Never miss an update

Tibi Womens 36.5 Dark Red Womens Leather Ankle Boots High Curved High Heel Size 36.5 US 6.5 a3b8423

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: In great condition with minimal wear all around. No rips, stains, or holes. Gently .
Brand: Tibi Country/Region of Manufacture: Italy
Fastening: Pull On Style: Ankle Boots
US Shoe Size (Women's): 6.5 Pattern: Solid
Heel Height: High (3 in. and Up) Width: Medium (B, M)
Material: Leather Color: Red
UPC: Does not apply
Never miss an update

Tibi Womens 36.5 Dark Red Womens Leather Ankle Boots High Curved High Heel Size 36.5 US 6.5 a3b8423 -

    Tibi Womens 36.5 Dark Red Womens Leather Ankle Boots High Curved High Heel Size 36.5 US 6.5 a3b8423
    Tibi Womens 36.5 Dark Red Womens Leather Ankle Boots High Curved High Heel Size 36.5 US 6.5 a3b8423
    Womens Sexy Heels Pointy Toe Suede Warm Lined Mid Calf boots Shoes Winter ShoesWomen Knee High Boots embroider Stilettos Elegant Pointy toe Shoes Zipper Boot , Joie Valley Decorative Stitching Black Leather Knee High Riding Boots Sz US 8.5 , Fashion Womens Clubwear Super High Wedge Heels Peep Toe Ankle Strap Party Shoes , Man/Woman Ladies Guess Shoes 5 1/2 superior Wholesale trade Very good colorJustin Ostrich Cowboy Boots Sz 5.5 B Women Black Made In USA EUC YGI MWomens Stilettos Embroidery Belt Buckle High Heel Ankle Boots Pointed Toe Shoes , New High Quality Women's Martin Boots Baseball Design Martin Boots For GrilNWD! Free People Cecile Gray Velvet Block Heel Ankle Boots US 10Womens Platform Block Heel Pointed Toe Side Zip Ankel Boots Buckle Strap ShoesWomens Sexy Winter Warm Over The knee Thigh HIgh Boots Shoes Pumps Zipper NewWomen Bohemian Chunky Heels Mid Calf Boots Tassel Side Zip Suede Casual Shoes , Reba Size 9 M ZANIA Black Leather Ankle Heel Boots New Womens Shoes NWOBLucky Brand linnea3 Cafe Leather Pointed Toe Low Stacked Heel Ankle BootieFashion Womens Winter Warm Formal Ankle Boots Autumn Stiletto Heel Pointed Shoes , Cole Haan Country 2.5" Heels Black Leather Cowboy Women's Boots Size 8.5 M , Lady Couture Rhinestones Knee High Boots Chunky Heel Women's shoes ClassyGentlemen/Ladies Womans Carolina Boots CA1421 Crazy price, Birmingham Fast delivery Popular recommendation , New Fashion Women's Tassel Leather Over The Knee High Boot Fringe Shoes CowboyNew Women Over Knee High Boots Suede Stretchy Rhinestones Chunky Heels Zip ShoesSANUK BIG BOOTAH NATURAL BOHO WOMEN BOOTS US 9 , Womens Winter Round Toe Zipper Block High Heels Party Patent leather Ankle Boots , Womens super high heel stilettos furry platform nightclub slippers shoes fashionHot Sz Women's Stretchy Over The knee Thigh Boots Pointy Toe Shoes Pull On PunkWIGGLE-32 2 1/2" CUBAN HEEL PIN UP VINTAGE MARY JANE DANCE SINGLE SOLE PUMPDailyShoes Women's Snow Booties up Ankle Buckle Duck Padded Mud Rubber Rain B...New Arrival Comfortable Butterfly Martin Boots For Women Fashion Girl's BootsBlack Leather US 6.5 moto motorcycle cowboy rocker Pull on Boot WomensNew~NIB~LAUREN CONRAD Tall Riding Boots~Cognac Brown~Size 6 ,
    Tibi Womens 36.5 Dark Red Womens Leather Ankle Boots High Curved High Heel Size 36.5 US 6.5 a3b8423 ->Tibi Womens 36.5 Dark Red Womens Leather Ankle Boots High Curved High Heel Size 36.5 US 6.5 a3b8423 -
    A2 by Aerosoles Women's Best Role Boot , Frye Cara Tall Elephant oiled suede boots women's size 6.5 b Retail 378.00Marni Open Toe Mid Calf Black Leather Wood Clog Boot, Size US Size 9FRYE Ilana Pull On Western Boots, Wood, 10 USBRAND NEW VIVO PRIMUS TRIO MENS 41 BAREFOOT SHOE , Anne Klein Womens Keana Suede Pointed Toe Flat- Pick SZ/Color. , NEW Women's Merrell Plaza Bandeau Chocolate Casual Comfortable Supportive Shoe2019 Womens Creeper Platform Wedge Heel Metallic Slip on Patent Leather ShoesWomens FITFLOP black leather thong sandals sz. 9NIB Christian Louboutin Corsini 100 Brown Beige Ankle Strap Sandal Heel Pump 40ALEGRIA BERCELONA BAR 104 PATENT LEATHER SANDALS RED SIZE 37 7 7.5 NEW , Anti-cellulite and spinal pain Wooden Blue color clogs CE2 US Size (Women's) , Ancient Greek Sandals x Peter Pilotto NIB Multi Wedge Gladiator Sandals SZ 41 , Adidas Originals ZX Flux PK Primeknit Black White BA7374 Msrp $130 HRNew FILA Original Fitness Logo Shoes Athletic Running Men's White Rubb SneakersNike Air Jordan New School Gym Red/Infrared 23-Black 768901-623 Men's , Nike Mens Air Force 1 High 07 Basketball Shoe Black/Black 315121-032Men Diesel Shoes D-String Low Fashion Blue Size 12 , Asics x Extra Butter GEL-LYTE MT from japan (6207Men's Rockport Bennett Lane BL 3 Boat V79750 Dark Bitter Chocolate Brand NewMens Salvatore Ferragamo Brown Leather Loafers Sz 11.5 2E Wide US Made In ITALY , WOMEN'S PUMA FIERCE QUIITED SOFT FOAM PULL-ON MAGENTE PURPLE-WHILTE SHOES SIZE 6 , Man/Woman Academie Gear Women's Spirit sell discount price Speed ​​refund , WMNS NIKE AIR MAX 95 ID TEAM RED-BURGUNDY -WHITE-BLACK SZ 5 (818593-996) , Mr/Ms New Balance W450 Running Women's Shoes Excellent value Ranked first in its class fineSkechers Performance Women's Go Run Forza Los Angeles 2016 Running ShoeNew Balance WHANZSP1 Womens Whanz Running Shoe- Choose SZ/Color.White Mountain Topaz Fleece Lined Snow Boots 397, Hazel, 9 USG by Guess Womens HAILEE Leather Closed Toe Knee High Riding Brown Size 5.0 9O , NIB New Kodiak Women's Rochelle Black Winter Boots StyleSize 8 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Tibi Womens 36.5 Dark Red Womens Leather Ankle Boots High Curved High Heel Size 36.5 US 6.5 a3b8423 -

    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.

    Tibi Womens 36.5 Dark Red Womens Leather Ankle Boots High Curved High Heel Size 36.5 US 6.5 a3b8423 -

    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
    Tibi Womens 36.5 Dark Red Womens Leather Ankle Boots High Curved High Heel Size 36.5 US 6.5 a3b8423