Never miss an update

ballerines silver NEUVE/BOITE argenté mogochinese-29514 GOLDEN GOOSE BALLERINA size 39,5 NEUVE size/BOITE val 59fe25c

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
Marque: golden goose
Couleur: Argenté Pointure: 39,5
Matière: Cuir verni EAN: Non applicable
Never miss an update

ballerines silver NEUVE/BOITE argenté mogochinese-29514 GOLDEN GOOSE BALLERINA size 39,5 NEUVE size/BOITE val 59fe25c -

    ballerines silver NEUVE/BOITE argenté mogochinese-29514 GOLDEN GOOSE BALLERINA size 39,5 NEUVE size/BOITE val 59fe25c
    ballerines silver NEUVE/BOITE argenté mogochinese-29514 GOLDEN GOOSE BALLERINA size 39,5 NEUVE size/BOITE val 59fe25c
    TOD'S Embossed Leather Mauve Loafers Size 37 , AC997 MBT shoes black leather patent leather women moccasins , AB420 MOMA shoes brown white leather women moccasins , AC877 MBT shoes burgundy suede women ballet flatsVersace 19.69 292046 CAM BLUETTE-BORCHIE ballerina shoes Women's Multicolor US , Andrew Charles 4150003 CAPRETTO MALABAR ORANGE ballerina shoes Women's Orange US , women's shoes MBT 5 / 5,5 () sllip on loafers black suede textile BT99-36BT29 MBT shoes black patent leather leather women ballet flatsAC277 MBT shoes green patent leather leather women ballet flatsVersace 19.69 292046 CAM NERO-BORCHIE ballerina shoes Women's Multicolor USVersace 19.69 7502 SOFTY PICASSO Loafers Women's Yellow USLeather Mules, Black Mules with feather, "DUCHESS" Red feather, Decorated shoes,BZ88 CESARE PACIOTTI 4US shoes black silver leather studs women slip on E , Versace 19.69 7618 SOFTY PARME Loafers Women's Lilac USMISSONI JELLY BALLET FLATS SHOES BNWT US 6 PERFECT GIFT BNWT , women's shoes MBT 6 / 6,5 () flats black leather dynamic BT134-37MIU MIU Blue Leather Ballet Flats Round Toe Block Heel Ballerinas Shoes US 6.5 , Authentic Salvatore Ferragamo Beige Leather VARA ribbon pumps 5 1/2CLOOK****Gorgeous and elegant- FINN COMFORT 7 US (4 1/2 UK), womens L-44Man's/Woman's PELLICO Shoes 914765 BlackxMulticolor 35 Beautiful color First grade in its class Explosive good goods , Versace 19.69 7647 SOFTY APPIA Loafers Women's Dark Red US , women's shoes MOMA 7 () elegant black leather BT151-37 , AC582 MBT shoes brown suede textile women moccasinsBY719 MBT shoes brown nabuk fur womenDT48-C MBT shoes pink nabuk women moccasins 7 - 7.5 ()BOTTEGA VENETA Shoes 613160 GreyxBeige 37 1/2 , Tod's XXW0HI095402BXB001 ballerina shoes Women's Multicolor USwomen's shoes MBT 6 / 6,5 () flats black leather dynamic BT135-37Tod's XXW0HI069603ZJ4851 ballerina shoes Women's Purple US
    ballerines silver NEUVE/BOITE argenté mogochinese-29514 GOLDEN GOOSE BALLERINA size 39,5 NEUVE size/BOITE val 59fe25c ->ballerines silver NEUVE/BOITE argenté mogochinese-29514 GOLDEN GOOSE BALLERINA size 39,5 NEUVE size/BOITE val 59fe25c -
    Muck Boot Womens Arctic Weekend Brown/Black Size-11 Mid Winter Boot BRAND NEW , PAUL GREEN Ava Women Boot (5.5M, Brown)Milwaukee Leather Women's 14" Purple Accent Lacing Boot - Square Toe Black , Jewel Badgley Mischka Womens Cabella Ballet Flat- Pick SZ/Color. , HAUTE VINCE CAMUTO SAKS BROWN SNAKE PRINT LEATHER PLATFORM 7.5 , MEPHISTO Helen Sandals Bronze Star US 8.5 - 9 EURO 39 , Manolo Blahnik 40 High Heels closed toe Salmon Color Pumps ShoesPedro Garcia Women 42 US 12 Nude Tan Leather Heel Sandal Lasercut Slingback , MIU MIU 36 BRONZE LEATHER FLAPPER PUMPS HEELS SHOES made in Italy , Mid Comfort Chunky Heel Side Zipper Punk Motorcycle Hollow Women Shoes British , ARIAT Brown Leather Open Toe Wedge Platform Sandals Shoes Women's Size 9.5B , Nike Dunk High Basketball Sneakers Shoes Hyper Red Grey Men 13 New With Box Gym , SZ 7.5 Men's Reebok BD2902 Instapump Feline Fury Pump Limited EDT x SBTG Insta , Man/Woman balenciaga triple s 42 Trainer Fine workmanship Order welcome Shopping promotionMr/Ms KOBE A.D. NXT US11 Exquisite (middle) workmanship Let our goods go to the world Clearance sale , Lacoste Men's Bayliss Vulc 317 3, Dark Green/White, 13 M USNEW VANS Sk8 Hi Glitter Skate Shoe Silver Black Size High Top Sparkle 9 M 10.5 WCole Haan Men's Black Leather Kiltie Moc Tie Buckle Loafer Size 13 E , La Milano Cognac Gold Burnished Calfskin Leather Cap Toe Double Monk Strap Shoes , New Balance 515 Precious Metals Women's ShoesSkechers Women's Go Walk Evolution Ultra-15727 Sneaker , Nike Air Presto Essential Ultra Breathe Pale Gray/White 896277-001 Size 8 Womens , Nike Metcon DSX Flyknit 2 Women Training Shoes College Navy Sneakers 924595-404 , PUMA Women's Enzo Premium Mesh Wn Sneaker, - Choose SZ/ColorNike Air Zoom Fearless Flyknit Womens 850426-101 Melon Running Shoes Size 10.5WOMENS NEW BALANCE W990MS4 MADE IN THE USA MINERAL SAGE/SEAFOAMSkechers Women's Synergy 2.0-Mirror Image Fashion - Choose SZ/colorVintage Womens Chunky High Heel Ankle Boots Square Toe Slip On Knight Shoes NewBORN BOC Brown Leather Knee High Boots Excellent 6 Career Casual Exposed ZipperSkechers Womens Keepsakes-Freezing Temps faux fur Boot- Pick SZ/Color. ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    ballerines silver NEUVE/BOITE argenté mogochinese-29514 GOLDEN GOOSE BALLERINA size 39,5 NEUVE size/BOITE val 59fe25c -

    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.

    ballerines silver NEUVE/BOITE argenté mogochinese-29514 GOLDEN GOOSE BALLERINA size 39,5 NEUVE size/BOITE val 59fe25c -

    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
    ballerines silver NEUVE/BOITE argenté mogochinese-29514 GOLDEN GOOSE BALLERINA size 39,5 NEUVE size/BOITE val 59fe25c