Never miss an update

Nine West Nude Pump Strappy Pump Heels mogochinese-29892 West SZ 9 545c415

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: This item has a few marks on the bottom. Please see pictures for details.
Color: Beige Features: Strappy
Brand: Nine West US Shoe Size (Women's): US 9
Style: Classics
Never miss an update

Nine West Nude Pump Strappy Pump Heels mogochinese-29892 West SZ 9 545c415 -

    Nine West Nude Pump Strappy Pump Heels mogochinese-29892 West SZ 9 545c415
    Nine West Nude Pump Strappy Pump Heels mogochinese-29892 West SZ 9 545c415
    STUART WEITZMAN Ivory and Slate Faux Snakeskin Slingback Heels, SIZE 9 M , Sergio Rossi 40 Silver Disco Platform HeelsBORN BLACK LEATHER FASHION DRESS MID CALF BOOTS SHOES ZIP SIDE WOMENS SZ 6.5 MNine West Slingback Platform Stiletto Heels Peep Toe Rare Nude Sz 7.5 M 7.5M , NEW Sam Edelman Patti Women's Nude Patent Open Toe High Heels US Sz 7 M #A794 , Women's J. CREW Collection Gold Leather Slingback w/ Black&Gold Chain Size 7.5 M , PRADA SANDAL MULES BEADED FLOWER TOE BLACK SUEDE HEELS Size 6 1/2 (PREOWNED) , Dansko Brown Leather Ankle T Strap Pumps Heels Clogs Shoes 37 6 - 6.5 $159Movie Cinderella Wedding Party Diamond Ladies' Pumps Crystal High Heels Shoes , NEW Women's Talbots Black Chloe Slip On Pumps 2 Inch Heel Shoes Size 10 , Sexy Rhinestone Platform Stiletto Sandals Stripper High Heels Shoes Adult WomenJuicy Couture Taupe Beige Clog Mules High Heels Slip on Gold Studded Size 8 , Sexy Mid Calf Platform Stiletto Fringe Ankle Bootie High Heels Shoes Adult WomenBCBG Max Azria RUNWAY Blue Prestin Heels Booties Pumps White Platform Sz 6 EUC , Graphite Platform MaryJane Bejeweled Elastic Strap Biscane Vince Camuto Sz8 B , Bcbgeneration Womens Gunmetal Black Leather Dress Pump Sandal Heel Shoe Size 9Pelle Moda Womens Metallic Bronze Leather Heels 8 MWomens High Heel Platform Wedge RIvet Faux Leather ANkle Pull on Boots Shoes4-10 , Women Peep Toe Colored Pattern Wedge Heel High Platform Summer Sandals Casual , NIB Nine West Classic Pump Floral Fabric 060 and 065 M Red Multi CUTE!Nanette Lepore™ Rachel Side Bow Mule Tan Leather Size 6Nina Vitalia Ivory Women's Sandal Size 7.5 M AL4299White House Black Market Black/Red 3.5" heels dress shoes 8 1/2 M Style AlexCharles Jordan Evening Shoe Lola US 8 Medium Black Parabolic Heel Strap Party , NEW Women's J-41 Adventure On Black Slip On Casual Clogs Comfort Shoes.6.5mLouise Et Cie Women’s Lo-Abriana Black Leather Loafer Size US 7.5M Retail $120Miss L Fire 41 Juarez Mint Cream Huarache Leather Retro VTG mexican mexico style , women Super-High Heel Platform Shoes sexy boots sandals, US9.5-16(EUR40-48)ZY-16 , A.P.C. Rue Madame Paris ballet flat Shoe Sz 40 10 chambray fabric blue white ,
    Nine West Nude Pump Strappy Pump Heels mogochinese-29892 West SZ 9 545c415 ->Nine West Nude Pump Strappy Pump Heels mogochinese-29892 West SZ 9 545c415 -
    WOMEN'S JUSTIN L3112 Black Iguana Lizard ROPER WESTERN BOOTS size 6 B USA , Demonia Women's Camel-203 Ankle Boot, Purple Hologram Vegan Leather, 7 M USFrye NWT Jane Tall Cuff Brown Pull On Leather Boots Sz 6.5 B Mexico $428 , Vogue Womens Furry Real Rabbit Fur Rainbow Color Ankle Boots Shoes Block Heels , New MANOLO BLAHNIK Size 7.5 BRUSTALO Silver Gray Velvet Ankle Boots 38 BootiesAriat Women's Dahlia Western Cowboy Boot Silly Brown/Chocolate Floral 6 M US , Vince Camuto Women's Armaceli Over The Knee Boot, Tornado, Size 6.5 US / 4.5 UK , Women's Ortho Feet "Chelsea" Gel Flats Patent Leather Shoes - Size 7 1/2, X-Wide , Cole Haan Mariela Air Beet Pink Women's Platform High Heels Slingback Pumps 7 M , $745 Missoni UM054 T-Strap Platform Sandals, Brown/Metallic 8US , Christian Dior Piedra White/Milk Croc Embos.Leather Sandal/Shoes/Heels 38/8 NIB , Auth New Hermès Chaine d'Ancre Sandals Black/Champagne Suede/Leather SZ 38.5 , Real Leather Mens Pointy Toe Sequins Bling Fasihion Sneakers Athletic SHoes SzNikeLab Air Max Plus 898018 Size 11.5 MenMEN'S RODEO COWBOY GENUINE LEATHER WESTERN SQUARE TOE BOOTS-$$58.99 , Rocky Men's Iron Clad Six in Steel Toe Work Boot - Choose SZ/Color , Clarks Leather Mens Collection Cushion Orholite Soft Brown Bicycle Toe Size 13D , Shoes Leather Oxford 9M Brick Red Alsrougy Men size 9M New , Summer Mens Real Leather Slip On Loafers Comfort Driving Moccasins Red Shoes sz , Oboz Womens Sawtooth Mid Athletic Support Hiking Trail Athletic Shoes Size 7.5Nike Benassi Fanny Pack Magenta Hyper Punch AO1037 600 Men , Kenneth Cole Kayla 2 Leather Slip-On Sneakers: Size 8MWomen's Adidas PureBOOST X Clima - Off-White - Width: med - RunningPUMA - 361912 - Court Star - Women's Shoes - Slate Sky Light Blue - Size 11Earthies Women's Dark Slate Athena 9 Medium US , NIKE Womens Nike Air Zoom Pegasus 34 880560-405 ARMORY NAVY Size 7.5 , Young Women's Justin 060 Grey Denim Suede Tech Hiker Boots Size 6 (L0164) *NEW* , Womens Pointy Toe Retro Chelseal Boots Pull On Ankle Boots Flat heel Shoes size , Europe women's ankle boots side zip buckle block heel round toe patent leather , Tommy Girl Knee High Heel Boots Sz 9.5M Red Suede Leather Mandi Tommy Hilfiger
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nine West Nude Pump Strappy Pump Heels mogochinese-29892 West SZ 9 545c415 -

    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.

    Nine West Nude Pump Strappy Pump Heels mogochinese-29892 West SZ 9 545c415 -

    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
    Nine West Nude Pump Strappy Pump Heels mogochinese-29892 West SZ 9 545c415