Never miss an update

$550 Roger Vivier Gommette Size Burgundy 29979 Buckle 7 Flats Size 37 US 7 661b248

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: indoors 1x
Fastening: Buckle Brand: Roger Vivier
Style: Ballerinas Color: Red
Material: Suede Heel Height: Flat (0 to 1/2 in.)
US Shoe Size (Women's): US 7 Country/Region of Manufacture: Italy
Never miss an update

$550 Roger Vivier Gommette Size Burgundy 29979 Buckle 7 Flats Size 37 US 7 661b248 -

    $550 Roger Vivier Gommette Size Burgundy 29979 Buckle 7 Flats Size 37 US 7 661b248
    $550 Roger Vivier Gommette Size Burgundy 29979 Buckle 7 Flats Size 37 US 7 661b248
    GRENSON UK6 Black Juno Leather Platform Loafers Creepers US 8.5 NEWNew Manolo Blahnik Ballerimu Leather Bow Mules Flats Shoe Turquoise 39 40.5 41.5Salvatore Ferragamo Black Quilted Leather "Rufina" Flats SZ 6Salvatore Ferragamo Mason Tonal Hardware Gancio Bit Loafers Pacific Blue 7.5 B , Men/Women Red Valentino Leisured Leather Slide Sandal Beautiful color Low price Vintage tide shoes , BRAND NEW IN BOX BURBERRY Ballerina Flats Bridle Housecheck Falcony 36 36.5 37 , Gibellieri 11b Lilac / Yellow Leather Pointed Toe Shoes Mules 37 / US 7 , Saint Laurent Paris 10 Decolette Ballerina Flats Shoes Camouflage Sable 38.5 8.5 , NEW PRADA LADIES BLACK LEATHER TESSUTO COMFY ZIP ANKLE BOOTS SHOES 36 , TORY BURCH MINNIE TRAVEL PRINTED LEATHER BALLET FLAT, US 7.5 Nantucket Red Multi , Rachel Comey Womens Simone Sweetheart Wedge Mules Shoes Brown Velvet Size 10 New , Salvatore Ferragamo 7 B Black Leather Buckle Flats Shoes NIB 1242-20-51018 , Saint Laurent Paris 10 Decolette Ballerina Flats Shoes Camouflage Sable 36.5 6.5Celine "Navy" Blue Pony Hair & Suede Slip On Flats SZ 38.5NWOB Brunello Cucinelli Glitter Leather Monili Bead Loafer Espadrille37/7US A186 , CUTE! Women's $450 Stubbs and Wootton Black Velvet "I DO" Slippers Loafers Shoes , Finn Women's Andrews Leather Comfort Shoes Black Montana 6002-060099CUTE! Women's $450 Stubbs and Wootton Blue Canvas "LINES" Slippers Loafers Shoes , Stuart Weitzman - Giftwrap Bow Tie Suede Slides - Color Pimento - Size 8.5 , BRAND NEW Women Patent Learher Tod’s Size 9.5 , MIU MIU Brown patent leather jeweled heel ballet flats size 8.5 US 38.5 EU , NEW Tod’s Womens 10.5 Burgundy Patent Leather Driving Moccasin Loafers Vibram$625 Jimmy Choo Weber Black Gold Metallic Woven Ballet Flats Shoes 40 10 fit 9.5 , CHURCH'S ENGLISH SHOES WOMEN BLACK LEATHER OXFORDS BROGUE WINGTIPS. CLASSIC SZ 9 , new $550 Giuseppe ZANOTTI dark brown STUDDED jeweled thong mules flats shoes , Charlotte Olympia Women's Kitty Embroidered Velvet Mules (Women 36EU/6US) , Paul Mayer Cozy Leopard Print Black Cap Toe Ballet Flats , NIB AUTH Prada Radzimir Espadrille Striped Logo Bow 38 Flat Brown Cap toe Shoe , NIB Tory Burch Minnie Travel Ballet Flats $228.00 ,
    $550 Roger Vivier Gommette Size Burgundy 29979 Buckle 7 Flats Size 37 US 7 661b248 ->$550 Roger Vivier Gommette Size Burgundy 29979 Buckle 7 Flats Size 37 US 7 661b248 -
    Women Leather Floral Buckles Rivets Low Block Heel Shoes Mid-calf Riding Boots , BLACK OR RED LATEX RUBBER BALLET BOOTS SIZE 10-16 HEEL-8,5' - POLAND FS1027$798 Stuart Weitzman HILINE Topo Suede Over The Knee Boots 9.5 / 39.5 HIGHLANDNew Balance WR996HR D Wide Black White Women Running Shoes Sneakers WR996HRDChic Womens Pointed Toe Pumps Stilettos Court Wedding Shoes High Heel Plus Size , NEW! Charles Jourdan Braided Leather Heels Sandals Pumps Sz 10 white brown. , Pleaser Women's Sexy-20/W Pump - Choose SZ/Color , Stuart Weitzman SHOES HIGH HEELS LOAFERS SOLID Black Pumps slip ons Size 8.5Fabulicious Women's Clearly 426 T-Strap Sandal Clear Silver Metallic PU Size 9 , Christian Louboutin Multicolor Leather & Pony Hair "Trotolita" Sandals SZ 39.5Nike SB Zoom Air • Stefan Janoski Premium Digi Floral Camo Mens 11 482972-904 , ASICS Mens Sonicsprint Elite Track Shoes w 6mm Spikes Orange / Black 13 MNIKE Air Jordan Force 3 AJF3 White / Red Basketball Shoe 323626-161 men's 10.5 , Patrick Ewing Sneakers Black And White New With Tags Size 5 1EW90014-011 , Men's Air Jordan 1 Low Basketball Shoe 553558-005Nike Air Jordan 4 PO Mens Basketball Trainers 819163 602 Sneakers , Adidas Ultra Boost ST M 'Mystery Blue' New (10US) pure NMD max 90 men trainingMen's Nike Free Inneva Woven ll SP Running Shoes Blue/Ice 813040 440 Sz 8New Nike Lebron XIV MAG Marty Mcfly Back to the Future [852405-005] Sz 9.5 , Gentlemen/Ladies Vintage Tommy Hilfiger Sandal Sneakers Adequate supply and timely delivery Highly praised and appreciated by the consumer audience Valuable boutique , Men's Lanvin Fashion Sneakers Black Suede Size 8 , Chic Men Business Wedding Formal Pointed Toe Block Heel Leather Snake Skin Shoes , Teva Freewheel W's-W Womens Sneaker- Choose SZ/Color.PUMA 35546250 Womens Suede Classic Wn- Choose SZ/Color. , Bogs Classic Mid Handle Boot - Women'sadidas Women's Crazytrain Pro W Cross Trainer - Choose SZ/Color , Nike WMNS Women’s Metcon 3 MTLC Size 7 US Black Training Shoes , Nike Air Jordan 5 Retro GS BG White Silver Black Womens Girls Boys 440888 130 , Sexy Ladies Stripe Leather Stilettos High Heels Shoes Women Ankle Boots ZipHot Sale Womens Buckle Ankle Boot Ladies Roma Gladiator Punk Low Heel Shoes Size ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    $550 Roger Vivier Gommette Size Burgundy 29979 Buckle 7 Flats Size 37 US 7 661b248 -

    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.

    $550 Roger Vivier Gommette Size Burgundy 29979 Buckle 7 Flats Size 37 US 7 661b248 -

    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
    $550 Roger Vivier Gommette Size Burgundy 29979 Buckle 7 Flats Size 37 US 7 661b248