 8.5 a40b78d -

    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.


    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
    Betsey Johnson Penny Slides US Dot Pattern Size 3D Flower mogochinese-24778 Appliques Sandals Size US 8.5 a40b78d