Never miss an update

Prada Toe Black Leather Pointed Toe mogochinese-29908 Pumps, Women’s Pumps, Shoe Size US 7/ cabff5a

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Very good condition, good soles. If you have any questions or would like additional photos please feel free to ask.
Modified Item: No Pattern: Solid
Country/Region of Manufacture: Italy EUR Shoe Size (Women's): EUR 37
Style: Pumps, Classics Color: Black
Fastening: Slip On Occasion: Casual
US Shoe Size (Women's): 7 Brand: PRADA
Material: Leather Heel Type: Kitten
UK Shoe Size (Women's): UK 4 UPC: Does Not Apply
Never miss an update

Prada Toe Black Leather Pointed Toe mogochinese-29908 Pumps, Women’s Pumps, Shoe Size US 7/ cabff5a -

    Prada Toe Black Leather Pointed Toe mogochinese-29908 Pumps, Women’s Pumps, Shoe Size US 7/ cabff5a
    Prada Toe Black Leather Pointed Toe mogochinese-29908 Pumps, Women’s Pumps, Shoe Size US 7/ cabff5a
    Penultimate MANOLO BLAHNIK Black/Ivory Python Skin Mules w/Carved Wood Medallion , NIB - WERNER KERN 'BROOKE 6.5' Women's Ballroom SHOES Black / Red - 5Versace 19.69 312113 CAMOSCIO COBALTO Décolleté Shoes Women's Blue US20cm Genuine Leather Extreme Diva Exposed Platform Cobalt Blue Pump High Heel , Cole Haan Women's Suede Chelsea Low Flared Heel Pink Raspberry 1075 Sz 7.5 BJimmy Choo Classic Point Toe Pumps 38/8 Black Cutout Formal Heels , Jimmy Choo Sandals Black Strappy Leather Metal Studs Heels 401/2 US10.5Missoni Multi-Color Canvas Slip On High Slim Heel Peep ToePRADA - Rose Champagne Ombre Fish Scale Sequin Open Toe High Heel Pumps 5 35Salvatore Ferragamo ribbon pumps suede pink gold , Female Male Pleaser Rhinestone Platform 6" Heel Striper Dancer Exotic Wear 5-12POUR La VICTOIRE Black + Gold Foil FONDA Patient + Kid Suede Pumps Size 6.5 MBCBG MAXAZRIA CHARLOTTE LEATHER SALNDALS COLOR NATURAL SIZE 5.5RALPH LAUREN COLLECTION PURPLE LABEL BENITA BURNISHED BROWN LEATHER HEELS SZ 4 , Jcrew Malta midheel sandals - Size 7 - Brand NEW!!Men's/Women's Christian Dior Gray Leather Heels NWOT Easy to clean surface Impeccable Diversified new design , NEW TORY BURCH Livia Genuine Snakeskin Wedge Sandal Size 10 M Brown Roccia Heels , Brown PRADA Satin Mary Janes Size 8 (38 IT)Gentlemen/Ladies white high heel shoes ANDREW GN Louis, elaborate Sufficient supply best sellerCoclico Women's High Wedge Heels Sandals Shoes Shoes 39.5 9.5 Retail $450 , RALPH LAUREN COLLECTION NIB WOMEN’S 5” LEATHER HIGH HEEL OPEN TOE SANDAL S:9-BWomen's Mid heel Suede Italian Designer Shoes 12265 By Barachini , MANOLO BLAHNIK Silver Metallic Leather Pointy Toe Heels Slingback Sz 41 B4064 , Prada Casual Crocodile Print Leather Women's Shoes Size 39Valentino Black Patent Leather Bow Detail Peep Toe Espadrilles Size 9 , Clarks 26135992 Women's Frida Loafer Aubergine Patent Coated Leather Loafers , Lady Couture Women's Salsa Platform Rhinestone High Heels Blue Size , GIUSEPPE ZANOTTI Sandal Satin Cutout Strappy Crystal Silver T-Strap Shoe Sz 40 , TOD'S Brown Suede-Decollete-Block Heel Pumps 8.5/38.5 (3699) Hand Made in Italy ,
    Prada Toe Black Leather Pointed Toe mogochinese-29908 Pumps, Women’s Pumps, Shoe Size US 7/ cabff5a ->Prada Toe Black Leather Pointed Toe mogochinese-29908 Pumps, Women’s Pumps, Shoe Size US 7/ cabff5a -
    SAINT LAURENT JANIS PYTHON BLACK NOIR ANKLE BOOTS _SOLD OUT SIZE 36+BOX , Evercreatures Women's Colourful Rain Boots Gumboots Wellington boots , New Superga Alexa Chung 2279 Alpina Patent Lea Low Top Shoes In Oxblood WomensNEW BALANCE CHAUSSURE 274 KNIT - GREY - 8 (739655528545)KENNETH COLE REACTION Women's Shoes Size 8 M Open Toe Leather Loafers , Fly london Mol 2 Red Leather Womens Knee Hi Boots , Marc Fisher Womens Shayna Leather Almond Toe Knee High Fashion Boots , Birkenstock Footprints Womens Brown Leather Eur 42 , Hispanitas Hispanitas Pointed Toe Pump 75957 Uma , CHLOE 'Lauren' Leather Scalloped Ballet Flat in Red Size: 41Dansko XP Comfort Shoes Size 39 Women’s Patent Leather Black Clogs Slip On EUCWalter Steiger Pumps - Size 9 BEmu Australia Shana Women's Cow Leather Sandal (Fossil Brown) , Mr/Ms KISS-209LG Various styles Cheaper than the price Seasonal promotionBlue by Betsey Johnson Women's Sb-Gina Dress Sandal - Choose SZ/Color , Nike CB 34 Barkley Men's Shoe Size 11.5 NEW 316940-100 White , Reebok x Cam’Ron Ventilator Supreme Purple Haze Size 9.5 Fleebok Hazalite Camron , Men/Women Men's Vibram Sole Waterproof Hiking Boot Every item described is available high quality buy online , TONY LAMA OSTRICH Quill & BLACK LEATHER DRESS COWBOY BOOTS #E1484 MEN'S 11.5AAriat Men's Steel Toe Sierra Saddle Western Work Boot - Redwood/BlueMens Rockport DresSport 2 Lite Wingtip Oxfords Burgundy Leather [BX2568] , Lacoste Mens Court-Minimal Sport 416 1 SPM Fashion Sneaker, Light Grey, 10.5 M UG.H. Bass & Co. Men's Warrick Slip-on Loafer - Choose SZ/ColorAllen Edmonds Oxford Dress Shoes Mens Size 8 E Wide , Nike W Air Max BW Ultra LOTC QS "London" Linen Black 847076-200 Women's Size 7NIB Tory Burch Amalia Low-Top Sneakers Shoes Pansy Bouquet FLORAL 7 M , Altra Womens Lone Peak Mid Neoshell 3.0 Shoes A2653MID-1 Brown/Light Blue 9Women’s Size 6M HIGH NOON/Penny Kenny Leather Upper Rodeo Red Cowboy Boots NWOBMINNETONKA TRIPLE LAYER FRINGED MID CALF SUEDE LEATHER MOCCASIN BOOTS SIZE 7.5 BALEGRIA LEATHER SIDE ZIP ANKLE BOOTS ZOEY WALNUT SIZE 39 FITS 8 1/2 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Prada Toe Black Leather Pointed Toe mogochinese-29908 Pumps, Women’s Pumps, Shoe Size US 7/ cabff5a -

    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.

    Prada Toe Black Leather Pointed Toe mogochinese-29908 Pumps, Women’s Pumps, Shoe Size US 7/ cabff5a -

    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
    Prada Toe Black Leather Pointed Toe mogochinese-29908 Pumps, Women’s Pumps, Shoe Size US 7/ cabff5a