Never miss an update

Nando Muzi 372b Black Toe Leather Pointy Toe Stiletto Stiletto/ Heel Ankle Boots 36/ US 6 8b55838

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
Brand: Nando Muzi
Heel Height: Med (1 3/4 in. to 2 3/4 in.) Style: Fashion - Ankle
Material: Leather US Shoe Size (Women's): 6
Heel Type: Stiletto Width: Medium (B, M)
Country/Region of Manufacture: Italy Color: Black
UPC: Does not apply
Never miss an update

Nando Muzi 372b Black Toe Leather Pointy Toe Stiletto Stiletto/ Heel Ankle Boots 36/ US 6 8b55838 -

    Nando Muzi 372b Black Toe Leather Pointy Toe Stiletto Stiletto/ Heel Ankle Boots 36/ US 6 8b55838
    Nando Muzi 372b Black Toe Leather Pointy Toe Stiletto Stiletto/ Heel Ankle Boots 36/ US 6 8b55838
    Viktor & Rolf Black Leather Boots NWOT (Retail $2250)New Miu Miu by Prada Chocolate Leather Boots Size 37 us 7Balenciaga Off White Grey Ivory Maillon Ankle Boot Fall 2013 NWB Sz 39MGianni Renzi Couture 1007f Burgundy Suede Sheepskin Mid-Calf Boots 37 / US 7Longchamp Platform Leather Wedge Booties Brown Women Sz 41Stuart Weitzman 5050 Over the Knee OTK Stretch Leather Boots Black Size 9 M , Alberto Fermani Emma Women's Antracite Studded Strap Ankle Boot Sz 40 *Aquatalia By Marvin K. Fabien Leather Women's Grey Booties Sz 10.5 4238 *NIB TORY BURCH WYATT BLACK LEATHER BLACK REVA TALL ELASTIC RIDING ZIP BOOTS 7.5JIL SANDER boot riding influence knee high black 39 9 , Man's/Woman's Love Moschino - JA21026C16IFX Practical and economical Beautiful appearance Seasonal promotionAquatalia Women's Chestnut Cameron Faux Fur Trim Wedge Bootie 7994 Sz 8 New!NIB Joie "Knock on Wood" Brown Suede Booties Womens Size 37.5 (US 7) $375Frye Mara Button OTK Black Italian Leather/Shearling Boots Tall NEW MSRP $578 , Stuart Weitzman Slidein Wedge Suede Bootie Black Women Sz 12 M 5937 *Men/Women Liberty Black Res Scale Gold Boots Ideal gift for all occasions Stylish and charming Very practical , Burberry Side Zip Leather Bootie Brown Women Sz 39.5 , Gentlemen/Ladies Prada boots dark blue size 8 Wear resistant Let our products go to the world Shopping promotionMarvin K Mani Velvet Grey Wedge Boots 2140* Size 6.5 M , Stuart Weitzman Gorgeous Gore Tex Buckled Side Bootie Black Women Sz 9 M 5866Giuseppe Zanotti Brown Open Toe Large Side buckle boots 36.6 6.5 Retail $1395 , Stuart Weitzman Gorby Waterproof Bootie Black Women Sz 8.5 M 6684 *$995 GIUSEPPE ZANOTTI SUEDE BLACK NERO BALLET TUBO FLAT PULL ON BOOT BOOTS 37Gentleman/Lady Vivian Westwood White Booties online sale New in stock King of the crowdLuca Grossi 368a Black Suede High Over-the-Knee Heels Boots 37.5 / US 7.58 Herve Leger Nora Peep Toe Black Leather Over The Knee Stiletto High Heel Boots , New Womens La Canadienne Sherie Black Leather Waterproof Booties Boots 5670002Luca Grossi 368a Black Suede High Over-the-Knee Heels Boots 36.5 / US 6.5 , Man/Woman Tin Haul Cactalicious Boots Modern and elegant fashion Excellent performance Popular tide shoes ,
    Nando Muzi 372b Black Toe Leather Pointy Toe Stiletto Stiletto/ Heel Ankle Boots 36/ US 6 8b55838 ->Nando Muzi 372b Black Toe Leather Pointy Toe Stiletto Stiletto/ Heel Ankle Boots 36/ US 6 8b55838 -
    Lemaré - Boots - 320882 - Black , 100% Authentic Isabel Marant Tan Dicker Boots Size 39Authentic ALEXANDER McQUEEN gunmetal leather stilettos , size 39. , CAMPER Peu Circuit US 10M* 10.5M* Taupe Leather Ballet Flats ShoesFrye Women's Carson Ankle Ballet Flats Brown 7 MRoger Vivier Womans Chips Strass Embelished Satin Mule Shoes .Sz 41 ItalyClassic Hidden Platform Pointed Toe Pumps High Heels Shoes Adult Women AMUSE/20 , NEW!! Schutz Red Suede Caged Sandals 4" Heels Size 8M US 38M EURBrighton TWAIN Brown Leather Mules Heels Shoes 8M - New Without Box , Christian Louboutin PVC Un Bout Debout Cobra Python Snakeskin So Kate 40,5 NIB☼ELEN☼ Sandales - Xti - Ref: 0819 , Mr/Ms Skechers Women's Empress-Resurge Fashion Sneaker Cheap Affordable cheaper , GENTRYPORTOFINO New Woman White Leather BRAIDED Mules Sandals Shoes Size 40 itaJessica Simpson Geno Buckle Wedge Sandals 021, Black, 11 US / 41 EU , Etnies Mens Men's Callicut LS Skate Shoe - Choose SZ/Color , NIKE AIR MAX ID Dark Blue LEATHER [708279-991] US MEN SZ 7.5 , Converse Chuck Taylor All Star [147025C] Casual Red/WhiteMens Spirit Leather Motorcycle Boots Engineer ON SALEAutumn And Winter Casual Shoes High Top Personality Men's Flats Sneakers Boots , New Florsheim Cortland Brown Men Leather Dress Shoes Size 8 (MSRP $160)Women's Asics Gel-Cumulus 19 Running Shoes - White/Black/Indigo - NIB! , AA0512-002 Nike Women Air Max 1 Premium SC Wolf Grey Metallic Deep Pewter , $300 NEW Paul Green Casabel Sabbia Rosewood Suede Fashion Sneakers sz 9.5 USAltra AFM1739F Men's Paradigm 3 Road Running Shoe - Choose SZ/Color , Nike Air Max 90 Essential Black/White-Metallic Silver 616730-023 Wmn Sz 9.5 , Women's Shoes Converse All Star Vintage Gold Chuck Taylor Cneaker Ltd Ed SpringMen's/Women's NEW GIONATA WOMENS ANKLE BOOTS online sale the most economical Contrary to the same paragraph , Marc Fisher Women's Trist2 Ankle Boots Black Leather Size 6.5 MNew Womens Suede Leather High Cuban Heel Pointed Toe Stretchy Mid Calf Boots , NIB EMU Australia Featherwood Mini Boots Color Black Size 9 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nando Muzi 372b Black Toe Leather Pointy Toe Stiletto Stiletto/ Heel Ankle Boots 36/ US 6 8b55838 -

    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.

    Nando Muzi 372b Black Toe Leather Pointy Toe Stiletto Stiletto/ Heel Ankle Boots 36/ US 6 8b55838 -

    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
    Nando Muzi 372b Black Toe Leather Pointy Toe Stiletto Stiletto/ Heel Ankle Boots 36/ US 6 8b55838