Never miss an update

GIANVITO ROSSI Red Deep Red 100mm Pointed Toe Velvet Pumps 100mm Pumps - Size 38 a3a11a9

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: In excellent condition. once. From a smoke free home. No original box or dust bags.
Country/Region of Manufacture: Italy Pattern: none
Style: Pumps, Classics Country of Manufacture: Italy
Fastening: Slip On Color: Deep red
Heel Height: High (3 in. to 4.5 in.) Occasion: Anytime
US Shoe Size (Women's): 38 Brand: Gianvito Rossi
Material: Velvet Heel Type: Stiletto
Width: Medium (B, M) UPC: Does not apply
Never miss an update

GIANVITO ROSSI Red Deep Red 100mm Pointed Toe Velvet Pumps 100mm Pumps - Size 38 a3a11a9 -

    GIANVITO ROSSI Red Deep Red 100mm Pointed Toe Velvet Pumps 100mm Pumps - Size 38 a3a11a9
    GIANVITO ROSSI Red Deep Red 100mm Pointed Toe Velvet Pumps 100mm Pumps - Size 38 a3a11a9
    BRAND NEW IN BOX GIUSEPPE ZANOTTI  PINK PUMPS SIZE US 9/ , DOLCE & GABBANA Floral Printed Mary Jane Pumps Heels Shoes VALLY Red 05650Jimmy Choo Silver Glitter Lame Isabel Peep Toe Pumps Size 39 Heels NIB $595YSL Yves Saint Laurent Jane 105 Bow Ankle Sandals Shoes 39 9TOM FORD Woven Cage Sandals, Brown - NIB SZE 38BRAND NEW PRADA 1X376A CIPRIA CORDOVAN COLLECTION $950 Value SHOES SIZE 8$575 AQUATALIA Black Eliza Suede Mary Jane Pumps Heels Leather US 10 NEW , VALENTINO Couture RED Bow Pump Heels Shoes Size 37/7US $745 , 36 36.5 37 38 NEW $695 MIU MIU Blue WHITE CAT PRINT Platform ESPADRILLES FLATSJIMMY CHOO Romy Textured Glitter Pump ANTHRACITE/ BLACK Orig$795 Size:9US / 39EUAquazzura Palm Beach Embroidered Woven Wedge Espadrille, Ink / US 7New Manolo Blahnik Grey Taupe Suede Eggplant leather Shoes BB Heels Pumps 36 , NEW Prada 38.5 8.5 8 Black Shoes Leather Platform Pumps Heels Stilettos $840 FAB , Dolce&Gabbana high heel luxury sandals in black Leather Fabric Size US 6 -Right Bank Shoe Co Ghost Black Embossed Leather Platform Wedge Loafer , NEW DESIGNER MANOLO BLAHNIK BLACK SATIN JEWELED STARS AT ANKLE STRAPS PUMPS 8.MNIB Burberry Prorsum Runway Leopard Haircalf Leather Low Wedge Heels Sz 40 $795 , New in Box Casadei Ladies Blue Suede Heels 1F091DNEW Yves Saint Laurent YSL Tribute Denim Leather Platform Sandal Ultramar 38.5 , Men's/Women's Aquazzura Wild Thing Heels Black Size6 High grade Settlement Price Non-slipGIUSEPPE ZANOTTI brown and white giraffe print pump size 39 US 9CHRISTIAN LOUBOUTIN black patent leather pump size 39 US 9 , BOTTEGA VENETA Platform Sandal Slingback Pump Black Leather Covered Toe 39$1900 NEW CHLOE PUMPS CLASSIC SHOES SANDALS HEELS PLATFORMS WEDGES 36,5 ITALYDOLCE & GABBANA Canvas Pumps Shoes KATE Crystals Sequins Blue White 06830 , Charlotte Olympia White Ursula Platform Pumps Size 41 11 New In Box $1260 , John FLUEVOG Sz 6 6.5 Vintage Black ORBIT Mules 3.5" Heels 1997 COLLeCTOR , YSL, yves saint laurent, tribute suede black shoes pumps, 39 , Christian Louboutin Calf Skin Peep Toe Booties, Size 37! ,
    GIANVITO ROSSI Red Deep Red 100mm Pointed Toe Velvet Pumps 100mm Pumps - Size 38 a3a11a9 ->GIANVITO ROSSI Red Deep Red 100mm Pointed Toe Velvet Pumps 100mm Pumps - Size 38 a3a11a9 -
    Junk Gypsy Bramble Rose Boots by Lane ~ Brown , Men/Women Pleaser KISS-224 Exquisite (middle) workmanship buy Complete specifications , TOD'S Designer Dark Brown Leather Loafers Moccasins Driving Shoes Size 35.5 , Chiara Ferragni Womens Flirting Glitter Slip On Sneakers - Size 37 / 7 , Man/Woman Valentino Rockstud D’Orsay Espadrilles 36 Quality products Stylish and charming The first batch of customers' comprehensive specificationsPin Up Couture Red Patent Leather Heels Sz 9 Or 8.5 Black White Polka Dot LiningDonald J. Pliner Leather t-strap ankle strap heels size 6 NWOTCape Robbin Cotton Candy Khaki Vegan Suede High Wedge Cleat Lucite Open Toe Mule , Enzo Angiolini Peep Toe Pump EASully Gold Platform & Heel Turquoise 7.5 SEXY !Rockport Total Motion 45mm Plain Wedge Suede Pumps, Women's Size 9W, Vino , YSL YVES SAINT LAURENT BLACK SATIN SILK TRIBUTE SHOES SANDALS SIZE 37/7 , 100% authentic CHLOE beckie pumps black gold heels block heel grained leather 37 , New Rome Womens Bandage Hollow Sandals Block Heel Zip Shoes Summer Fashion 2017Skechers Women's Bumblers-Star Struck Flip Flop - Choose SZ/ColorGentleman/Lady Reebok Women's Sublite Authentic Running Shoe Many varieties a variety of Highly appreciated and widely trusted in and outNike Air Marvin Low Men's Basketball Shoe 719924 005 Size 11.5 , Nike Air Jordan Retro XII 12 French Blue Size 9 og bred cement dmp db 3 4 5 11Nike Air Max 95 Essential Camo Desert Sand Sunset Tint Khaki Black AQ6303-001Nike Air Vapormax Plus - 924453 101AIR JORDAN 4 RETRO 30TH "TEAL" 705331-330 teal/white-black-retro 4 Size 10.5 , Men's Elle Forgiatto Sneakers Sizes 8 -13Custom Maison Margiela Sneakers 100% Authentic size 45 , Skechers Women's Flex Appeal 2.0 High Energy Training ShoeSaucony Women's Cohesion 9 Running Shoe Grey/Blue 8.5 B(M) US Perfect Condition!TRETORN FOR JCREW TOURNAMENT NET SNEAKERS SIZE 10M WHITE C2124 , NEW BALANCE WOMEN'S WW 847 WALKING SHOE EXTRA WIDE 2E WIDTH GRAY ASSEMBLED USANike Air Max Plus SE Womens 862201-102 White Volt Punch Running Shoes Size 6.5Blowfish Vianna Tobacco Spindal/Snake Charmer/ Womens Ankle Boot Size 8.5M , Womens Casual stylish pull on Rhinestones flat ankle high top Boots shoes New SzShyanne Women's Slouch Cowgirl WESTERN 8 M Boot BLACK LEATHER ROUND Toe - 1131BL ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    GIANVITO ROSSI Red Deep Red 100mm Pointed Toe Velvet Pumps 100mm Pumps - Size 38 a3a11a9 -

    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.

    GIANVITO ROSSI Red Deep Red 100mm Pointed Toe Velvet Pumps 100mm Pumps - Size 38 a3a11a9 -

    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
    GIANVITO ROSSI Red Deep Red 100mm Pointed Toe Velvet Pumps 100mm Pumps - Size 38 a3a11a9