Never miss an update

La Womens Redoute Collections Womens La High-Heeled Leather V-Cut V-Cut Ankle Boots 68df53b

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: La Redoute Collections
Color: Black Style: Boots
Heel Type: Med (1 3/4 in. to 2 3/4 in.) MPN: 350109837
Type: Boots Width: Medium
Never miss an update

La Womens Redoute Collections Womens La High-Heeled Leather V-Cut V-Cut Ankle Boots 68df53b -

    La Womens Redoute Collections Womens La High-Heeled Leather V-Cut V-Cut Ankle Boots 68df53b
    La Womens Redoute Collections Womens La High-Heeled Leather V-Cut V-Cut Ankle Boots 68df53b
    Man's/Woman's NEW ZINDA WOMENS ANKLE BOOTS The color is very eye-catching New products in 2018 unique , Tahari Tabor Pointed-Toe Dress Boots 397, Black, 6 USMan's/Woman's NEW WHAT FOR WOMENS ANKLE BOOTS Practical and economical a variety of At an affordable priceTahari Tabor Pointed-Toe Dress Boots 050, Black, 8 USRockport Total Motion Lynix Pointed Toe Booties 153, Black, 8.5 W US , Mr/Ms NEW WHAT FOR WOMENS ANKLE BOOTS Quality queen Preferred material Seasonal hot sale , NEW KARL LAGERFELD Black Leather Boots EU40Man's/Woman's Naturalizer Westing in BLACK Quality products Year-end sale Comfortable and natural , Man's/Woman's NEW WHAT FOR WOMENS ANKLE BOOTS Comfortable feeling Clearance King of the crowd , Calvin Klein Felda Block Heel Ankle Boots 447, Black, 6 US / 36 EU , Clarks Maypearl Tulsa Ankle Booties 853, Black, 7.5 US / 38 EU , Man's/Woman's NEW WHAT FOR WOMENS ANKLE BOOTS sell Preferred material Modern mode , Calvin Klein Taylin Knee-High Boots 507, Black, 10 USB.O.C. Born Concept Barbana Wide Calf Riding Boots 861, Black, 6 US / 36.5 EUAerosoles Square Foot Knee-High Boots 721, Dark Tan Suede, 7.5 US , Gentleman/Lady NEW PALOMA BARCELÓ WOMENS ANKLE BOOTS Various goods luxurious unique , Lucky Brand Ramses Ankle Boots, Black Suede, 7 US / 37 EUDenim & Supply Ralph Lauren Darcie Fringe Wedge Boots, Black Suede, 5 US / 36 EU , Men/Women NEW EYE WOMENS ANKLE BOOTS use Cheaper than the price negotiationBearpaw Boetis II Fur Calf Winter Boots 177, White, 5 US / 36 EU , Steve Madden Brisk Stretch Ankle Booties, Navy Velvet, 7.5 USMan/Woman NEW DOLFIE WOMENS ANKLE BOOTS Complete specification Various types and styles Non-slip , Man/Woman Sala Sonia in Black, Tan Charming design Win the praise of customers Cheap orderNine West Blogger Harness Riding Boots 331, Black, 6.5 USWALDLAUFER 437502 HINA BLACK PATENT LEATHER LOAFER ORTHOTICS COMFORT INNER SOLEGentleman/Lady NEW MANAS WOMENS ANKLE BOOTS Quality products Has a long reputation Modern and elegantSexy Stripper Dancer 7" High Heel Peep Toe Platform Gold Sequin Ankle Boots , Jambu Iceburg Mid-Calf Winter Boots, Black, 6.5 US / 36.5 EUMan's/Woman's NEW V ITALIA WOMENS ANKLE BOOT Selling Elegant and sturdy packaging Acknowledgement feedback ,
    La Womens Redoute Collections Womens La High-Heeled Leather V-Cut V-Cut Ankle Boots 68df53b ->La Womens Redoute Collections Womens La High-Heeled Leather V-Cut V-Cut Ankle Boots 68df53b -
    Vince Claudia Black Womens Shoes Size 10 M Boots MSRP $395 , NEW Women's Manitobah Mukluks Black Tall Classic Boot Black Mens 9 Womens 11Gentleman/Lady King Gee Work Boots Good world reputation Used in durability professional designAsics Kayano 24 Ladies Running Trainers US 11.5 CM 28 REF 3951 , $299.95 New In Box Innovare Made In Italy Full Leather Sandals, Size 39Parker Roche Nulla Mid Block Heel Dress Shoe Gold Leather Size 41 , NIB Women Seychelles Electro Leather Ankle Heels Sandal Shoes Sz 8.5 M BlackStunning ESCADA Black Patent Pumps w/Black Mesh Sides 7.5B , NEW ASICS GEL LYTE III FUTURE PACK sz. 9 H637Y.9090 ASICS TIGER RONNIE FIEG , Air Jordan Eclipse Premium Navy Blue White Mens Shoes , new Converse Academy OX vtg black suede leather mens skate shoes sneakers NIB , Nike Air Foamposite One XX (895320-500) Men's Shoes - Dark Neon Royal, 11.5 USJordan Flight Flex Trainer Basketball Men's Shoes Size 13Nike Dunk Low Dark Grey/White-Game Royal-Black 318019-021 Men's SZ 11.5 , NIKE BLAZER LOW Black-White suede old school sneakers new , ADIDAS SPEZIAL "RARE" Mens 9.5 Red Suede/Royal Stripe NEW w Tags samba hamburg , Clear Weather Men's One-O-One Cream Suede Low Top Shoes , NON-SLIP Clogs Shoes Resistant Non Marking for Kitchen Hospital Bathroom , P.W. Minor Mens Strap to Toe Boot - Black Size 11.5 2E NWOB Therapedicadidas Run Lux Clima - White - Womens , OLUKAI Pikoi Sandals - Men's Storm Grey/Storm Grey 13 , NIKE AIR ZOOM 90 IT GOLF SHOES WOMEN SIZE 8 NEW FAST SHIPPING (844648-100)DVS Womens Edmond Wos Skateboarding Shoe- Pick SZ/Color.Adidas Womens Ortholite Athletic Gym Yoga Shoes Silver Metallic Purple US 9.5 , New Womens Adidas Originals EQT Racing ADV PrimeKnit CQ2239 sz 9 white creamNIKE WMNS AIRMAX 1 ESSENTIAL WHITE/GREY BRAND NEW UK4.5/US7/EU38 599820-111NIKE AIR MAX 1 ID SPORT RED/DEEP GREEN-WHITE SIZE WOMEN'S 8 [433215-998] , Geox Brown Leather Ankle Boots 37 US sz 6.5 M Italy , Sperry Top-Sider Saltwater Black Quilt/Rubber Waterproof Boots Women’s Size 7 MEvercreatures High Quality Women's Rain Boot Wellies Waterproof Boots UK Brand ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    La Womens Redoute Collections Womens La High-Heeled Leather V-Cut V-Cut Ankle Boots 68df53b -

    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.

    La Womens Redoute Collections Womens La High-Heeled Leather V-Cut V-Cut Ankle Boots 68df53b -

    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
    La Womens Redoute Collections Womens La High-Heeled Leather V-Cut V-Cut Ankle Boots 68df53b