Never miss an update

Lacoste mogochinese-29292 Rohini 5 AP AP SRW Pink Leather 29286 Shoes Genuine BNIB 1f0c8ee

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: Lacoste
Sole: Rubber Style: Trainers
Product ID: 7-29SRW0126124 Main Colour: Pink
Lining: Textile Upper Material: Leather
Never miss an update

Lacoste mogochinese-29292 Rohini 5 AP AP SRW Pink Leather 29286 Shoes Genuine BNIB 1f0c8ee -

    Lacoste mogochinese-29292 Rohini 5 AP AP SRW Pink Leather 29286 Shoes Genuine BNIB 1f0c8ee
    Lacoste mogochinese-29292 Rohini 5 AP AP SRW Pink Leather 29286 Shoes Genuine BNIB 1f0c8ee
    NEW Womens Party Shoes Tassel Leather Flats Slippers Fringe Sandals Sequins GoldWomen Rhinestone Pointy Toe Platform Flat Heel Slip On Loafer Casual Shoes SizeBallerines Merlet Noir Et Blanc T. 37 Et 39Hot Women Flats Ankle Sandals Boots Roman Flip Flops Thong Tassel Beach Shoes sz , Stylish Loafer Women's Pointy Toe Slip On Pearl Suede Black Falts Shoes US 4.5-8Genuine Leather Womens Round Toe Slip On Loafers Mules Sandals Moccasins SzLADIES SHOES/FOOTWEAR -CABELLO SHOE NAVY SIZE 39/8Women Suede Leather Flat Heel Bowknot Casual Shoes ballet Pointed Toe shoesNew Euro Women's Loafers Comfort Real Leather Casual Slip On Fashion Pumps ShoesWomens Casual Casual Pointed Toe Flats Oxfords Sandals Low Heels Shoes Fashion , Women Flats Open Toe Winter Buckle Warm Casual Slippers Mules Fur Indoor Shoes_h , Womens Casual Slip On Loafers Patent Leather Black Shoes Tassels Pumps Sizes 678 , womens square toes wedge high heel platform creepers oxford shoes chic new shoes , New Women's Flats Slip on Shallow Mouth Suede Round Toe Bowknot Fashion Shoes sz , Naturalizer Womens jaye Leather Closed Toe Ballet Flats , Square Toe Womens Suede Leather Metal Pearls Rabbit Fur Lined Oxfords Shoes SzWomens Plaid Gommino Casual Loafers Square Toe Flats Slip On Moccasins New Shoes , Women's Patent Leather Pearls Stylish OL Lady Flats Slip On work Shoes Size Us10Nine West Laguna Synthetic Ballet Flat Silver , Womens Creppers Wedge High Heel Platform Oxfords Floral Embroidery Shoes SpringWomens Moccasin Gommino Bowtie Embroidery Slip On Loafers Flats Pearls Shoes SzGentleman/Lady Trotters Womens Anastasia Almond Toe Loafers Fine processing Sufficient supply Seasonal promotionChic Womens Real Leather British Oxfords Slip on Loafers Casual Breathable Shoes , Womens Point Toe Cow Leather Metal Toe Flat Mules Slippers Loafers Shoes US Sz_b , BZ947 CROWN shoes blue textile leather women ballet flats , Womens Vogue Loafer Flats Square Toe Leather Slip On Shoes Pumps Bowknot Chic sz , BEAUTIFEEL ~ Black Round Toe Flat Shoes w Elastic Back Heels Rosettes Design 42 , Womens Sweet Girls Fur Round Toe Slip On Casual Sneakers Autumn Winter Shoes szSam Edelman Arina Slip On Black Croco Sandal Flats Sz 8 ,
    Lacoste mogochinese-29292 Rohini 5 AP AP SRW Pink Leather 29286 Shoes Genuine BNIB 1f0c8ee ->Lacoste mogochinese-29292 Rohini 5 AP AP SRW Pink Leather 29286 Shoes Genuine BNIB 1f0c8ee -
    Man's/Woman's Jessica Simpson Women's Royle Winter Boot durable Beautiful Exquisite workmanshipFRYE Dark Brown/Black Leather Tall Engineer Moto Buckle Boots US 7.5 M (A8)FRYE Womens Jenna Engineer Boot- Pick SZ/Color. , Furla Club Biker Black Womens Shoes Size 6.5 M Boots MSRP $425 , Luxury Rebel Lady Dee Black Leather Zip Up Mid-Calf Boots Womens Shoes Size 9 M , NIKE WOMENS FLEX RN PURE PLATINUM WHITE EQUATOR BLUE SHOES 2018 **FREE POST AUSTSUPERSOFT BY DIANA FERRARI VIERA WOMENS SHOES CASUAL SANDALS SZ 7 blackLadies Clarks Brogue Shoes Style - Netley RoseCantini & Cantini Firenze Ladies Slippers Clogs Sz. 40 Leather Shoes Np 105 NewNew Flex & Go Volume Womens Comfortable Low Heel Shoes Made In Portugal , Men's/Women's Cole Haan Women's Zerogrand Wing-Tip Oxford Strong heat and wear resistance stable quality Fair priceConverse Womens Chuck Taylor All Star HI Sneakers PRO-Vapor Pink/Pink Glow/Natur , Fashion Womens Party High Wedge Heels Slingbacks Suede Sandals Open Toes Shoes , NIB MARC BY MARC JACOBS GRAY SUEDE LEATHER FRINGS BUTTON LOGO PUMPS 38 $520Sam Edelman Odila Leather Ankle Strap Sandal Heel - Women's Size 5M, NudeNew Women's Mid Cuban Heel real Leather Roma Sandals Chunky Open Toe Shoes # , Brand New Nike Air Flight Lite Low Blue And White ShoesNew Balance 1550 NB1550 men lifestyle casual sneakers NEW red white ML1550-WR , Adidas yeezy boost 350 V2 Beluga BB1826 size 7.5 100% authenticAIR JORDAN 1 RETRO HIGH OG DSM 789747-401 Size 10New in Box - $120 K-Swiss Classic 66 Black/White Leather Sneaker Men's Size 9.5BIRKENSTOCK ARIZONA MEN FLIP FLOPS DOUBLE BUCKLE MOCCAConverse, 553394C, Women's, Chuck Taylor All Star Brea Leather & Fure - Black/BlMen/Women Poetic Licence Women's Whiplash Honey Leather Consumer first Online Preferred boutiqueLANVIN WOMENS LEATHER SNEAKERS , BLACK, SIZE 9EULUXURY PRADA SNEAKERS LEATHER SHOES 3E5793 BLACK NEW US 9 , Womens Fashion Winter Round Toe Wedge High Heels Platform Shoes High Boots Size , Womens MARGOS Vintage Brown Western Equestrian Riding Boots sz 7 Genuine LeatherNine West Sophisto Black Ankle Bootie Women Size 8.5 MWomens Fashion Transparent Zip knee high boots Chunky Heel Bootie Party Shoes T1
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Lacoste mogochinese-29292 Rohini 5 AP AP SRW Pink Leather 29286 Shoes Genuine BNIB 1f0c8ee -

    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.

    Lacoste mogochinese-29292 Rohini 5 AP AP SRW Pink Leather 29286 Shoes Genuine BNIB 1f0c8ee -

    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
    Lacoste mogochinese-29292 Rohini 5 AP AP SRW Pink Leather 29286 Shoes Genuine BNIB 1f0c8ee