Never miss an update

MANOLO BLAHNIK Black Satin High MANOLO Heel Jeweled Pearl Black Strappy Jeweled Pump Sandal 9.5-39.5 8631e54

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!
Brand: MANOLO BLAHNIK Heel Type: Slim
Style: Lace Ups Heel Height: High (3 in. and Up)
US Shoe Size (Women's): 9.5 Material: Satin
Color: Black Country/Region of Manufacture: Italy
Occasion: Casual
Never miss an update

MANOLO BLAHNIK Black Satin High MANOLO Heel Jeweled Pearl Black Strappy Jeweled Pump Sandal 9.5-39.5 8631e54 -

    MANOLO BLAHNIK Black Satin High MANOLO Heel Jeweled Pearl Black Strappy Jeweled Pump Sandal 9.5-39.5 8631e54
    MANOLO BLAHNIK Black Satin High MANOLO Heel Jeweled Pearl Black Strappy Jeweled Pump Sandal 9.5-39.5 8631e54
    Gianvitto Rossi Silver 37 Us 7 Leather Shoes Pumps 100% AuthenticNIB MIU MIU PRADA NUDE BLUSH PATENT LEATHER PEEP TOE PLATFORM PUMPS 40 9 $600 , AUTH YSL Saint Laurent Women Leather Pumps Shoes 38 , Gentlemen/Ladies escarpins CELINE cuir camel 39 Quality queen First grade in its class Speed ​​refund , Retail $950 Lanvin Brocade Heel Pumps Sz / US 8 Made in ItalyRoberto Festa Women's Lorena in Suede Black Suede Size 38.5 M , New DOLCE & GABBANA Red Patent Leather Peep Toe Pumps Heels 37 7 ~ Va-va-voom! , Alejandro Ingelmo Womens Pumps Size 39 9 Open Toe Boomerang Jade Gold New , Womens STUART WEITZMAN 209065 red patent leather peep toe pumps sz. 7.5 MCasadei Black 37 Us 7 Leather Shoes Pumps 100% AuthenticTabitha Simmons Ophelia Platform Pumps Beige Black Snakeskin NEW 40 1/2 $1,145 RRoger Vivier Paris "Privilege" Black Suede Décolleté Kitten Pump Women's Sz 39NIB Tory Burch Women's Sally Closed Toe Wedge Pumps Shoes BLACK GOLD 9.5 M , ** AUTHENTIC FENDI SANDALO ZUCCA JACQUARD HIGH HEELS SHOES SZ 7 WORN ONCE , CHARLOTTE OLYMPIA Priscilla Gold Glitter Platform Pump Heel Shoe 40 NEW33241 auth GIANVITO ROSSI purple satin Pointed-Toe Pumps Shoes 37 , NWT $725 Burberry Calcoat Blue/Teal 37 (US Women's 7) B-Medium , Gentlemen/Ladies Dee Cute Viale Good world reputation Upper material fine , Brian Atwood *Authentic* Clio SkyHigh Strap Platform Sandal Size , Giambattista Valli 65mm Horse Hair Leopard Cap Toe Sling Size 40Nwt Fendi Jill Kohl Clog Intrccio 39.5 Black $ 645 , CHRISTIAN LOUBOUTIN Black Joli Dune 120 Suede Royal Pumps (SIZE 40) , Gibellieri 2042a Light Beige Green Leather Open Toe Slide Sandals 38.5 / US 8.5 , ALAIA Womens Black Patterned Platform High Heel Pump Strappy Sandal 8.5-38.5 , MOT-CLe 696b Black Suede Round Toe Block Studded Heel Pumps 40 / US 10 , YSL Yves Saint Laurent Paris 105 Fun Pumps Shoes 36.5 6.5Man's/Woman's Dee Funny Arcobaleno Strong heat and wear resistance Elegant style Contrary to the same paragraphMan/Woman Dee Wife Perfetta High security International choice List of explosionsAUTHENTIC CHRISTIAN LOUBOUTIN PILUCA ESPADRILLE SANDALS WHITE GRADE AB USED -AT ,
    MANOLO BLAHNIK Black Satin High MANOLO Heel Jeweled Pearl Black Strappy Jeweled Pump Sandal 9.5-39.5 8631e54 ->MANOLO BLAHNIK Black Satin High MANOLO Heel Jeweled Pearl Black Strappy Jeweled Pump Sandal 9.5-39.5 8631e54 -
    PLEASER FUNTASMA SCHOOLGIRL-50G RED GLITTER MARYJANE PUMPS SIZES 6-12FitFlop F-pop Ballerina Pony Womens F-Pop Ballet Flat- Choose SZ/Color.Man's/Woman's PRADA Shoes 970196 Black 36 Reliable quality Clearance a wide variety of goods , HOT new $470 DIANA BROUSSARD silver FLATS shoes 36 US 6Clarks Womens Sillian Paz Closed Toe LoafersWomen's Hush Puppies Ravenna Black Leather Comfortable Casual Shoe , Womens High Heel Stiletto Mesh Hollow out Shoes Formal Party Sandals Back Zip SZJosef Seibel Cara Mary Jane Heels - Women's Size 5/5.5 - BlackTods Sz 6.5 Brown Suede Kitten Heel Classic Metal Buckle Slingback Pumps Luxe , Roger Vivier Pink Fuschia Crystal Embellished Satin Pumps Size 38 , Spenco Pure Women's Recovery Sandal Black - 11 , [365772-02 ] New Women's PUMA Fenty Fur Slide - Purple , adidas S77969 Mat Wizard Wrestling Shoes 14- Choose SZ/Color.Adidas New Mens Crazy Hustle Basketball Shoe 7.5- Pick SZ/Color. , Mens New Balance 574 Sport Style Shoe, Black/White, MS574SBK, Size 10.5M, NIBNike Air Max Sequent 3 Midnight Navy Blue Mens Running 2018 All NEW , Nike Roshe Two Flyknit V2 Chile Red Men SZ 7.5 - 13 , NIKE Men's Air Max Plus Light Bone/White/Black/Hot Punch Synthetic 11 D(M) USColumbia Men's Buxton Peak Mid Waterproof Hiking Boot - Choose SZ/Color , SPERRY TOP SIDER Men's Slip On Loafers Boat Shoes 12 Brown/Black Leather Tassel , Women's Vionic GUC Emerald Trainers Running Shoes Purple Pink Sz 8 Wide , Nike W Air Huarache Run Ultra Black & White Women SZ 6 - 12New Nike Air Max Tailwind 8 Women Size 7 , NIKE WOMENS AIR HUARACHE RUN SD MUSHROOM LIGHT BONE SAIL WHITE AA0524 200 SZ 6.5 , Azura Women's Antonietta Wedge Sandal Sky Blue Multi Synthetic Leather , Nike WMN AF1 Upstep HI LX Air Force 1 High Lux White Green Blue size 12 , DONALD J. PLINER "Beto" Black Suede Y'all Women Boots Sz.31 NewZARA BLACK FAUX LEATHER FLAT OVER THE KNEE BOOTS WITH BACK SLIT 35,US5, 7060/101naturalizer Quineta Wedge Ankle Booties 847, Black, 4.5 US / 35 EU , FLY London Suede Ruched Ankle Boots with Tie Detail - Yebi Expresso 37 (6-6.5 )
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    MANOLO BLAHNIK Black Satin High MANOLO Heel Jeweled Pearl Black Strappy Jeweled Pump Sandal 9.5-39.5 8631e54 -

    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.

    MANOLO BLAHNIK Black Satin High MANOLO Heel Jeweled Pearl Black Strappy Jeweled Pump Sandal 9.5-39.5 8631e54 -

    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
    MANOLO BLAHNIK Black Satin High MANOLO Heel Jeweled Pearl Black Strappy Jeweled Pump Sandal 9.5-39.5 8631e54