Never miss an update

Stuart High Weitzman Black Leather Heels Women's 5186 Size 8.5 M Stuart Buckle Accent 4" High 9f7f76f

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: Excellent condition with mild wear as pictured.
Heel Type: Slim Width: Medium (B, M)
Color: Black US Shoe Size (Women's): 8.5
Brand: Stuart Weitzman Heel Height: High (3 in. to 4.5 in.)
Material: Leather Occasion: Formal
Style: Pumps, Classics Fastening: Buckle
UPC: Does not apply
Never miss an update

Stuart High Weitzman Black Leather Heels Women's 5186 Size 8.5 M Stuart Buckle Accent 4" High 9f7f76f -

    Stuart High Weitzman Black Leather Heels Women's 5186 Size 8.5 M Stuart Buckle Accent 4" High 9f7f76f
    Stuart High Weitzman Black Leather Heels Women's 5186 Size 8.5 M Stuart Buckle Accent 4" High 9f7f76f
    Stuart Weitzman Grey Suede Marymid Chunky Mid Heel PumpsBADGLEY MISCHKA Womens Platform Wedge Heels Black 9.5M Mark & James Leather , New Frye Alexa wedge leather bronze womens's shoes size 8.5 , FABIO RUSCONI Shoes 359402 Red 36Etienne Aigner Creme Heels size 7 1/2 M all leather top VINTAGEWomen Luxury Rivet Sequins Multi Strappy Super High Heel Punk Pump Sandals Size , Men/Women Badgley Mischka Women's Hendricks Heeled Sandal Year-end special promotions Lush design cheaperJuicy Couture FERNANDA Coral Wedge Sandals 7030 Size 10 M NEW!Andre Assous Navy Ankle Strap Espadrille Platform Wedges Size 6.5ECCO CITY NEVADA 227860 dark brown leather classic pumps heels sz. 37 , Man/Woman River Island Peep Toe Boots selling price Win highly appreciated comfortableJessica Simpson Women's Natural Bainer Pumps Sz 8.5M 1975Arnaldo Toscani Shoes Women Pumps & Heels Brown 87547 BDT TRENDY , FABIO RUSCONI Shoes 090294 BlackxMulticolor 37 , Donald J Pliner Feigel Womens Taupe Leopard Patent Leather Peep Toe Heels , GORGEOUS $198 BROWN BCBG MAX ARIA SANDALS (NWOB)FABIO RUSCONI Shoes 664807 BluexMulticolor 36 , Badgley Mischka Womem's Size 6 Black Ryder Open Toe Heel Shoes , Men's/Women's Pippi Shoes 564947 Red 37 Comfortable feeling High-quality materials Known for its excellent quality , BALLY Brown Leather Classic Bow Low Heel Pump Rare Made In Switzerland Sz 5.5B , Runway Sexy Women Super Platform Ankle Strap Block Heel Party Nightclub ShoesStuart Weitzman Women's Principal Black Suede Pumps , CORDANI orange leather wedge heel ITALY SZ 38 , Man/Woman Pippi Shoes 804993 Red 37 online sale In short supply Full range of specificationsVince Camuto Women's Talise Dress Pump, Dusty Rose, Size 8.5Chic Women Pointy Toe Bee Rivet Low Heel Wedding Party Casual Pump ShoesArnaldo Toscani Shoes Women Sandals Brown 87481 BDT TRENDY , Betsey Johnson Wish Evening Pump Metallic Women Sz 8.5 B 4889 , Man's/Woman's Pippi Shoes 805013 Beige 37 Reputation first Wholesale trade Seasonal promotion
    Stuart High Weitzman Black Leather Heels Women's 5186 Size 8.5 M Stuart Buckle Accent 4>Stuart High Weitzman Black Leather Heels Women's 5186 Size 8.5 M Stuart Buckle Accent 4
    Muck Boots Company Women's REIGN TALL, BLACK-GUNMETAL, Neoprene RubberNIB Tory Burch Women's Sofia Tall Riding Boots BLACKVersus Versace Medusa Print Details Hi-tops Black Canvas Women's S 7.5Paul Parkman Men's Wingtip Oxford Goodyear Welted Blue & Brown (IDBLU57)New Django & Juliette Nifty Womens Shoes Casual Sandals Sandals FlatJana Womens 8-8-23611-21 Low-Top Sneakers Black 001, 8 UKClarks Blanche Flats-Women's size 11 M BlackHotter Comfort Concept Women's Navy Blue Perforated Rosette Loafer Size 10NIB Balenciaga "Veau Papier" Rose Anglais Leather Studded Ballerinas IT39 /(US8)Bottes Pointues SCHUTZ Cuir et Poils Marron Hauts Talons T 39 TBEAUTH ESCADA WHITE HEELS SHOES PUMPS 9B MADE IN ITALYSexy Womens Peep Toe High Heel Stiletto Hollow Sandals Rivet Shoes Plus Size NewPUMA Men's SKY HI II FG FOIL Shoes Puma White/Silver 362830-01 a , CONVERSE CHUCK TAYLOR BREAKPOINT OX SZ 8 SUEDE LIGHT SURPLUS 155783C , Mens CONVERSE CTAS II HI Black Volt G Textile HI Top Trainers 151086C , Nike Air Trainer Classic White New Green Deep Royal Blue 2012 Men’s Size 10.5Mens ADIDAS ZX FLUX Nylon HI-VIZ Red Blue Synthetic Trainers AQ4533 SIZE 10.5 , NEW ADIDAS SUPERSTAR 80s Animal Oddity Shoes MENS SZ 11 Blanch Blue/White S75004Nike SF Air Force 1 Midnight Navy Blue Gum AF1 SZ 9 ( 864024-400 )Northside Men's Tundra Snow Winter Boots Dk Brown , NEW Wolverine Men's Felix Waterproof! Duck Winter Boot - 11.5 Forest Green Black , ROCKPORT NORTHFIELD PLAIN TOE MENS BOOT V75787 , OMRA.Z Shoes Eco-Friendly FLAX Casual Fashion Sneakers NATURAL Colors 10/11/12Roxy Women's Rizzo Ii Fashion Sneaker - Choose SZ/Color , Womens Shoes Platform Wedges Fashion Sneakers Leather Sport Ankle Boots Casuals , Gentlemen/Ladies Air Max Strong heat and wear resistance high quality Various , Nike Air Max Sequent 3 Womens 908993-010 Black Knit Running Shoes Size 8 , Frye Western Cowboy Boots Women's Nubuck EMBROIDERED Cream Leather Size 7.5Pleaser 7" Heel side Zip Women Boots Blk Faux Leather/Blk-Slv Hologram StarsVince Camuto Womens Beatrix Pull On Wide Calf Tall Over The Knee Riding Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Stuart High Weitzman Black Leather Heels Women's 5186 Size 8.5 M Stuart Buckle Accent 4

    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.

    Stuart High Weitzman Black Leather Heels Women's 5186 Size 8.5 M Stuart Buckle Accent 4" High 9f7f76f -

    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
    Stuart High Weitzman Black Leather Heels Women's 5186 Size 8.5 M Stuart Buckle Accent 4" High 9f7f76f