Never miss an update

COLE 1/2" HAAN Heel 10 US/Euro 43.5 M 43.5 Womens Shoes Brown Leather Loafer 1/2" Heel Slip-on 8ab4fcb

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: Very Gently & Cared for with Little Signs of Wear - Really Pretty Shoes. Please see pictures for a complete description.
Style: Loafers EUR Shoe Size (Women's): EUR 41
Fastening: Slip On Color: Brown
US Shoe Size (Women's): US 10 Occasion: Casual
Heel Height: Flat (0 to 1/2 in.) Brand: Cole Haan
Material: Leather Toe Type: Moc Toe
Width: Medium (B, M) Heel Type: Block
Pattern: Textured UPC: Does not apply
Never miss an update

COLE 1/2" HAAN Heel 10 US/Euro 43.5 M 43.5 Womens Shoes Brown Leather Loafer 1/2" Heel Slip-on 8ab4fcb -

    COLE 1/2" HAAN Heel 10 US/Euro 43.5 M 43.5 Womens Shoes Brown Leather Loafer 1/2" Heel Slip-on 8ab4fcb
    COLE 1/2" HAAN Heel 10 US/Euro 43.5 M 43.5 Womens Shoes Brown Leather Loafer 1/2" Heel Slip-on 8ab4fcb
    Earth Kalso 7.5 Burgundy Slip On Flats Women's , Men's/Women's Beacon Terri Women's Slip On Economical and practical First grade in its class List of explosions , Superga 2750 Fancotu Fashion Sneakers Women's - Confetti Black White S00BPV0 901 , Brighton Heidi Red Leather Slides Slip On Clogs Mules Womens Size 8.5 M (B-23)WALDLAUFFER WOMENS LEATHER FLATS SIZE 8 WIDE TAN MADE IN HUNGARY21 Colors Womens Leather Stitching Colors Formal Dress Oxfords Wing Tip Shoes SZSAS Womens Size 6.5 Mules Buckle Clogs Brown Leather Slip OnSkechers Microburst All Mine Womens Memory Foam ShoesMen's/Women's Ellie Women's Majestic-431 Many styles the most economical comfortable , SANUK Cabrio Slip On Sandals in Gray Sz 7 NWT Sidewalk Surfer Shoes Flats CanvasDansko Kitty Mary Jane Clog Size 42 11.5-12 Brown Leather Buckle Nurse Shoe , NIB COLE HAAN Air Ballet Flats Leopard Print 7 7.5Badidas Tubular Defiant **NEW IN BOX RRP$169**Black/White Shimmer UK7/US/8.5/EU41Women's Handmade Flowers Canvas shoes Colorful Pearl Rhinestone Espadrille YouthFly London Black Pebbled Wedge Criss Cross Mary Janes Women's EURO 39 (US 8.5) , Crocs crocs Womens Flat- Select SZ/Color. , Superga 2750 FABRICNEBULOSITYW Sneakers Women's - White Red S00AXR0 977 , Splendid Footwear Womens NWB Breakwater Sand Casual Flats Shoes 10 MED NEW , Tod's Women’s Blue Leather Driving Loafers Shoes Flats Square Toe Italy Sz 8LIZ LISA - Enamel ballet shoes ( Japan kawaii lolita harajuku)Man/Woman Romika Mokassetta 279 Mule-Size 7 Rich design online shop Speed ​​refund , Skechers Ez Flex 3.0 Big Money Womens Memory Foam Slip On Casual Shoes , Jessica Simpson Murellia Nude Blush Crystal Satin Beaded Ballet Flat Size 8.5 , Sperry Top-Sider 10M NEW Womens Boat Shoes Gray Leather Oxfords 8374 , Clarks Un.Loop Leather Slip On Shoes, Women's Size 10M, NavyLacoste Women Flats Oxfords Marice 117 1 Caw Slip On Fashion Sneakers WhiteNew Think! Women's Black Suede Mary Jane Wedge Shoes Size 8/39 , Clarks Artisan Black Suede Daelyn Monarch Slip on Comfort Loafer Shoe 9W Sale , Dr. Scholls, Original Collection, Womens Vixen' Ballet Flat, Black, 6.5M
    COLE 1/2>COLE 1/2
    NEW!! Frye 'Jayden Button' Tall Riding Boot- Black/Brown- Size 6.5 B $425 (B38)Great Condition In Box Prada Milano Platform High Heel Boots Black size 8Euro 38AB745 HARMONT & BLAINE shoes white leather textile men sneakers E , Nike Jordan Hydro 7 VII Slide Sandals Black/University Red-Black AA2517-062 , OXYPAS WOMEN'S PROFESSIONAL FOOTWEAR ULTRALIGHT SALMA LILA , Arnaldo Toscani Shoes Women Sandals Green 87545 BDT ORIGINAL , NEW Dr. Martens Resnik Brogued Leather Zip Up Platform Women's Size 8 AW004 , Shellys London Laolla Leather Tan Mary Janes US 6, 36Skechers Women's D'Lites Snow Plaza Mid Calf Boot Black Comfort ShoesMen/Women Burberry shoes 37 Good design Attractive fashion a lot of varietiesNew Europe Spring Floral Womens High Heels Pointy Toe Stilettos Shoes sz Pumps , Sexy Stripper Dancer Shoes Silver Cutout Platform Glitter 6 1/2" Heels Sandals , Anne Klein 25025641 Womens Ileane Leather Heeled Sandal- Choose SZ/Color.Men/Women LOGAN Shoes 294334 GreyxBeige 36 Selling The highest quality material a wide variety of goods , DOLCE & GABBANA women shoes Family black leather round toe slip on , Saucony Caliber TR shoes size 9.5 brand new with tags and boxNIKE AIR JORDAN FLIGHT LUXE SZ 12 ANTRACITE GREY BLACK WHITE 919715 005 , Men's Polo Ralph Lauren Cantor Low Nylon Sneakers Shoes Navy 816164301899, NWT , Vans Half Cab Pro 25th Silver Men's Classic Skate Shoes Size 8 , Air Jordan 11 Retro Low Midnight Navy , Columbia Men's Peakfreak Venture Waterproof Wide Hiking Shoe - Choose SZ/Color , JORDAN FLIGHT FLEX TRAINER 2 MEN Size: 10.0 WOLF GREY BLACK RUNNING NEW RARE , Men's Nike Air Jordan XXXI 31 USA Olympic White Red Blue 845037-107 Size 16Deadstock Adidas NMD Consortium CS2 KITH NAKED New in Box US10,5 UK10 EU44,5 , Size 13 EE Men's Motorcycle Patrol BootsMens Brown Turtle Belly Print Western Cowboy Leather Team West Rodeo BootsMens Slip On Gold Metal Toe Floral Embroidery Shoes Casual Loafers Business ShoeCudas Women's Tsunami 2 Water Shoe1548 Golden Goose V-Star 2 Beige Cotton Suede Low Top Sneakers Women's Sz 35 MWomens Clear Ballet Super High Heel Stilettos Nightclub Shoes Knee High Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    COLE 1/2

    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.

    COLE 1/2" HAAN Heel 10 US/Euro 43.5 M 43.5 Womens Shoes Brown Leather Loafer 1/2" Heel Slip-on 8ab4fcb -

    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
    COLE 1/2" HAAN Heel 10 US/Euro 43.5 M 43.5 Womens Shoes Brown Leather Loafer 1/2" Heel Slip-on 8ab4fcb