Never miss an update

Corso Como MENDY Black Patent Patent Leather 29979 Pumps 7393 Size Corso 8 M NEW! 493d6dd

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
US Shoe Size (Women's): 8
Width: Medium (B, M) Color: Black
Brand: Corso Como Heel Height: High (3 in. to 4.5 in.)
Style: Pumps, Classics Material: Patent Leather
Heel Type: Cuban UPC: 412289803102
Never miss an update

Corso Como MENDY Black Patent Patent Leather 29979 Pumps 7393 Size Corso 8 M NEW! 493d6dd -

    Corso Como MENDY Black Patent Patent Leather 29979 Pumps 7393 Size Corso 8 M NEW! 493d6dd
    Corso Como MENDY Black Patent Patent Leather 29979 Pumps 7393 Size Corso 8 M NEW! 493d6dd
    Jambu Sheila Light Taupe Suede Wedge Platform Sandal Women's sizes 6-10/ NEW!! , Sexy Womens High Stiletto Heel Rhinestone Floral High Embroidery Ankle Sandals , MYSTIQUE Gold Leather Pink Stones in Gold Tone Settings Wedge Sandal Size 8 , Tony Bianco Nude Patent Ladies Heels Dress Formal Leather Shoes Closed Toe 5.5 , YSL saint laurent MYRANDA gold chain black patent leather wedge pumps SIZE 36.5Manolo Blahnik Brown Suede & Calf Hair Laser Cut Peep Toe Pumps SZ 36.5 , YVES SAINT LAURENT YSL BLACK LEATHER SLINGBACK SHOES SIZE 39 / US 9 A131Taryn Rose Kathleen Wedge Pump - Women's Size 5 M, Charcoal Suede , Mr/Ms Sam Edelman Women's Thea Dress Pump elegant buy Don't worry when shoppingNEW TOD'S Gray Suede Platform Wedges Shoes Size: 38.5 An Absolute Classic ($525) , Women's BCBG BCBGeneration MAXWELL High Heels Sandals Toffee Brown Size 9.5 , NWT $650 Ralph Lauren Purple Label Collection Black Calf Leather Heels AUTHENTICStuart Weitzman Womens Barclo Navy Suede Pumps , Jimmy Choo Gold Wedge With Open ToesFree People Luxor Platforms Suede Shoes Size 41 / 10 Taupe (Tan/Brown) $178 NWBJOHNNY WAS, Espadrilles, NWBOX; Champagne/Multi ONE leftGIUSEPPE ZANOTTI DESIGN Shoes 476845 Pink 37 1/2WWomens 2018 New Fashion High Heels Low Top Pointy Toe Suede T Show Wedding ShoePre Owned Jeffrey Campbell Leopard Mary Jane Platform Shoe Sz 7.5 WomenPRADA Sequin Leather Kitten Heel Sling Back Pointed Toe Pumps Brown Sz 36 US 5.5 , Franco Sarto Women's Mystic Knee High Boot US 7 M Black Leather Heel Zipper NWB , Mr/Ms Moschino Womens Ankle Strap Heels (1441) durability low cost Various latest designsMen's/Women's Something Bleu Iris Block Leather Sandal excellent quality modern Valuable boutiqueTaylor Says NIB Jubilee Watermelon Platform Heels Size 9 , Vera Wang Nude Peach Satin Open Toe Strappy Heels Size 8.5 - Made in Italy , Chinese Laundry Victoria. Pearl Platform Sandal Heels Size 7Badgley Mischka Drama Pump Size 8 Pewter Metalic , Gwen Stefani L.A.M.B. EUCLID Black Wedge ClogsWomen's Shoes Rockport Total Motion Pointy Toe Dress Pumps Warm Taupe Size 7.5
    Corso Como MENDY Black Patent Patent Leather 29979 Pumps 7393 Size Corso 8 M NEW! 493d6dd ->Corso Como MENDY Black Patent Patent Leather 29979 Pumps 7393 Size Corso 8 M NEW! 493d6dd -
    Women's Shoes Dr. Martens 1460 8 Eye Boots 11821002 Black Nappa *New* , New Sartore Paris Blue Cowboy Booties 39.5 US 9.5Man/Woman FitFlop SuperSkate Gold Slip On Loafers High quality and cheap Bright colors Sales online storeFranco Sarto Womens CLARITY WIDE CALF Closed Toe Knee High Fashion Boots , Prada Women's Black Tan Gabardine Espadrille Loafers 6077 Size 39.5 EUR , BANDOLINO BLACK LEATHER HEELS PUMPS size 7.5 M, NEWBanana Republic Candice Kitten Heel, Black SIZE 7 M v4 , NEW Manolo Blahnik Sandals PVC Sandals Patent Leather Beige Brown Slide Shoes 39New Nurture Womens Shoes Sz 9M Bellamey Leather Tan Slingback Heel Sandals S03C1Man's/Woman's Nine West Women's Charles Suede sell Stylish and fun Elegant and stable packagingNine West Lextel Synthetic Womens Flip Flop- Choose SZ/Color.Gentle Souls by Kenneth Cole Women's Lily Moon Wedge Pump* Adidas Adistar Boost Esm Running Shoes Men Size 9 , NIKE Men's Air Max Sequent 2 Running Shoe Ocean Fog/University Red/Squadron B... , DC Shoes LYNX LITE DEFT FAMILY SKATE SHOE-M Mens Lynx Lite Deft Family Skate , Nike Flyknit Trainer Mens Running Shoes Lightweight Upper Fashion Sneaker Pick 1Chaussure prada taille 44 Europe ou 10 UK , NEW Men's POLO Ralph Lauren Hanford blk Leather Sneaker Size 9D fits like 9.5DSUPER GORGEOUS!!! ROBERTO CAVALLI GREEN PYTHON SNAKESKIN MEN BOOTS US 10Cactus Work Boots 611 Tan 6 " Nubuck Leather Upper New In Box , Rockport Men's Style Purpose Perfed Plain Toe Oxford - Choose SZ/Color , Mr/Ms Lole Women's Striking Top Beautiful color discount price Full range of specificationsWmns Nike Lunartempo 2 II Black White Womens Running Shoes Sneakers 818098-002 , NEW New Balance 996 Women's Size 7.5 D Width Shoes WR996CM , Sneakers and Athletic Keen Hush Knit Black/Gargoyle , New Womens Over Knee Thigh Boots Platform Wedge Heels Stitching Nightclub ShoesNWOB Fergalicious Boots By Fergie Womens Knee High Brown Ledge sz 8.5 Block Heel , Man's/Woman's Spring Step Women's Lucerne Boot Black economic Optimal price Cost-effective2019 Women Occident Pointy Toe Stilettos High Heels Rhinestone Over Knee BootsBottes model 46692 Heppin - Matter - Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Corso Como MENDY Black Patent Patent Leather 29979 Pumps 7393 Size Corso 8 M NEW! 493d6dd -

    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.

    Corso Como MENDY Black Patent Patent Leather 29979 Pumps 7393 Size Corso 8 M NEW! 493d6dd -

    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
    Corso Como MENDY Black Patent Patent Leather 29979 Pumps 7393 Size Corso 8 M NEW! 493d6dd