Never miss an update

Paul Andrew for J.Crew $450 Fringe High-Heel Sandals 6.5 Sandals Black mogochinese-29999 Suede Heels E1918 $450 cadbcd7

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: Logo on the footbed marked through to prevent retail returns. Shoes are new and unworn. Light scuffing on the soles see pictures.
Brand: Paul Andrew Heel Height: High (3 in. to 4.5 in.)
Style: Sandals Material: Suede
US Shoe Size (Women's): 6.5 Country/Region of Manufacture: Italy
Color: Black UPC: Does not apply
Never miss an update

Paul Andrew for J.Crew $450 Fringe High-Heel Sandals 6.5 Sandals Black mogochinese-29999 Suede Heels E1918 $450 cadbcd7 -

    Paul Andrew for J.Crew $450 Fringe High-Heel Sandals 6.5 Sandals Black mogochinese-29999 Suede Heels E1918 $450 cadbcd7
    Paul Andrew for J.Crew $450 Fringe High-Heel Sandals 6.5 Sandals Black mogochinese-29999 Suede Heels E1918 $450 cadbcd7
    Blue by Betsey Johnson Women's Sb-Eva Fashion Sneaker, Black Satin, 7 M US , Tory Burch Reva brown leather ballet flats shoes Sz 4.5 M Retail$225 Pre-ownedNEW WOB TALBOTS ESPADRILLES WEDGE SLINGBACK SIZE 9 1/2 B BLACK SOLID , Yves Saint Laurent black suede classic pumps in the box retail $225 6 US , bebe pink fushia sandals ankle cuff sparkle design 7 very sexyAdrienne Vittadini Women's Prestin Platform Pumps Merlot Red Size 7.5 MSpecial prices!! BNWT Genuine ZARA BLACK HIGH HEEL PLATFORM SANDAL US10 EU41 UK8 , 10 NEW Vince Camuto Bronze Fabric & Leather Platform ShoesWOMEN's FREDERICO LEONE LADIES PUMPS WHITE SATIN BRIDAL WEDDING SHOES size 7 , Eileen Fisher New Dory Gray Womens Shoes Size 7.5 M Heels MSRP $225 , naturalizer Gloria Pointed Toe Dress Pumps, Barley Leather, 7.5 W US , Cole Haan VIOLET AIR OT BOW Black Peep Toe Pump Heels 5.5B For Women Used , Women's Rockport Charis Pump Ocean Mamba Snake Leather US 9.5 M , Shoes Of Prey Women's Newsprint Leather Open Toe Heels Size 44 US 12Cole Haan Womens Mabelsam Pointed Toe SlingBack Classic Pumps, Tan, Size 6.0 , New Tsubo Gylda Snake women's shoes sz US 9Guess By Marciano Fawn Heel Sz 10 , Rochas Black SatinPeep Toe High Heel Womens Shoe Size 37 1/2Sexy silver 6" peep toe back zip ankle booties , Prada Black Patent Leather Silver-Tone Studded Ankle Strap Open Toe Pumps Size 7Jessica Simpson Women's Bansi Platform Pump, Nude, 5.5 M US , Stuart Weitzman NuNaked Argento Noir Evening Sandal Size 5M B2065Stella McCartney Gray Beige Vegan Pointed Toe Pumps Heels Size 37 US 7$500 Ralph Lauren Purple Label Collection Womens Pumps 6B Dark Brown EmbossedKaren MILLEN Womens Metallic Pearlized Leather Sandal PUmps Sz 38 225Vince Women's Aurelian D'orsay Pump Size 5 ($350 Original Price) , Badgley Mischka Caroline Embellished Ankle-Strap Chrome Satin Sandals 6.5 $109 , BCBG Max Azria Women's Valletta Black/White Size 10.0Pleaser INFINITY-909 Platforms Exotic Dancing Black Open Toe Ankle Strap Heels
    Paul Andrew for J.Crew $450 Fringe High-Heel Sandals 6.5 Sandals Black mogochinese-29999 Suede Heels E1918 $450 cadbcd7 ->Paul Andrew for J.Crew $450 Fringe High-Heel Sandals 6.5 Sandals Black mogochinese-29999 Suede Heels E1918 $450 cadbcd7 -
    Man's/Woman's Black Leather Stuart Weitzman Boots New market special promotion classic style , SUPPER BEAUTIFUL!!! Maison Martin Margiela 22 WOMEN ANKLE BOOTS US 8.5 , Ladies Hey Dude 'Ava' Lightweight Slip On Canvas ~ K , PETER MILLAR Womens Purple Leather Tassel Flats Sz 7 M - 231242NEW FitFlop ÜBERKNIT Slip-On Ballet Flats, White, Women Size 9, $100 NIB , Salvatore Ferragamo Women’s Beige Suede Penny Loafersflat shoes 8 B , Womens Pointy Toe Stilettos Eurpean Style Loafer Zip Ankle Boots High Heel Shoes , Kenneth Cole Katarina Black Womens Shoes Size 7.5 M Heels MSRP $160 , Bella Vita Danica Cutout Dress Pumps, Champagne Leather, 9.5 N USLADIES VAN DAL SUDBURY SLIP ON WEDGE HEEL SMART FORMAL CASUAL LEATHER SHOESLadies Irregular Choice Stage Left Party Bow Evening Courts Mid Heels All Sizes , Aquatalia by Marvin K. Women's Suzanne Dress SandalPUMA 36715401 Girls Rebel Mid Satin Sneaker 12.- Choose SZ/Color.Brooks x Atmos x Mila Owen Chariot "Pacific" NEW Size 12 Deadstock , ASICS Men's COMUTORA Running Shoes MID GREY/CARBON/WHITE Sz. 10 M NIBNew Balance 574 Sneaker Mens Shoes Trainers Black ml574vai ML574 Vai New , adidas Dame Lillard 4 Dame Time basketball shoes black NEW BW1518ADIDAS ORIGINALS NMD R1 PRIMEKNIT STLT SZ 10.5 CORE BLACK GREY PINK PK CQ2386 , Nike SB x Medicom Zoom Dunk Low Elite QS - CHOOSE SIZE - 877063-002 Bearbrick Lo , Nike Air Force 1 Mid Mens AQ8650-101 White Muted Bronze Leather Shoes Size 14 , Size 11 Men's Nike Air Jordan Retro 2 Low "Gym Red" 832819 606 Fashion Athletic , Gentleman/Lady Jordan Retro 10 Size 7 Various goods Let our products go to the world Beautiful and charming , NIKE AIR JORDAN 11 72-10 US UK7 8 9 10 11 12 +GS KIDS Black White 378037-002 , JR Rider signed autographed Converse dunkcontest game-worn shoes foam posit Nike , men's shoes DI MELLA 8 () loafers light blue suede AB997-C , ECCO Men's Cairo Apron Toe Slip-On Black/Black 46 EU/12-12.5 M USWomens MBT 400167-82 SPORT 2 ROCKER TONING WALKING SNEAKER SHOES SZ 8 M SW , Men/Women PINKO GEM 4 NEOPRENE/STRASS GREY SNEAKERS Crazy price Sufficient supply Shopping promotion , Man/Woman ADORE-1017RSFT Not so expensive Optimal price As of the latest model , Vince Camuto Women's Britsy Ankle Booties Black Multi/Black Size 9.5M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Paul Andrew for J.Crew $450 Fringe High-Heel Sandals 6.5 Sandals Black mogochinese-29999 Suede Heels E1918 $450 cadbcd7 -

    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.

    Paul Andrew for J.Crew $450 Fringe High-Heel Sandals 6.5 Sandals Black mogochinese-29999 Suede Heels E1918 $450 cadbcd7 -

    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
    Paul Andrew for J.Crew $450 Fringe High-Heel Sandals 6.5 Sandals Black mogochinese-29999 Suede Heels E1918 $450 cadbcd7