Never miss an update

**Tory Burch Poppy**Tory Logo Espadrille Flat Poppy - Espadrille Women's Size 7, Black e5a5de7

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: Shoes are in condition and shows signs of normal wear.Bottom soles are dirty.Heels and toes of both shoes show dirt scuffs/marks.Insoles and inner lining are dirty from use.Overall shoes are in good, condition.
Color: Black Brand: Tory Burch
US Shoe Size (Women's): 7 Style: Espadrille Flats
UPC: 190041717422
Never miss an update

**Tory Burch Poppy**Tory Logo Espadrille Flat Poppy - Espadrille Women's Size 7, Black e5a5de7 -

    **Tory Burch Poppy**Tory Logo Espadrille Flat Poppy - Espadrille Women's Size 7, Black e5a5de7
    **Tory Burch Poppy**Tory Logo Espadrille Flat Poppy - Espadrille Women's Size 7, Black e5a5de7
    Dr Marten Addy Black Noir Smooth Leather Penny Loafer Women's / US Size 5Mephisto 'Rachel' Leather Wine Fashion Flat US-7.5M EU-5 MSRP $275AGL Attilio Giusti Leombruni Black Leather Cap For Ballet Flats Shoes 37.5 7.5ICON BRAND BALLERINA BROWN FLATS SHOES SIZE 8M NEW WITHOUT BOX , New G.H. Bass & Co Weejuns Katherine Brown Leather Penny Loafer Shoes Women 11MTrotters Black Leather Leana Tassel Loafer 7.5WTory Burch Striped Espadrilles Size 9 Brand New in box , Nicholas Kirkwood Pointed Toe Leathe Flats 36 , Women Cole Haan Margo Velvet Sneakers Red Velvet Fashion Shoes NEWNew RAG & BONE Colby loafers leather slip on sneakers US 6.5 , Clarks Women's Brown Leather Ashland Mary Jane Twist Shoe Size 6M , Dr. Martens Smiths Daze Multi-Color Floral Leather Boots Size US 7 New! , New Vtg 90s Dr Doc Martens Black Patent Leather Mary Jane Rainbow Stitching , WDM0064 Twisted X Women's Fringe Serape Print Leather Driving Moc Shoe NEW , FRYE Camille Black Leather Perforated Slip On Loafer Fashion Sneaker Womens , Tory Burch Classic Reva Ballet Flat- Women's Size 5 M, BlackFree People Pony Espadrille "Freeway" Cheetah print Size 38 7/8OLUKAI WOMENS WAIALUA MESH TRENCH BLUE SIZE 7J.CREW Ivory Cleo Stripe Canvas Loafers W/ Bow Made in Italy Size 6.5 FREE SH , Munro American Oxfords Wingtip Shoes - Women's Size 8.5 N BlackWomen's Dansko Pro Brown Tortoise Shell Patent leather Clog Shoes 37 (US 7)Boutique 9 Nevan Women's Wedge Sneaker Wedge - NavyTory Burch Two Way Black Napa Leather Ballet Flat -8.5 M- w/ Dustcover - MintSas Women's Jewel Loafers & Slip-Ons ShoeSam Edelman Rae Women's Multi Color Bird Print Flats Sz 8 MDr. Martens Resnik Brogued Leather Zip Up Platform Women's Size 9 W $160 MSRP , Prada Ballet Flats Dark Brown Suede Size 39.5 Elastic Crisscross Strap Mary JaneLa Pinta 379-2015-15YY Leather Round Toe Slip On Flat Loafers Choose Sz/Color , Bandolino Womens Ed. Ballet Flat- Select SZ/Color.
    **Tory Burch Poppy**Tory Logo Espadrille Flat Poppy - Espadrille Women's Size 7, Black e5a5de7 ->**Tory Burch Poppy**Tory Logo Espadrille Flat Poppy - Espadrille Women's Size 7, Black e5a5de7 -
    Women Boots Leather model CORINNE by HGilliane Design Us 3.5 to 12R M WILLIAMS MENS BOOTS SIZE 8 G MADE IN AUSTRALIA , HOGAN women shoes Maxi H222 white leather sneaker stitchings GYW2830J060GGA0351Men's/Women's Funtasma DIVA-3006X Not so expensive the most economical Preferential price , Ivanka Trump Easta Mary Jane Pumps 964, Black Multi, 10 USADIDAS MENS NMD Sport Running Training Sneakers ShoesWOMEN'S FERRAGMO BLACK PATENT LEATHER PUMP BUCKLE TOE PLATE - 8.5 A2 , INC International Concepts Womens Tiara Tan Bisque Heels Shoes 8 Med DisplayBlack Glitter Crystal Bling Heels Size 5Sandales à talons model 116403 Inello - Matter - Shoes , Badgley Mischka Zali White Satin Wedding Evening Shoes Tulle Bow Draped pump NEW , Paul Andrew $398 for J.Crew Suede Pumps Heels Sz 9 Vivid Cerulean #e1326 NEWNEW WOMENS CONVERSE SZ 7 SHOES CTAS CHELSEA BOOT LEATHER FUR 553392CThe FLEXX Women's Smokin Hot Slipper, Black, Size 5.5 , Propét Men's Life Walker Double Strap Sport White 8 XConverse Chuck Taylor All Star PC High Top Boots Shoes Men's Size 9 $80 153683CVans Vault OG Style 43 LX Smoke Blue Canvas White VN0A3DPBQMFAdidas Equipment Running Cushion Ice Grey/Blue-White Oddity D67571 Men'sMens New Balancd MH988XRD Hiking Shoes 988 Size 9.5 , NIKE KYRIE 3 "DUKE BROTHERHOOD" WHITE-BLACK-HYPER COBALT SZ 10.5 [852395-102]04 NIKE AIR MAX 95 MITA SNEAKERS BLACK WHITE BLUE REEF GREY ATMOS 307272-011 12Unlisted by Kenneth Cole Men's Design 300772 Fashion Sneaker - Choose SZ/ColorM19 NEW Thom Browne Black Leather Wingtip Brogue Boots Men's Sz 12 MPietrain Print Christmas Running Shoes For Women- Free Shipping , Mizuno Maximizer 19 Wide Black Pink Women Running Shoes Trainers K1GA1701-55 , Vionic Waverly Light Pink Women's Fashion Shoes , Women's Kenneth Cole REACTION Zap-Ines Le Boots Overlaying leather Brown Size 8M , Tahari Shelby Heeled Winter Taupe Dressy Booties Ankle BootNIB Saxon Equileather Womens Equestrian Riding Boots size 9 , Sbicca Kathrin Women's Vegan Leather Fringe Stacked Heel Mid-Calf Bootie Boot ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    **Tory Burch Poppy**Tory Logo Espadrille Flat Poppy - Espadrille Women's Size 7, Black e5a5de7 -

    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.

    **Tory Burch Poppy**Tory Logo Espadrille Flat Poppy - Espadrille Women's Size 7, Black e5a5de7 -

    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
    **Tory Burch Poppy**Tory Logo Espadrille Flat Poppy - Espadrille Women's Size 7, Black e5a5de7