Never miss an update

Bordello Women's Tempt Black 37 Black Platform Tempt Satin/Iridescent Rhinestones Platform Shoes cc5a2e8

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
Brand: Bordello
Color: Black Satin/Iridescent Rhinestones Style: 380234_809528
US Shoe Size (Women's): 6 M UPC: Does not apply
Never miss an update

Bordello Women's Tempt Black 37 Black Platform Tempt Satin/Iridescent Rhinestones Platform Shoes cc5a2e8 -

    Bordello Women's Tempt Black 37 Black Platform Tempt Satin/Iridescent Rhinestones Platform Shoes cc5a2e8
    Bordello Women's Tempt Black 37 Black Platform Tempt Satin/Iridescent Rhinestones Platform Shoes cc5a2e8
    Fabulicious Women's Belle 309 Ankle-Strap Sandal Black Faux Leather/Black Matte , Touch Ups Women's Tammy Silver Iridescent Loafers , Kaley Storm Patent / Rome patent , Ellie Women's Maryellen-451 Beige Patent PU Platform Shoes , Steve Madden Women's Stecy Sandal Natural Ankle Straps , Gentlemen/Ladies Propet Women's Adventure Light Gray/Lilac Sneakers Long-term reputation Medium cost Beautiful and charming , Dansko Professional Clog Patent Leather Size 39 , Ellie Women's Lady Jane-469 White Mary Janes , Aerosoles Women's Out Of Sight Mule Bone Nubuck Comfort Shoes , Life Stride Women's Sable Pump Black Smooth Classic ShoesPropet Women's Discover Slide Coral/Grey Comfort Shoesadidas Women's Adizero Adios W Running Shoe, - Choose SZ/colorWhite Mountain Women's Hana Mule Black Leather Clogs , Minnetonka Women's Thunderbird Soft Sole Smooth White Smooth Slip-on Shoes , Genuine Grip Footwear Women's Slip-Resistant Injection Black EVA , Nina Women's Culver Gold Royal Satin Open Toe Shoes , Pin Up Couture Women's Pleasure 02G Fuchsia Pearlized Glitter Patent LeatherAcorn Women's New Spa Thong Azalea Terry Cloth Vegan ShoesTeva Women's Freewheel Washed Canvas Plum Truffle Textile SneakersPin Up Couture Women's Bella 10 Fuchsia Sueded PU Platform Shoes , Propet Women's Madeline Chili Red Leather Slingbacks , Knapp Women's Allowance Sport Electrical Hazard Leather, Mesh, Rubber Work SneakPleaser Day & Night Women's Swan 601LP Tan Leather/Pony Hair Platform Shoes , Talbots Black Peep Toe Genuine Leather Comfort Shoe Women Size 7.5WAcorn Women's Moc Summerweight Pink Stripe Slip-on Shoes , Gentlemen/Ladies Propet Women's Scamper Taupe/Orange Comfort Shoes Fine workmanship At a lower price Excellent functionPropet Women's TravelWalker Slide Red Mesh SneakersPropet Women's Andie Bronco Brown Comfort Shoes , Bandolino Womens Omira Ankle Strap Wedge Sandal Navy Faux Suede Buckle Fastening ,
    Bordello Women's Tempt Black 37 Black Platform Tempt Satin/Iridescent Rhinestones Platform Shoes cc5a2e8 ->Bordello Women's Tempt Black 37 Black Platform Tempt Satin/Iridescent Rhinestones Platform Shoes cc5a2e8 -
    Roper Women's Chelly Western Boot, Brown, 8 D US , 37 & 37.5 NEW $1495 SAINT LAURENT Tan Suede BB 70 Over the Knee OTK Babies BOOTS , Man/Woman Corral Turqiouse Floral Embroidered "Dolly" Boot Not so expensive Elegant style Very good classification , YEEZY SEASON 4 by Kanye West WOMEN BAT STRETCH CANVAS MID-HEIGHT BOOTS KW3018058FRYE Women's Brown Suede Knee High Boots 3324 Sz 7 B , MACK Safety Boots Charge Steel Toe Cap TPU BlackWOMEN SHOES SEXY BLACK SUEDE OVER KNEE BOOTS 5.5CM PLATFORM STILETTO HEEL 14.5CMAdidas Originals NMD w PK R1 XR1 CS2 R2 Women’s US7 BNIBMr/Ms Fabulicious FLAPPER-01F Promotion delicate value , grace women's peep toe rhinestone garden cage heel sandals shoes wedding bridalGothic Women Madoka Kaname Cosplay High Heels Lolita Cross Strap Shoes Plus Size , Valentino Garavani Women's Blue Ankle Strap Kitten Heels Pumps Shoes US 7 IT 38 , New Alessandro Dell'Acqua Beige Satin Upper Shoes Size 36 US 6 , LORIBLU 9830 Brown Leather Strappy Sandals 38 / US 8 , Reebok Men's CL Leather HC Sneaker - Choose SZ/Color , Danner Men's Bull Run Moc Toe Steel Toe Work Boot , Supra "Factor" Shoes (Light Grey/Grey/White) Men's Skate Shoe SneakersJoseph Abboud Black Men's Loafer Dress Shoes Size US 12 NEWNew Mezlan Vicenza 7 M celery (1088) , Expressions 6757 Mens Royal Cobalt Blue Fancy Satin Tuxedo Dress Loafers Shoes , Man/Woman Hogan Casual Sneakers Women’s Size 7 Modern technology Win the praise of customers Elegant and stable packagingMizuno Wave Spark 3 Black Orange B Width Women Running Shoes K1GA180454 , NEW Women's Adidas Campus Shoes Color: Pink Size: 7.5 , Lacoste, 27SPW0155-DB4, Women, Marice LCR SPW CNV DK BLU/DK BLUNew Puma 189954-02 Speed 500 Ignite 2 Lapis Blue Women's Running Shoes 8.5 USAdidas Womens Ultra Boost ST Size 8.5 Indigo Orange Running Shoes Msrp $190Nike Wmns Air Max 95 OG Women New Sail Guava Ice Lifestyle Sneakers 307960-111HOGAN REBEL WOMEN'S SHOES HIGH TOP LEATHER TRAINERS SNEAKERS REBEL R182 GOLD A7A , Mr/Ms WOMENS CLARKS INGALLS DOVERQ BOOTS Queensland Online export store Current shapeRachel Roy Delia Riding Boot Size 6 $475
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Bordello Women's Tempt Black 37 Black Platform Tempt Satin/Iridescent Rhinestones Platform Shoes cc5a2e8 -

    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.

    Bordello Women's Tempt Black 37 Black Platform Tempt Satin/Iridescent Rhinestones Platform Shoes cc5a2e8 -

    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
    Bordello Women's Tempt Black 37 Black Platform Tempt Satin/Iridescent Rhinestones Platform Shoes cc5a2e8
    Comfort Shoes