Never miss an update

Cabello Comfort 5986-60 Womens Leather Comfort 5986-60 Comfort Womens Sandals Made In Turkey 09773da

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Cabello Comfort
Colour: White MPN: 9068459845
EAN: Does Not Apply Shoe Type: Womens Sandals Shoes
Never miss an update

Cabello Comfort 5986-60 Womens Leather Comfort 5986-60 Comfort Womens Sandals Made In Turkey 09773da -

    Cabello Comfort 5986-60 Womens Leather Comfort 5986-60 Comfort Womens Sandals Made In Turkey 09773da
    Cabello Comfort 5986-60 Womens Leather Comfort 5986-60 Comfort Womens Sandals Made In Turkey 09773da
    Womens Hollow Out Gladiator Knee High Heel Boots Gladiator Sandals Roma ShoesNEW - Mara & Mine women's black suede scrappy summer sandals - AUS 8 , Birkenstock Boston EVA Female Clogs EVA Red Red , Mr/Ms Sanita - Yara Flex - Black Rich design Quality First Comfortable and naturalUnder Armour UA Threadborn Blur Lightweight Running Shoes Steel/Grey 3000098-101 , Men's/Women's Birkenstock Papillio Gizeh Texile Floral Bouquet Reasonable price modern Elegant and solemnMr/Ms Sanita - Yara Flex - Blue wholesale Ranked first in its class a wide variety of goods , Zara AU Women Leather crossover sandals 2641/301/020 , New Skechers Womens On The Go Luxe Comfortable Leather Thongs SandalsBirkenstock Birko-Flor GIZEH Graceful Toffee BNIB 845221Cabello Comfort 3015 Womens Leather Sandals Made In PortugalGentleman/Lady Riva Womens/Ladies Budino Leather Sandals (FS5026) High grade new fine , Men's/Women's Ladies Rieker Sporty Sandals 'L0577' High quality and cheap comfortability General productNew Pillows By Arkoo Cowra Womens Leather Supportive Comfort SandalsIgi&Co Sandals 1187533 Womens Shoes Copper Heels Made in Italy Comfort Fashion , Birkenstock BOSTON Black Limited Edition Color Leather Clog Sandals Mens WomensPapillio Florida Sandals - Leopardo Antique - Suede - NarrowGladiator Ladys 2019 Rhinestone Bling Strap Flip Flop Sandals Flat Zipper ShoesComfort slip on Sandals leather. Taos Shoes Prize 3 BlackNew Cabello Comfort T130 Womens Leather Comfort Sandals Made In SpainBirkenstock Mayari Fettleder Female Sandals Oiled Leather Black BlackCAR SHOE women shoes Black leather cork wedge sandal with two golden bucklesNew Lola Canales Glory Womens Comfortable Leather Sandals Made In Spain , Skechers Womens/Ladies On The Go 600 Flip Flop (FS5247) , 2018 Roma Womens RHINESTONE Sandals Chains Flip Flop Strap Flat Beach Shoes PLusSAINT LAURENT women shoes Black leather espadrillas slide sandal studs buckles , Versace 19.69 4014 NERO Sandals Women's Black AULex Kenneth Cole Shoes Fashion Beige Women NewCrocs SANDAL REALLY SEXI FLIP BLACK mod. BLACK
    Cabello Comfort 5986-60 Womens Leather Comfort 5986-60 Comfort Womens Sandals Made In Turkey 09773da ->Cabello Comfort 5986-60 Womens Leather Comfort 5986-60 Comfort Womens Sandals Made In Turkey 09773da -
    Chloe Brass Snap Button Black Leather Round Toe Knee HIgh Boots 36.5Vintage Salvatore Ferragamo SAKS FIFTH AVENUE TALL LEATHER BOOTS BROWN SZ 6.5M , Naturalizer Women's Cycle Boot Black Leather 8 M US , A.S.98 SAINTEC STOCKTON BLACK EMBELLISHED LEATHER WOMEN'S BOOTSFRYE Women's Carson Shortie Ankle Boot Black Washed Antique Pull Up 6 M USNaot Vistoso Ankle Bootie - NIB - Free ShippingMens Males Loafer Fashion Sneakers Casual Slip-on Shoes Brown Gray Tan 4508_VGKathmandu Strowan Women's Leather Vibram Sole Waterproof Hiking Walking ShoesNike Womens Air Max Sequent 2 Running Trainers 852465 Sneakers Shoes 600adidas Originals Superstar Bold Platform W White Gold Women Classic Shoes BA7666 , New Balance Women's WID627v2 Steel Toe Work Shoe Black/Purple Steel Toesergio rossi Lucite Heels Bronze 39.5Sam Edelman Women's Jillian Mule - Choose SZ/Color , A2 by Aerosoles Women's Power Yoga Slingback Sandal Black Snake Faux LeatherWomens Chacos Z/2 Toe Double Strap Size 9New Balance 410V5 Running Sneakers Womens Trail ShoesPrada Espadrille Mule Sandals W/Black Patent CrissCross Buckle Strap Size39 $600 , adidas Pureboost ZG Running SNEAKERS Men's US 14 inches Aq2928 , NIKE MENS CLASSIC CORTEZ NYLON 807472 011 BLACK WHITE LIFESTYLE SHOES Sz 12 , uhlsport Mens Kickschuh Legend FXG Soccer Cleats 7 Black Gold Football BootsSHOES SAUCONY SHADOW ORIGINAL VINTAGE - S70424-2 , Air Jordan 10 Retro Bulls Over Broad Street Sz 9 GREAT CONDITION , Bates Hot Weather Tactical Work Boots Olive E25502ATod's Men's Brown Black Suede Oxford Shoes UK8/US9 RTL$595 , NWB New Balance Women's W670V1 Running Shoe Size 8 M (US) Violet/Red , Nike Zoom Rivals XC Spike Track Shoes Purple Pink Teal 904717-503 Size 7 WomensWomen's Rhinestones Fashion Block High Heel Pointy Toe Ankle Boots Velvet ShoesWomen's Vogue High Stiletto Heel Mid Calf Rivet Riding Pointed Toe Boots Shoes , New Balance Women's WL555 Women's Only Casual Runn - Choose SZ/color , Kenneth Cole REACTION Women's Fridah Fly Boot Black 10 M US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Cabello Comfort 5986-60 Womens Leather Comfort 5986-60 Comfort Womens Sandals Made In Turkey 09773da -

    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.

    Cabello Comfort 5986-60 Womens Leather Comfort 5986-60 Comfort Womens Sandals Made In Turkey 09773da -

    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
    Cabello Comfort 5986-60 Womens Leather Comfort 5986-60 Comfort Womens Sandals Made In Turkey 09773da