Never miss an update

La Women's Canadienne Halle Red Women's Low Heel Loafers Shoes Shoes Wine Red Patent Leather US 6 e3ee462

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
Model: La Canadienne Halle
Width: Medium (B, M) Country/Region of Manufacture: Canada
UK Shoe Size (Women's): UK 4 Style: Slip On, Low Heel, Loafers
Pattern: Solid Look: Loafers
EUR Shoe Size (Women's): EUR 36 Fastening: Slip On
Color: Red Wine Patent Leather Product Line: La Canadienne Halle
Occasion: Casual Heel Height: Low (3/4 in. to 1 1/2 in.)
Brand: La Canadienne US Shoe Size (Women's): US 6
Toe Type: Round Toe Material: Patent Leather Upper
Heel Type: Block UPC: 628994027218
Never miss an update

La Women's Canadienne Halle Red Women's Low Heel Loafers Shoes Shoes Wine Red Patent Leather US 6 e3ee462 -

    La Women's Canadienne Halle Red Women's Low Heel Loafers Shoes Shoes Wine Red Patent Leather US 6 e3ee462
    La Women's Canadienne Halle Red Women's Low Heel Loafers Shoes Shoes Wine Red Patent Leather US 6 e3ee462
    Women's Jeffrey Campbell Ruston Shoes Silver Pointed Toe Flats Size 8 M NEW! , Clarks Channing Ann Black Leather Lizard Embossed Slip On Shoes. Size 10 M , NEW DKNY Bobbi Classic Court Womens Sz 7 M Black Leather Slip On Sneakers , AGL Attilio Giusti Leombruni Metallic Gold Black Leather Ballet Flat 36.5 , PRADA Black Patent Leather Stretch Women Heels Shoes 8.5 38.5Vintage Camper 39 casual T strap Mary Jane style shoes White Leather , Clarks Black velvet slip on Loafers Sz 8.5 NWOBles p'tites bombes ballerines EDEN vernis Nude P37 neuves Aut/Hiv 2018/2019NWOB Frye Regina Brown Leather Pointed Toe Ballet Flats Shoes Women's Size 8.5M , New Dansko Red Patent Leather Clogs Shoes Size 35/5 M , ARIAT Womens Shoes Nursing Clogs Loafer Slip On Brown Leather 10 B , Bally Womens Brown Leather Loafers Size 38.5 US 8DR. COMFORT WOMENS PARADISE BLACK LEATHER SHOES 8.5M NEWDoc Dr Martens Air Wair Fitzrovia Tassel Loafer Canvas Leather Maroon 8 Free Shp , COCONUTS WOMEN'S TAN LEATHER CASUAL SHOES~ SIZE 10M~NWOB , Propét Propet Women's Erika Mary Jane Flat , Vtg Super Nice COLE HAAN Size 9B Brown Leather Mary Jane Fisherman ShoesRieker Women's Gold/Cream Polka Dot Slip On Mary Janes Size 41 /11 USKEEN Womens Oxford Sneaker Shoes Sz 8.5 Brown Leather Suede TextileORTHOFEET Orthotic CHATTANOOGA MARY JANE Gray Mesh Women's Size 8 XW , Man/Woman Tod's vintage silver loafer 7.5 Clever and practical Order welcome Different styles and styles , NEW J Crew Women Shoe Sz 8.5 Mary Jane Pump Heel Black Patent Leather Italy H , Dansko Professional Womens Sz 38 / 7.5 - 8 Black Tooled Embossed Leather Clogs , Stuart Weitzman Gaming Pimento Suede Sneaker Size 7M D2464/NEW - YOSI SAMRA. - SAMANTHA BALLET FLATS SZ. 7Arche Lilly Orange Flats Suede Nubuck Leather Womens Size US 10 (faded) , 7 M Nine West Women Palyla Synthetic Walking Shoe Sneakers White Sparkle Gold , Dansko Florence SF Women's Mary Jane Black Leather Upper Flats Size US 9 W (wideECCO Black Leather Slight Wedge Classic Loafer Sz 40 EU / 9.5US MINTY!
    La Women's Canadienne Halle Red Women's Low Heel Loafers Shoes Shoes Wine Red Patent Leather US 6 e3ee462 ->La Women's Canadienne Halle Red Women's Low Heel Loafers Shoes Shoes Wine Red Patent Leather US 6 e3ee462 -
    Naughty Monkey Womens Winter Boot- Pick SZ/Color. , AUTHENTIC LUXURY PRADA WEDGE HALF-BOOT 3TZ037 GREY NEW US 8.5 , Bearpaw Women's Boetis Chocolate II Winter BootsASICS MAN SPORTS SNEAKER SHOES LEATHER CODE GEL-LYTE III H627LWomens British Cow Leather Round Toe Slip on Chunky Heels Formal Work OL Shoes , Men's/Women's JOSEF SEIBEL LEATHER SPORT Exquisite (middle) workmanship Lush design Exquisite workmanshipMan's/Woman's Easy Spirit Women's Arysta Pump Guarantee quality and quantity Optimal price Reliable reputation , Guiseppe Zanotti Peep Toe Crocco Embossed Chestnut Brown Leather Pump, 37.5 , Circa Joan & David 8.5 M Voyeur Light Taupe Leather Heels NWOBRoman Gladiator Sandals High Heels Stilettos Big Size Party Women Pumps shoesLoeffler Randall Women's Carter (Kid Suede), Camel, 6 B USGentleman/Lady Nine West Womens Huebert- Pick SZ/Color. Economical and practical Selected materials Exquisite workmanship , NEW Franco Sarto 8 Slides Shoes Sandals Low Heels Slip Ons Creme Buckle LeatherEileen Fisher Women's Game Sneaker - Choose SZ/ColorSkechers 23064 Sport Womens Unity Transcend Fashion Sneaker- Choose SZ/Color. , Etnies Womens Scout XT Sneaker Navy/Pink Size 6.0 , NIB-Nike Incursion Mid Basketball/Casual Shoes Sz 9.5 , Asics Gel Diablo Birch/Birch HL7U0 0202 Men's SZ 11.5Nike Air Max Flair Men’s Running Training Shoes AH9711-001 Gray Size 11.5Nike Epic React Flyknit AQ0067-002 Men's Sizes US 8 ~ 13 / New in Box!Vans Vault Sk8 Hi Patchwork Green Camo Size 9.5 Used Supreme , Frye 2306 boots Men Size 9D Black 4R09707 , Mens Burgundy Tough Durable Rubber Sole Anti Slip Boots Shoes Elastic Size 85 , Skechers Men's Harsen Ortego LoaferI311TI Shark Urban boots made by Cuadra BootsCLASSIC Retro Italian Marco Delli PONY Hair & Leather Side Zip Boots 12 D $688 T , VANS Sk8 Hi (Speckle Jersey) Blue/True White High Top Skate WOMEN'S Size 8.5 , Vans shoes surf Maryland flag handmade Women's Size 8M Terps lacrosse EXCELLENTWL1980SA-481 New Balance Classics Womens WL1980 SneakerB (M)- Choose SZ/Color.SEYCHELLES FLORAL EMBROIDERED LEATHER UPPER COWGIRL BOOTS SZ 10 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    La Women's Canadienne Halle Red Women's Low Heel Loafers Shoes Shoes Wine Red Patent Leather US 6 e3ee462 -

    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.

    La Women's Canadienne Halle Red Women's Low Heel Loafers Shoes Shoes Wine Red Patent Leather US 6 e3ee462 -

    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
    La Women's Canadienne Halle Red Women's Low Heel Loafers Shoes Shoes Wine Red Patent Leather US 6 e3ee462