Never miss an update

Women 29982 Burlee Sheepskin Sheepskin Designer Slipper Chestnut Made In Australia Australia 100% Original 29ccaa0

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
Style: Scuffs & Mules
Width: Medium (B, M) Brand: Burlee
Color: Chestnut Heel Height: Low (3/4 in. to 1 1/2 in.)
Country/Region of Manufacture: Australia Material: sheepskin
Never miss an update

Women 29982 Burlee Sheepskin Sheepskin Designer Slipper Chestnut Made In Australia Australia 100% Original 29ccaa0 -

    Women 29982 Burlee Sheepskin Sheepskin Designer Slipper Chestnut Made In Australia Australia 100% Original 29ccaa0
    Women 29982 Burlee Sheepskin Sheepskin Designer Slipper Chestnut Made In Australia Australia 100% Original 29ccaa0
    Haflinger CR FLETCHER Womens Fletcher Flat- Choose SZ/Color. , Haflinger Women's at Tahoe Slip on Slipper - Choose SZ/ColorHaflinger Women's Lizzy Boiled Wool Slippers - NIB - Multiple Sizes & ColorsHAFLINGER Everest Classic 38/L 7 New! Ziegelrot , Marc Jacobs Velvet Embroidery Women's Fur Lined Slippers Loafer Shoes 40.5Jack Rogers Women's Lauren Black Leather Slides , Soludos - Women's Ibiza Embroidered Smoking Slipper - Midnight Blue , Gentlemen/Ladies Old Friend Footwear - Womens Size:6 flagship store Strong value Fine wildFlat Comfortiva Posie - Soft Spots Black Distressed Foil Suede , Victoria's Secret Pink Gray White Fuchsia Slippers Eye Mask Mug Cozy Gift Set *L , Sonora Women's Shoes Closed - SNE101272LB | Made in Italy | Black Pink , BIRKENSTOCK WOMEN'S FLIP FLOPS ARIZONA MAGIC SNAKE BLACK GOLD KHAKI WHITENWT EMU Amity Australia Rose Gold Metallic Slippers-US Size 7MAHABIS Classic Convertible Indoor/Outdoor Wool SLIPPER / US 9JEFFREY CAMPBELL WOMAN CLASSIC FRANCESINA SHOES WITH WEDGE CODE JC23578 DUBLIN , Scottish Terrier Dog Print Slip Ons For Women-Express Shipping , Crocs Capri V Deco Flip W Lapis , Birkenstock Bartlett Ladies LackLeather Sawtooth Womens Shoes High-Top Sneaker , BOBS from Skechers 34429 Womens Super Plush-Gritty Knitty FlatHaflinger Unisex GZL Clog - Choose SZ/Color2017 New Womens PATENTE Leather Slippers Casual Rhinestone Slip On Sandals ShoesBIRKENSTOCK WOMEN'S/MEN'S SLIPPERS BOSTON PULL UP ANTHRACITE VEGGentleman/Lady Giesswein Women's Meadow Slipper fashion New in stock uniqueHaflinger Womens AT Storm Flat- Pick SZ/Color. , Man's/Woman's Slippers plush "Koala" Moderate price Strong value buy onlineMen's/Women's SoftMoc Women's 131075 Rubber Sole Moccasin High-quality Brand German Outlets , WINDSORSMITH WOMAN CLASSIC BUSINESS DERBY SHOES WITH WEDGE LEATHER CODE FAMEWomen's Satin Slip On Bowknot Pointed Toe Vintage Elegant Slippers Kitten HeelsOld Friend Women's Bella Black Sheepskin Slippers ,
    Women 29982 Burlee Sheepskin Sheepskin Designer Slipper Chestnut Made In Australia Australia 100% Original 29ccaa0 ->Women 29982 Burlee Sheepskin Sheepskin Designer Slipper Chestnut Made In Australia Australia 100% Original 29ccaa0 -
    El Naturalista Women's Colibri N472 Boot - Choose SZ/Color , Jessica Simpson Women's Darbey Chelsea Boot, Slater Taupe, 6 M US , Alexander Wang Dewi Gray Leather Flat Ankle Boots US 8.5 Booties , LADIES WOMENS CLARKS CAROUSEL RIDE NATURAL RIDE COMFORTABLE FLATS WORK SHOES , Womens Fly London Mes 2 Rug Blue Leather Mid Calf Boots SizeBirkenstock Sydney Birko-flor Narrow Fit Womens Coral Synthetic Sandals , J Crew Metallic Penny Loafers 5.5 B6922 Metallic Graphite Flats Womens ShoesStuart Weitzman Women's Shoes Size 7 1/2M Black Suede , ky837 CAR SHOE shoes black patent leather women moccasins , Womens Vagabond Tia Cut Out Leather Fashion Lightweight Beach Sandals US 5.5-10 , Walking Cradles Women's Kinley Loafer - Choose SZ/ColorMen/Women GALA-01SD Not so expensive Sufficient supply Non-slip , Women Stilettos Shiny Pumps Shoes Platform Super High Heel Trendy Wedding PartyNicole Miller Women's Maiden-NM Pump Ivory Satin Size 8.0Adidas SAMBA Marijuana HEMP Soles MINT Size 14 , JORDAN FLIGHT RUNNER 2 <715572-603> Men Running Shoes ,INFRARED 23 New with BoxNike KD VI 6 Meteorology Size 11 100% Authentic Kevin Durant , New Balance 247 Luxe Pack Green Grey Revlite Sz 9.5 MRL247RT , Nunn Bush Men's Sparta Cap Toe Oxford Brown Leather OxfordsMENS ASICS Gel Pulse 10 Mens Blue RUNNING/FITNESS/SNEAKERS/TRAINING/RUNNER SHOESVans OG Old Skool LX "Undercover" - VN0A36C8NTIMagnanni Sean Cognac Chelsea Boot size 11 US (18596-6) B58Mens Spike Rivet Leather Rivet Oxford Style Loafer Pull On Casual Dress Shoes , Converse All Star Black White Sneaker Shoes Unisex Men 10 Woman 12 Canvas Solid , Men's Italian Casual Shoes Leather , Size 8.5 , Color Brown , Stacy Adams Men's Farren slip-on leather Black Shoes 20116-001 , Reebok Women's F/S Hi Fbt Walking ShoeWMNS VIBRAM FIVEFINGERS W343 BIKILA MAGENTA / ORANGE / GREY VIBRAM SIZE 37 6 USWomens size 7.5 Asics GT 1000 3 GTX Gortex waterproof running outdoorsNew Dr. Martens 1460 brocade velvet boots. SzUS10(UK8). RT$140. ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Women 29982 Burlee Sheepskin Sheepskin Designer Slipper Chestnut Made In Australia Australia 100% Original 29ccaa0 -

    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.

    Women 29982 Burlee Sheepskin Sheepskin Designer Slipper Chestnut Made In Australia Australia 100% Original 29ccaa0 -

    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
    Women 29982 Burlee Sheepskin Sheepskin Designer Slipper Chestnut Made In Australia Australia 100% Original 29ccaa0