Never miss an update

Stuart bootie Weitzman black patent platform bootie boots Womens Womens 9.5 boots M SEXY 20688ba

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: Great Condition
Accents: Front Zipper Theme: Boho, Clubwear, Festival, Goth, Grunge, Horse, Leopard, Punk, Sexy, Steampunk, Supergirl, Vintage Fashion
Country/Region of Manufacture: Spain Pattern: Solid
Style: Booties Shade: Black
US Shoe Size (Women's): US 9.5 Features: Zip
Heel Height: High (3 in. and Up) Color: Black
Sub-Style: Go-Go Boots Occasion: Casual, Dress, Outdoor, Party, Work
Material: Patent Leather Brand: Stuart Weitzman
Width: Medium (B, M) Heel Type: Stiletto
UPC: Does not apply
Never miss an update

Stuart bootie Weitzman black patent platform bootie boots Womens Womens 9.5 boots M SEXY 20688ba -

    Stuart bootie Weitzman black patent platform bootie boots Womens Womens 9.5 boots M SEXY 20688ba
    Stuart bootie Weitzman black patent platform bootie boots Womens Womens 9.5 boots M SEXY 20688ba
    Women's Hunter Original Short Moto Rain Boots Black Matte Size11 , ARIAT Womens Boots US Sz 8 Brown Tall Zipper Leather Riding EquestrianMerrell Women's Aurora 6 Ice + Waterproof Winter Boot Size 9 (Retail $150)9.5 B RED WING IRISH SETTER women's MARSHALL Western Riding Motorcycle BootsDV DOLCE VITA NEW SZ 8 M BLACK LEATHER KNEE HIGH BOOTSYesien by ALDO, Black manmade leather, 4" chunky heel, knee/OTK boots, SZ 6.5Urban Outfitters Ankle Boots Scrunched Black Size 9 NIB Faux Suede , Bottes THE SELLER Cuir Marron T 37 TTBEAerosoles BOOMERANG Womens Boomerang Boot- Choose SZ/Color.Henry Beguelin Womens Boots Size 38 Black Silver Suede Snake Print Knee HighSteve Madden Size 7 GORGEOUS Taupe Fabric Over Knee Heels Boots New Womens ShoesLauren Ralph Lauren Women's Sabeen-W-Bo-DRS Boot - Choose SZ/color , Sz36-46 Women Patent Leather Over Knee Thigh Boots 18cm Stilettos High Shoes , John Galliano Womens Boots Size 36 Black Leather Ruched Trim Knee High , Roots Canada Combat Women's Black Boots Size US 7//Gant Stormhaven ankle boots sale rubber marine , Hound and craft USA cowboy cowgirl rain rubber boots Color horses Ladies Boots , Gianvito Rossi Beige Leather Peep Toe Ankle Booties Size 38 8Europe Ladies Womens Suede Pointed Toe Stiletto Over Knee High Boots Shoes Size33 New Women's Nike Air Force 1 '07 SE Black Reflective AH6827-001 Shoes 7.5 8 9ECCO Black Leather Mid Clf Fashion / Winter Boots, 10 - 10.5 / 41Womens The North Face Thermoball Button Up Winter Water Resistant Boots US 5-11 , (SALE) tricot COMME des GARCONS leather deck shoes Size US 5.5(K-21658)Kaitlyn Pan Women's Microsuede Flat Heel Slim Fit Over The Knee Thigh High Boots , Sexy Womens Shiny Over Knee Thigh Boots High Heel Stilettos Nightclub Shoes 3-13Vagabond Kenova Black Chelsea Flat Ankle Boots US6-10 (EU36-41)Stuart Weitzman black knee high boots size 10 mid height zip up square toeCuce Shoes NFL Women's Indianapolis Colts The Ultimate Fan Boots Boot - Black , Naturalizer Women's Joan Knee High Boots Black Leather MM1 Size 8.5W $199
    Stuart bootie Weitzman black patent platform bootie boots Womens Womens 9.5 boots M SEXY 20688ba ->Stuart bootie Weitzman black patent platform bootie boots Womens Womens 9.5 boots M SEXY 20688ba -
    New Vince Camuto Farren Brown Knee High Leather Riding Boots size 7.5 or 7 1/2ADIDAS MAN SPORTS SNEAKER SHOES FREE TIME LEATHER CODE BZ0467 S SMITHAUTHENTIC BOTTEGA VENETA INTRECCIATO SUEDE DRIVING SHOES BEIGE GRADE AB USED -HP , Mi Piaci knee high boots, Black 39 , Nike Wmns Free RN Flyknit 2018 Running Shoes Dark Stucco/Cargo Khaki 942839-003Womens Harley Davidson Harland High Leg Zip Up Biker Riding Boots Sizes 4 to 7.5Shooz & Soulz Women's Kate Flats sz 41 (sz 10) , Dansko Pro XP Women's Black Patent Leather Clogs Shoes - (US 5.5-6)Roger Vivier Yellow Suede Gommette Tortoise-Buckle FlatBCBG Paris - 'Faythe' Yellow Gold Metallic Strappy Heel Pumps – 9M - New , pre-loved CHRISTIAN LOUBOUTIN size 39.5 Peek Toe MARY JANE pumps patent leather , Men/Women NEW ESPADRILLES WOMENS SANDALS Selling Sufficient supply Famous store , AE614 2 STAR shoes black velvet fur women sneakers , Saucony Shadow 6000 Easter Egg Hunt Purple Runner Retro Shoes S70222-3 1703-80Men's Merrell Barefoot Vapor Glove Running Shoes Gray Black Lantern J06241 14 US , K. Swiss Rinzler SP Charcoal Black Mens Suede Trainers , DSQUARED2 White Leather /Silver KICK IT 251 Running Shoes Men's Sz 41/ US 8 EUCNike SB Dunk Mid White Widow 420 AQ2207-163Nike ZM STRK Spectrum PLS/Supreme - AQ1279 100 , King Exotic Men's XXX-Toe Genuine Ostrich Leg Cowboy Western BootsP2 NEW Jimmy Choo Belgravia Gunmetal Leather High Top Sneakers Men's Sz 48 MVintage Pre-Owned Men's US 9 Dr Martens 4 Eye Large Heel Black Made EnglandConverse Chuck Taylor All-Star X Kith X Coca Cola US 9.5Nike Wmns Dunk High Skinny Pale Purple White 429984-501 Womens 6.5PUMA Roma OG Nylon Fashion Sneaker Black 7.5 M US , Women's SAUCONY SHADOW 5000 HT HOUNDSTOOTH BLACK/WHITE 60350-1. SIZE US 9. 9.5 , Sole Society Neiva Suede Taupe Boots Zip Closure Buckles Size 9 Women'sCougar Bistro Snow Boots 10 M Winter Nylon Knee High Zip White Black Fur EC , Marc Fisher Womens Dewey Closed Toe Knee High Fashion Boots Brown Size 7.0Women Round Toe Zip Rivet Flat Knee High Boot Shoe Real Leather British size
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Stuart bootie Weitzman black patent platform bootie boots Womens Womens 9.5 boots M SEXY 20688ba -

    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.

    Stuart bootie Weitzman black patent platform bootie boots Womens Womens 9.5 boots M SEXY 20688ba -

    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
    Stuart bootie Weitzman black patent platform bootie boots Womens Womens 9.5 boots M SEXY 20688ba