Never miss an update

Stuart actionscreen-27926 Weitzman Bolshoi Ballet Navy Flats, Ballet Navy Antique Denim 5032a9c

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: Stuart Weitzman
Occasion: Casual Style: Ballet Flats
Pattern: Solid MPN: Bolshoi
Fastening: Slip On Width: Medium (B, M)
Toe Type: Round Toe Material: Synthetic
Heel Type: Block Heel Height: Flat (0 to 1/2 in.)
Shade: Navy Color: Blue
Never miss an update

Stuart actionscreen-27926 Weitzman Bolshoi Ballet Navy Flats, Ballet Navy Antique Denim 5032a9c -

    Stuart actionscreen-27926 Weitzman Bolshoi Ballet Navy Flats, Ballet Navy Antique Denim 5032a9c
    Stuart actionscreen-27926 Weitzman Bolshoi Ballet Navy Flats, Ballet Navy Antique Denim 5032a9c
    Miu Miu Black Suede Bow Toe Scrunch Ballet Flats Size 40 US New $660 , Marsell Navy Colteppa Flats 6.5 US, 36.5 Italy , NEW MANOLO BLAHNIK Fabuliso Tweed Leather Cognac Brown Pumps SHOES 37EUC Manolo Blahnik Black Bowling Shoes 37.5Luca Grossi 511 Blue Silver Suede / Leather Platform Pointy Shoes 36.5 / US 6.5Prada 3F5494 Viola Purple Suede Ballet Bow Flats ה Size 36 LAST PAIR! , NEW MANOLO BLAHNIK Teal green Leather Ankle Strap Sandals BB Heels SHOES 37AUTH Salvatore Ferragamo Women Rufina Bow Flat Shoes 6 , Frye Women’s Tan Ankle Strap Suede Flats Size Size 8B NewGianvito Rossi shoe Carmal suede Clog size 40 NewNEW PRADA Purple Suede Triangle Patch Ballet Flats - MSRP $540.00 , new $595 JIMMY CHOO Demi leopard PONY HAIR slip-on sneakers flats shoes 39.5 9.5Arche Nityka Womens Tan Suede Cutout Comfort Ballet Flats Size 41 , Stuart Weitzman Chicflat Women's Caramel Suede Almond Toe Flat Sz 9M 2548 , Stuart Weitzman New Relief Black Womens Shoes Size 8 M Flats MSRP $375Womens AQUATALIA PISTON black suede wedge loafers sz. 6$645 NEW MANOLO BLAHNIK Flats FORD Suede Driving Loafers Navy Blue SHOES 4 5 35F-938202 New Valentino Flats with Pink Feathers and Strap Marked 39.5 US 9.5 , New BRUNELLO CUCINELLI Gray Patent Leather Oxford Shoes Size 37/7 $1180Mally 6073 Black White Leather / Elastic Studded Oxford Shoes 40 / US 10 , NEW Santoni Shoes Size 9.5 Crocodile Sandals Brown Stiletto Heel - Retail $2495Laura Bellariva 9200 Gray Pebbled Leather / Fringe / Bow Shoes 38 / US 8 , TORY BURCH MARITIME ANKLE-WRAP BALLET FLAT Mult Sz MSRP: $250.00Christian Dior Ballet Flats Womens Shoes White Sz 40 Brand New Beautiful ShoesNEW RED VALENTINO Brown With Bow Leather Loafer Shoes Size 7 US 37 EUJIMMY CHOO WALSH BALLERINA FLAT SHOES 38/8 $495Mally 6265a Green Stamped Leather Pointy Toe Ballet Flats Moccasins 37 / US 7 , Loeffler Randall Women's Quin (Velvet/Sequin) Flat US 8M , Etre 1301 White Black Stitched Quilted Leather Padded Insole Flats 39.5 / US 9.5 ,
    Stuart actionscreen-27926 Weitzman Bolshoi Ballet Navy Flats, Ballet Navy Antique Denim 5032a9c ->Stuart actionscreen-27926 Weitzman Bolshoi Ballet Navy Flats, Ballet Navy Antique Denim 5032a9c -
    Harley-Davidson Women's Talley Ridge 7.25" Black D83878 Leather Motorcycle Boots , Jamyson Steve Madden Shoes Leather Brown Men NewSTEVEN by Steve Madden Welded Mid-Calf Stacked Heel Boots 346, Cognac, 6.5 USDansko Womens Professional Embroidered Oatmeal Earthybuck Leather Size 40 9.5 10 , Jack Rogers Size 9.5 Black Suede Ballet Flats New Womens ShoesWomen's Shoes Betsey Johnson AAVERY Classic Pumps Heels Suede BlushYSL Black VE Clear Plastic Cross Strappy Gold Logo Satin Platform Shoe Heel 39/9 , New sz 9.5 / 39.5 Jimmy Choo Karmel Black Crystal Mesh Point Toe Heel Pump Shoessz 7 New Loeffler Randall Sandals shoes multi-color Strappy flat womens , Womens Real Leather Warm Rabbit fur Mules Slip On Slippers Low Heel Formal ShoesMerrell Women's Siren Edge WP J37194 MonumentQuiksilver Men's Shorebreak Skate Shoe - Choose SZ/ColorAdidas Originals Seeley Mens G23706 Black/Black) Size 8.5Vans Old Skool Lite mens-boots Trainers Low Shoes skate-sneaker Skate NEW , Men's Nike VAPORMAX Plus Grape 924453-015 Sz 10 , Mens Brown Hanmade Leather Crocodile Alligator Belly Western Cowboy Boots , Mark Nason Los Angeles Men's Kimball Dress Shoe - Choose SZ/color , Dickies Men's Javelin Inside Zip Military and Tactical Boot - Choose SZ/Color , Danner Men's Super Rain Forest Uninsulated Work Boot , Rockport Men's World Tour Classic Chocolate Chip New in the Box at a Great Price , Sandro Moscoloni Size 9.5 Black Dress Shoe Men'sNIB Tommy Bahama Men's Dress Shoes Relax Suede Buck and A Half Size 10.5 MNew Balance WRT580JB Wedge Trainers 464, Grey, 6.5 US , New Balance AM210VBK D Black & White Leather Lifestyle Shoes Sneakers 2018 NBWomens Nike Air Max 90 Running Shoes Size 7 Grey Gold Yellow White 325213 039 , Nike Wmns Air Max Plus QS / SE / TN Women Classic Running Shoes Sneakers Pick 1NIKE WMNS AIR HUARACHE RUN PRM TXT AA0523 200 ELM/METALLIC RED BRONZE/WHITE , Saucony Women's Breakthru 2 Running Shoe - Choose SZ/ColorMr/Ms New Balance 373 Womens Sneakers Black feature Fine art List of explosionsWomen's Stilettos Heel shoes Round toe Strappy Punk Casual Fashion Ankle boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Stuart actionscreen-27926 Weitzman Bolshoi Ballet Navy Flats, Ballet Navy Antique Denim 5032a9c -

    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.

    Stuart actionscreen-27926 Weitzman Bolshoi Ballet Navy Flats, Ballet Navy Antique Denim 5032a9c -

    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
    Stuart actionscreen-27926 Weitzman Bolshoi Ballet Navy Flats, Ballet Navy Antique Denim 5032a9c