Never miss an update

Alberto Fermani Lissandra Alberto 35.5 Over-the-Knee Over-the-Knee Boots Brown Suede Size 35.5 cda9b42

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: Albert Fermani
Heel Height: High (3 in. and Up) Style: Fashion - Over the Knee
Material: Suede US Shoe Size (Women's): 5.5
Country/Region of Manufacture: Italy Color: Brown
UPC: Does not apply
Never miss an update

Alberto Fermani Lissandra Alberto 35.5 Over-the-Knee Over-the-Knee Boots Brown Suede Size 35.5 cda9b42 -

    Alberto Fermani Lissandra Alberto 35.5 Over-the-Knee Over-the-Knee Boots Brown Suede Size 35.5 cda9b42
    Alberto Fermani Lissandra Alberto 35.5 Over-the-Knee Over-the-Knee Boots Brown Suede Size 35.5 cda9b42
    Guess Women's Sana Multi Material Chunky Heel Booties Size 5.5 , $225 GABOR Brown Suede Fur-Cuff Modern Granny Boots YOOX German Brand 4Franco Sarto Black Leather Riding Equestrian Women's 7.5 , New! Envy Swiss Vanilla & Dark Brown Tall Boot Size 7.5MLucky Brand Womens Basel Wheat Ankle Boots Size 7 MSofft Women's "Salem" Barley Suede Ankle Boots Size 11 M , DAN POST Brown Leather Snip Toe Cowboy Boots Womens Size 8.5 M Style DP3201 , New Sam Edelman Womens Pierce 2 Gray Riding Boots Size 6Marc Fisher Arianna Distressed Grey Suede Buckle Midcalf Moto Boots 6.5 NEWMARC FISHER Size 7M KIERRA Women's Dark Brown Pebbled Leather 1/2 Zip BootsJUSTFAB FAUX LEATHER QUILTED FLAT 1.25" HEEL INNER ZIP BUCKLES SWEATER CUFF , Gentleman/Lady VINCE CAMUTO SIGNATURE TARESA BOOT BLACK Wear resistant Carefully selected materials a lot of varieties , Clarks Womens Reunite Go GORE-TEX Leather Ankle BootNEW Clarks Avington Grace Ankle Boot, Black Suede, Women Size 7 M, $150Lane Bryant Boots 7 Wide 7W Tall Stretch Kitten Heel Cabernet NIBSteve Madden Candle Women US 8.5 Black Knee High Boot Pre Owned 1995 , Pre-Owned Vince Camuto Biker Stud Leather Faux Calf Hair Black S7 BootsMan/Woman Fossil grey wool booties Reasonable price Impeccable Speed ​​refundHarley Davidson Slip On Mid Calf Boots Size 7Macy's Style & Co Black Boots New In Box Size 8NEW Velvet Suede Black Over the knee BootsANNIE SHOES WOMENS "DENVER" KNEE-HIGH RIDING BOOT BLACK ANTIQUE US SZ 8 WIDE (W)Sporto® Natasha; Waterproof Suede and Leather Duck Boot, Merlot 7M , Corso Como Boots Brown Leather Riding Tall , Twisted X Dusty Distressed Leather Cowboy Boots Womens Size 9.5 B Style WWT0025 , Blowfish Batik Boots Womens Ankle Boots Mid Heel , Sporto® Natasha; Waterproof Suede and Leather Duck Boot, Winter White 9MMarc Fisher 7.5 Taupe Incept Medium Calf Leather Tall Shaft Womens Boots , Seychelles Womens 8.5 Brown Leather Ankle Boots
    Alberto Fermani Lissandra Alberto 35.5 Over-the-Knee Over-the-Knee Boots Brown Suede Size 35.5 cda9b42 ->Alberto Fermani Lissandra Alberto 35.5 Over-the-Knee Over-the-Knee Boots Brown Suede Size 35.5 cda9b42 -
    Dansko Womens Susan Ankle Bootie- Pick SZ/Color.Frye Dara Chelsea Ankle Boots Size 7 Whiskey Womens MSRP $298 , Cole Haan Niles Women's Brown Suede Bootie II Sz 11 3189 *Marc Fisher Tint4 Platform Peep Toe Pumps 830, Black Multi, 9 USBikkembergs Womens BKW102079 Slip On White Size 5 UK , Gentlemen/Ladies Dansko Womens Julia Flat- Pick SZ/Color. Packaging diversity special promotion List of explosionsECCO Women's Women's Felicia GTX Slip on, Black/Black, 40 EU/9-9.5 M US , Sam Edelman Women's Florence Ballet Flat - Choose SZ/Color , Cole Haan Air Jaycee Women's Open Toe Wedges Leather Heels Sandals PlatformsSCHUTZ Women's Cadey-Lee Dress Sandal - Choose SZ/Color , Hades Azure Platform Heel Black Goth Punk Metal Steampunk , New Manolo Blahnik BB Rela 105 Ruby Red Burgundy Black Brocade Suede Shoes 40.5Womens Leather Knot Peep Toe Ankle Strap Platform Chunky High Heels Party Sandal , Impo Womens taelyn Closed Toe Casual Ankle Strap Sandals Black Size 7.0 , SUPRA Method Mid Sneaker men's size 9 Dark Grey White NEWNotre Dame Fighting Irish Basketball Under Armour Clutchfit Drive Green Gold 8New Nike Air Huarache Wolf Grey White Purple Men Running Size 10.5 318429-024 , Brand New Adidas ultra boost all terrain - pure white size 9NIB Lands End Mens Winter Snow BootsWestern Mens Real Suede Leather Military Combat Zip Punk Shoes Mid Calf Boots , Nike MEN'S Lunar Force 1 FLYKNIT Workboot Deep Burgundy/Black SIZE 9.5 NEWPUMA Men's Roma Basic Sneaker White/Black Leather 11.5 D(M) USMen's European Leather Shoes Zota Formal Tuxedo Suede Checker HFD1-B1 Maroon , Cole Haan Womens Brianasam Low Top Slip On Fashion Sneakers, Violet, Size 6.0 , Naturalizer Women's Valerie Wedge Slingback Black Leather , NIKE WOMEN'S SZ 8 AIR MAX PLUS SLIP SP BLACK GOLD 940382 001 SUPER RARE , Brooks Women's Addiction Walker Walking Shoes White 8 DNew - Women's Nine West No Game Leather Mid Calf Boots Size 10 , Bar III Womens Night Closed Toe Over Knee Fashion Boots Black Size 9.0 P8VCKenneth Cole REACTION Women's Dot-Tation Ankle Bootie ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Alberto Fermani Lissandra Alberto 35.5 Over-the-Knee Over-the-Knee Boots Brown Suede Size 35.5 cda9b42 -

    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.

    Alberto Fermani Lissandra Alberto 35.5 Over-the-Knee Over-the-Knee Boots Brown Suede Size 35.5 cda9b42 -

    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
    Alberto Fermani Lissandra Alberto 35.5 Over-the-Knee Over-the-Knee Boots Brown Suede Size 35.5 cda9b42