Never miss an update

DANSKO Shoes Size 40 Dark 17572 Brown 8.5 Leather 40 Loafers Sz 8.5 9924952

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: You may mistake them for brand new!
Heel Type: Block Pattern: Solid Embossed Leather
Color: Brown Brand: Dansko
Material: Leather Fastening: Slip On
Width: Medium (B, M) Country/Region of Manufacture: Portugal
Style: Slip On Occasion: Casual
Heel Height: Med (1 3/4 to 2 3/4 in) Features: Ankle Strap
US Shoe Size (Women's): 8.5 UPC: Does not apply
Never miss an update

DANSKO Shoes Size 40 Dark 17572 Brown 8.5 Leather 40 Loafers Sz 8.5 9924952 -

    DANSKO Shoes Size 40 Dark 17572 Brown 8.5 Leather 40 Loafers Sz 8.5 9924952
    DANSKO Shoes Size 40 Dark 17572 Brown 8.5 Leather 40 Loafers Sz 8.5 9924952
    Dansko Nadine Gray Kid Suede Leather Side Buckle Studded Clogs Mules Sz 39 $155 , BCBGeneration BCBG Size 8.5 M Pike Blue Peep Toe Wedges New Womens Shoes NWOB , Brand new Isaac Made in Italy heels, Size 5.5 Medium, Isaac Mizrahi, red floral , Jessica Simpson Womens Charie Pointed Toe D-orsay Pumps, Sand Castle, Size 8.5 tSALE @ OFFICE LONDON Designer ROSES Stilettos Platforms High Heels Womens Sz 10 , Stuart Weitzman Sz 6.5 M Black Patent Leather Wedge Peep Toe Pumps Dalmatians , NEW COLE HAAN GRAND OS SIGNATURE NAVY BLUE SUEDE BLOCK HEEL SHOES SIZE 10 B , Tods $325 Womens White Tan Leather Penny Loafer Kitten Heels Pumps Size 6Vince Camuto 9.5 M Karmi Black Leather Open Toe Pumps New Womens Shoes NWOBWomen Peep Toe Wedge Heel High Platform Snakeskin Print Upper Summer Sandals , Alfani 6 M Maddy Cherry Red Heels New Womens ShoesNew BEBE shoes AMAYA Silver Gray LEATHER Platforms Dressy 9 Neu Silber LEDER 39 , Highest Heels Gold snake 4.5" Metal Cover Pump W/Ankle size 11 4 1/2" heels , Gorgeous Frye Phoenix Mules! Black Leather Western Cowboy Detailed Size 7 M , New BEBE Shoes HESTOR Purple Dressy Satin Heel sz 6 Neu Lila Abzatzschuhe$268 J.CREW Pumps Shoes 7 Mona 10203 Italy Red Brown Leather Oxford Tassel HeelsMaraolo Women's Shoes Euro 39 ITALY Leather Slip-On Heels Casual Work PumpsPOS OLE ROUGE Black Soft Suede Flat Pumps Size 39.5 Made In Italy , St John's Gold Metallic Slingback Heels Sz 8.5 BNude Snakeskin Vintage 7 M Stuart Weitzman Kitten Court Contour Heel Pumps ShoesNew BEBE RITA Dark Brown Leather Suede Studded 6 7 Neu braun WILDLEDER , Vince Camuto Size 10 M Noli Black Leather Open Toe Wedges New Womens ShoesNine West Flax Women Shoes Black Leather Pointed Toe Pumps Sz 9 M , Highest Heels Black 4.5" Metal Cover Pump W/Ankle Strape size 11 4 1/2" heelsNew BEBE Deena Black White Polka Dot 5 6 7 8 9 10 Neu Schwarz Absatzschuhe 35-40Nine West Size 12 Fantlyo Black LeatherHigh Heel Shoe NIB , Callisto Women's Mimosa Pump, Olvsd, Size 8.0 CeebMen's/Women's Fontana 2.0 - SHARON Exquisite (middle) workmanship luxurious Different stylesAmalfi by Rangoni Women's Mondiale Wedge Sandal, Caribe, 10 M US
    DANSKO Shoes Size 40 Dark 17572 Brown 8.5 Leather 40 Loafers Sz 8.5 9924952 ->DANSKO Shoes Size 40 Dark 17572 Brown 8.5 Leather 40 Loafers Sz 8.5 9924952 -
    CHRISTIAN DIOR Dark Gray Leather High Heel Boots Ankle Bootie Shoe 9.5-39.5 , Vintage Worn Corral Women's Western Cowboy Boots Detailed Leather Skin 7.5FRYE Women's Leslie Artisan Short Boot Smoke 8 B(M) USGentlemen/Ladies men shoes With Black leather excellent quality Upper material classic styleLadies Clarks Feya Island Smart Leather Slip On Shoes D FittingV Italia 1072 Alps Women's Shearling Boots Dark Brown 41 M EUPlatform Mary Jane Women Sexy Super High Heel Glitter Blubwear Party Pumps ShoesPleaser Womens Crypto-05/B/PU Mary Jane- Pick SZ/Color.Women Falbala Genuine Leather Pointy Toes Pumps Slip on Stiletto Slim Heels Shoe , REBECCA MINKOFF Women's Bo Army Green & Black Nubuck Pumps 98168 Sz 7 $295 NEW , NIB Tory Burch TATIANA 45MM SLIDES Shoes Pearls BLACK OLD NAYAN 9 M , Jessica Simpson Size 9.5 Black Tan Sandals Wedges Heels New Womens ShoesKelsi Dagger Brooklyn Women's Metro Heeled Sandal, Black, 8.5 Medium USJambu Azalea Round Toe Slip On Sneakers, Blue , Skechers Womens Bikers-Undergrad Chelsea Boot- Select SZ/Color. , Converse CONS BREAKPOINT LOW OX Shoes Men's Size 9 155778C , Puma Basket Classic House Of Hackney Jaquard Mens Trainers (357818 01) D116Saucony Grid Sd Ht Green Black Originals Sneakers New Men Lifestyle S70388-2 , Nike Air Max 90 Ultra BR Plus QS Pure Platinum/White-Racer Blue 810170-001 SZ 11 , NIKE KD 9 IX ID KEVIN DURANT COOL GREY/TEAM RED SIZE MEN'S 9.5 [863695-996] , PRADA MONTE CARLO SNEAKERS SHOES 4E2791 BLACK BORDEAUX NEW US 8 , light brown rockport slip-on moccosin shoes us mens size 9.5Clarks Mens Slip On Shoes Tilden Free Black leather 26110312New Reebok Womens Gray Running Shoes Size 6.5New Balance 840v2 Womens Running Shoes W840SP2 Silver/Purple Size 7B , Minnetonka Women's Double Fringe Tramper Boot Taupe SuedeWomen's Nike Air Max 90 OG - CHOOSE SIZE - 742455-100 Infrared Cool Grey Black , Man/Woman Finn Comfort Women's Stanford Moderate price Beautiful Superb craftsmanshipWomen's Harley Davidson Cowboy Boots Sz 6 N with Fringe , Womens Patent Leather Stiletto High Heel Knee High Boots Buckles ponty toe Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    DANSKO Shoes Size 40 Dark 17572 Brown 8.5 Leather 40 Loafers Sz 8.5 9924952 -

    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.

    DANSKO Shoes Size 40 Dark 17572 Brown 8.5 Leather 40 Loafers Sz 8.5 9924952 -

    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
    DANSKO Shoes Size 40 Dark 17572 Brown 8.5 Leather 40 Loafers Sz 8.5 9924952