Never miss an update

Cole 29702 Haan mogochinese-29707 US Nke Air Black Snake Print Patent Leather Slingback Heels Size US 8 B e60a2b4

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: Excellent condition!
Brand: Cole Haan Style: Closed Toe Slingback Heels Shoes
Color: Black Pattern: Snake Print Leather
US Shoe Size (Women's): US 8 Heel Type: Slim
Width: B Features: Ankle Strap
Occasion: Formal, Casual Fastening: Elastic
Material: Patent Leather Trim/Snake Print Leather Heel Height: Low (3/4 to 1 1/2 in)
Never miss an update

Cole 29702 Haan mogochinese-29707 US Nke Air Black Snake Print Patent Leather Slingback Heels Size US 8 B e60a2b4 -

    Cole 29702 Haan mogochinese-29707 US Nke Air Black Snake Print Patent Leather Slingback Heels Size US 8 B e60a2b4
    Cole 29702 Haan mogochinese-29707 US Nke Air Black Snake Print Patent Leather Slingback Heels Size US 8 B e60a2b4
    DKNY Regina Sz 9/40 Gray Slip-on Sneaker Wedge Heel solid mesh Rare, Sold out!Naturalizer Women's Fawn Heeled Sandal Red Suede Hot Sauce 4.5 , INC International Concepts Womens Kesya Pointed Toe D-orsay Pumps , vince camuto women's koral bootie sz 10 black open toe , Womens Leather Peep Toe High Block Heel Cut out Buckle Party Formal Shoes Size , Yves Saint Laurent Black Patent Leather Wedge Sz 9, Newnew SESTO MEUCCI white leather buckled shoes Italy - really cute , Stuart Weitzman Gray Snakeskin Effect Chunky-Heeled Mule 7 AA EUCJessica Simpson Dany Pewter Sequin Fabric Platform Sandals - Women's Size 8Circus by Sam Edelman Women's Nakita Platform Heeled Sandal Black Fabric HeelsWomen's NEW Earthies Savona Pump Heels Shoe Size 7.5B Mary Jane Brown Leather F1 , Chinese Laundry Jitters High Heel Dress Sandals (Black) Size 7.5 NEW IN BOXBadgley Mischka Felisha Silver Metallic Leather Women's Evening Heels Sandal 8.5ONLY WORN ONCE ALDO BLACK & METALLIC FALIA SUEDE PUMPS W/BOX - SIZE 7.5Giuseppe Zanotti Suede Platform Heel Size 38 , Taryn Rose Women's Elene Mule, Cuoio, 8.5 M Medium US , Baldinini Women’s Patent Leather Sling Backs Sz 38 / 8Pleaser SKY-380ST Platforms Exotic Dancing Black Spike Ankle Strap High HeelsBanana Republic Averie Ghillie Bootie Bloack Sandals shoes SIZE 10Sam Edelman Womens stillson Leather Round Toe Classic PumpsWomen Open Toe Stiletto Heel Mules Crisscross Straps Elegantly Frame Sandals , Brunello Cucinelli Womens Size 37 Tan Beige Leather Fur Ankle Strap Buckle , $139 GUESS CATEA BLACK LEATHER PLATFORMS HIGH HEELS PEEP TOE SIZE 9.5Adrianna Papell Silver Platform Rhinestone High Heels Sz 10 Formal $169 Prom , LAUREN RALPH LAUREN women ALAYNA PUMPS Soft Leather Wedge Heel SHOES Black 10 B , Banana Republic Alicia D'Orsay Pump, Red SIZE 5.5 MJessica Simpson 8 M Elonna 2 Ankle Strap Sandals Studded Powder Yakima White NewNINE WEST - NEW - Size 10 M Black Suede High Heel Open Toe Shoes Pumps , Pelle Moda Women's Alera Sl D’orsay Pumps - Size 8.5M, White 1122 ,
    Cole 29702 Haan mogochinese-29707 US Nke Air Black Snake Print Patent Leather Slingback Heels Size US 8 B e60a2b4 ->Cole 29702 Haan mogochinese-29707 US Nke Air Black Snake Print Patent Leather Slingback Heels Size US 8 B e60a2b4 -
    nike lunar LDV sneakerboot SP mens hi top boots 646103 003 trainers CLEARANCE[bargain] Brooks Ravenna 5 Mens Running Shoes (D) (707) | RRP $200.00 , New Christian Dior Black Suede Peep Toe Zip Ankle Bootie Heel Shoes sz 9 / 39 , Mens Chelsea Mid Calf Boots Dress Formal Leather British Pointy Toe Shoe AU C19NIKE MENS FREE RN BORDEAUX WOLF GREY WINE RUNNING SHOES 2018 *SIZES BEST SELLERMerrell - Mens Moab 2 Ventilator Mid GTX - Wide (2E) - WalnutAnne Klein AK Sport Women's Maddie Leather - Choose SZ/Color , CYDWOQ BLACK LEATHER SHOES WOMENs 38.5 10 Made In USA HandmadeCole Haan Brown Grain Leather Tassel Loafers Moc Toe Flats Shoes Womens 7 B , PLEASER Sexy Exotic Thigh High Stretch Velvet Platform Boots DELIGHT-3002 Black , Fontana 2.0 Women's T-Strap Suede Pumps Black T-Bar Sandals Adjustable Strap , Tory Burch Calista Almond Brown 4" Leather Gold Logo 100mm Pump Heel Shoe 9.5 USTORY BURCH CAROLINE SAND PATENT LEATHER LOGO WEDGE PUMP SHOES 9 $265 , Cordani Womens Enright Espadrille Wedge Sandal Nutmeg Size 36 M US , STICO Womens PINK Non-Slip Safety Beach Slipper Sandal EVA Ceramic KOREA_IG , Saucony Guide ISO Size 7.5 M (B) Women's Running Shoes Purple S10415-1NIKE ZOOM ALL OUT FLYKNIT Ghost Green White Anthracite 844134-300 Mens Size 10.5Nike Shox Gravity running shoes Metallic Gold Grey In Hand Size 9.5 LimitedNIKE LUNAR MAGISTA II FLYKNIT FC OREO BLACK/WHITE SIZE 10 BRAND NEW (876385-001)Man/Woman inov-8 Men's F-Lite 235 V2 flagship store stable quality Current shape , Shoes Nike Revolution 3 GS 819413 008 Sneakers Junior Wolf Grey White Sport Casu , Cole Haan Lunar Grand C11096 Blue Suede Wingtip Shoes Size US 9 , MERELLS 15 MERRELL Slip On Shoe 15 Black LEATHER SHOES SIZE 15 MERRELLS 15Donald J Pliner Darrin2-K Bronze King Fabric Loafers w/ Metal Bit Made in Italysummer running shoes for women sports sneakers breathable outdoor walking jogginNike City Loop Womens Blue Black Grey Running Training Shoes [AA1097-400] Size , New Balance Women's Zante V4 Fresh Foam Running Shoe , ASICS GEL NIMBUS 15 LITE SHOW WOMENS PREMIUM CUSHIONED RUNNING SHOES/SPORTS , AUTHENTIC DOLCE&GABBANA LOVE Heart Patch PORTOFINO Collection Sneakers 36 , bx33157 Philipp Plein silver woman's high-top sneakers ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Cole 29702 Haan mogochinese-29707 US Nke Air Black Snake Print Patent Leather Slingback Heels Size US 8 B e60a2b4 -

    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.

    Cole 29702 Haan mogochinese-29707 US Nke Air Black Snake Print Patent Leather Slingback Heels Size US 8 B e60a2b4 -

    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
    Cole 29702 Haan mogochinese-29707 US Nke Air Black Snake Print Patent Leather Slingback Heels Size US 8 B e60a2b4