Never miss an update

MAISON MARGIELA sole - stripe sole buckle sandals mogochinese-29222 29215 - Size 37 - $1347 93ff4aa

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Country/Region of Manufacture: Italy
Heel Height: Flat (0 to 1/2 in.) Style: Strappy
Material: Leather Fastening: Buckle
Color: Black US Shoe Size (Women's): 7.5
Brand: Maison Martin Margiela
Never miss an update

MAISON MARGIELA sole - stripe sole buckle sandals mogochinese-29222 29215 - Size 37 - $1347 93ff4aa -

    MAISON MARGIELA sole - stripe sole buckle sandals mogochinese-29222 29215 - Size 37 - $1347 93ff4aa
    MAISON MARGIELA sole - stripe sole buckle sandals mogochinese-29222 29215 - Size 37 - $1347 93ff4aa
    MARNI Fusbett Quilted Sequined Flat Sandals, Quilted Crepe , NEW VALENTINO GARAVANI WOMENS SANDALS - Size 37 , GIVENCHY Barka Birkenstock Sandals FARFETCH SSENSE Net a PorterGIUSEPPE ZANOTTI 'The Dazzling Elsa' Glass Crystal Velvet Slides sz 39 , Rupert Sanderson Gladys Peep Toe Tassel Sandals, Black , Givenchy Mink Fur, Super Chic Slip On Slides Sandals/Shoes 41 EUR US 10.5 , DOLCE & GABBANA Flat Ankle Strap Leather Sandals with Crystals Shoes Pink 06688 , Man's/Woman's Stuart Weitzman Sultry Strappy Sandals, Gold Special purchase Selected materials Selling new productsTOD'S women shoes Black leather flat slingback sandal with straps and bow , Salvatore Ferragamo Essie Double Buckle Flat Sandals, SellaMan's/Woman's VALENTINO SANDALS Quality products discount Sales online store , Jerome C. Rousseau Delair Kitten Heel Slide Sandals 275, Silver/Gold, 8 US / 38Gentleman/Lady Givenchy Fur Sandals Size 35 Authentic Cheap Impeccable Rich on-time delivery , GIUSEPPE ZANOTTI women shoes Black leather toe ring thong clasp sandal , Rick Owens Women's Leather Sandals EU37.5 US7.5Men's/Women's CHLOÉ Graphic Leaves Sandal sz 36 fashion Ranked first in its class Known for its excellent qualitySam Edelman Women's Berit Slide Sandal - Choose SZ/Color , NAOT Women's Etera Wedge Sandal, Black Madras Leather, 40 EU/8.5-9 M USVia Spiga Women's JUSTINE2 Woven Heel Heeled Sandal , Kenneth Cole New York Women's Katarina Heeled Sandal - Choose SZ/Color , Men's/Women's swedish hasbeens Women's Katja Long-term reputation stable quality retail price , ECCO Women's Touch Braided Plateau Wedge Sandal - Choose SZ/Color , Stuart Weitzman Nudist Adobe Aniline Heels Sandal Size 11 M Stiletto ankle strap , Vince Camuto Women's Kathalia Espadrille Wedge Sandal - Choose SZ/ColorVince Women's Georgie Flat Sandal - Choose SZ/Color , NWT Brunello Cucinelli Womens Distressed Black Loafers with Monili Size 37CAMILLA SKOVGAARD Womens Black Leather High Heels Size 35.5 , Teva Women's Capri Universal Sandal - Choose SZ/ColorMiz Mooz Kona Women's Wedge Sandal - Choose SZ/Color ,
    MAISON MARGIELA sole - stripe sole buckle sandals mogochinese-29222 29215 - Size 37 - $1347 93ff4aa ->MAISON MARGIELA sole - stripe sole buckle sandals mogochinese-29222 29215 - Size 37 - $1347 93ff4aa -
    BoNavi 827R03-312 Black Suede Leather Round Toe Thick Heel Winter Ankle Boots , Gioseppo Womens 45274 Slip On Trainers, Black, 4 UK , SAS Walk Easy - Sage Size 8 M , Keen Shoes 8 Burgundy Rubber Cap Toe Outdoor Antiodor Walking Camping SneakerMen/Women Anthropologie Filia The Palatines Mary Janes Selling First batch of customers Selling new products , Klogs Monita Women's Leather Clogs Display Model Shoes Cognac Domino 8 MGold Studs Steampunk Goth Shoedazzle "Edith" Shoes Pumps Runway Platform 8 M , Womens Beach Creeper Platform Med Heels Flip Flops Slippers Rhinestones Slip On , Dolce Gabbana Shoe Black Calf Hair Patent Toe With Gold Plaque Size 38 NewDolce Vita DV Women's Baxter Platform T-Strap Sandals Tan Leather Size 10 MPUMA FIERCE evoKNIT Women Sneakers (7 M, PEACOAT/WHITE) , Converse Chuck Taylor All Star II 2 Shield Canvas Sneakers Women's - 153534CNIKE MEN KAISHI NS RUNNING SHOES [747492 003] WOLF GREY/BLACK WHITEdiadora b elite diadora 8 mens b elite 2 diadora b elite 2 b elite ii brand new , New Balance 1260v7 Men’s Size 12.5 Blue Black Running Shoes M1260BO7 , Reebok Instapump Fury OG Nubuck Men's Pump Running Sneakers 13 (New) , NIKE METCON 3 BLACK-VOLT-HYPER CRIMSON SZ 14 [852928-012]NEW Men's Adidas Pride Pack Superstar Shoes Size: 12.5 , CONVERSE CHUCK TAYLOR ALL STAR LEATHER DARK GREEN 153554CAdidas Originals X Alexander Wang AW Run Boost Light Grey CM7826 Sz 8 New $299 , WOW! Asics Gel GT 2000 3 Mens Running Shoes (D) (0793) RRP $200.00Nike flyknit trainer triple black size 11.5 brand new deadstock yeezy jordan , Nike Dunk High Dontrelle SZ 11 DS Florida Marlins Black Azure Teal Willis , CAMEL CROWN Men's Work Boots 2018 Cowhide Leather Ankle Martin Boots Fashion ...New Hush Puppies WINNS Slip-On Leather Men Shoes Sz 10 , Men/Women Propet Men Scandia Strap M5015 Beautiful design Skilled manufacturing cheap price , Men Hugo Boss Shoes Extreme_Slon_knit Sneakers Black Size 11Caravelle New York Men's Quartz and Stainless-Steel Dress Watch,... , Puma x Trapstar Men Cell Bubble (white / green)Fashion Women Mid Chunky Heel Over Knee High Boots Strench Knight Boots Size New
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    MAISON MARGIELA sole - stripe sole buckle sandals mogochinese-29222 29215 - Size 37 - $1347 93ff4aa -

    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.

    MAISON MARGIELA sole - stripe sole buckle sandals mogochinese-29222 29215 - Size 37 - $1347 93ff4aa -

    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
    MAISON MARGIELA sole - stripe sole buckle sandals mogochinese-29222 29215 - Size 37 - $1347 93ff4aa