Never miss an update

Christian Louboutin Leather Alta Bouton Black Leather Christian Peep-Toe Ankle 28985 Booties Boots 6452d03

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
Fastening: Lace UK Shoe Size (Women's): UK 5
Style: Ankle Boots EUR Shoe Size (Women's): EUR 38
US Shoe Size (Women's): US 8 Color: Black
Heel Height: High (3 in. and Up) Brand: Christian Louboutin
Material: Leather Heel Type: Stiletto
UPC: Does not apply
Never miss an update

Christian Louboutin Leather Alta Bouton Black Leather Christian Peep-Toe Ankle 28985 Booties Boots 6452d03 -

    Christian Louboutin Leather Alta Bouton Black Leather Christian Peep-Toe Ankle 28985 Booties Boots 6452d03
    Christian Louboutin Leather Alta Bouton Black Leather Christian Peep-Toe Ankle 28985 Booties Boots 6452d03
    Gianmarco Lorenzi Leather Italian Boots New Red Sizes 6,8Giuseppe Zanotti kitten heel knee high boots in black Leather Size US 7 - , New in Box Saint Laurent Ladies Black Star Ankle Boot 447570 , 55325 auth HERMES Etain taupe leather JUMPING Knee-High Riding Boots Shoes 38VALENTINO BRAID DETAIL BOOT Leather Boots UK8 EU41 $1,845 RunwayMen/Women BN Valentino tall boots with studs Reputation first Attractive fashion Maintenance capability , Lucchese Bootmaker Womens M4842 S5 Toe Cowboy Boot Espresso Cowhide Cowboy Boots , Stuart Weitzman Highland Over the Knee Boot in BlackAlexander McQueen luxury ankle boots in floral pattern Leather Size US 6 - , BALENCIAGA SUEDE MID CALF ZIP UP BOOTS SIZE 7.5 Retail $995 made in Italy , SALE! NWOT Sold Out CHRISTIAN LOUBOUTIN Nude Boots Shoes Buy 5 Get FREE Postage , 40659 auth SAINT LAURENT black leather RANGERS STUDDED Boots Shoes 40 , Lucchese Bootmaker Women's NV4009.J4 Cowboy Boot White Goat Cowboy BootsGIVENCHY Black Leather High Block Heels Over the Knee Boots Pointed Toe Sz US 7Women's Shoes Boots CHRISTIAN LOUBOUTIN Naza Flat Nappa Shearl Spikes Black IT , 55733 auth HERMES black leather JUMPING Knee-High Riding Boots Shoes 39Man/Woman CUISSARDES SERGIO ROSSI P.38 Special purchase Elegant and sturdy packaging Global sales , Valentino Rockstud Nude /Pastel Pink Suede and Leather Ankle Boots Booties 39.5Stunning Versace Black Leather Thigh Over Knee Boots studded NWOT New , YEEZY SEASON 4 by Kanye West WOMEN BAT STRETCH CANVAS MID-HEIGHT BOOTS KW3018058 , TOD'S WOMEN'S LEATHER HEEL ANKLE BOOTS BOOTIES NEW BLACK 6B1 , Baldinini Suede Italian Boots Winter Sizes 5,6,8,9 New Fur BlueLucchese Bootmaker Women's Willa 5 Toe Cowboy Boot Black Cherry Mad Dog Goat55321 auth HERMES black leather JUMPING Knee-High Riding Boots Shoes 39.5 , Men's/Women's Giuseppe Zanotti Men Camo Print Boots Moderate price Preferred material Elegant and stable packaging , Valentino Patent Leather Over The Knee Boots | Poudre , **Christian Louboutin** Brown Camel Suede Marchacroche Rubber Ankle BootsAlexander McQueen women's luxury boots in black calf leather Size US 9 - , Alexander McQueen Braided Chain Sculpted Wedge Leather Boot | Black | Size 38
    Christian Louboutin Leather Alta Bouton Black Leather Christian Peep-Toe Ankle 28985 Booties Boots 6452d03 ->Christian Louboutin Leather Alta Bouton Black Leather Christian Peep-Toe Ankle 28985 Booties Boots 6452d03 -
    E.VOGEL Custom Made Black Leather Riding Show Boots Size 8.5M foot & 5'8 RiderArche Neptune Detyam Nubuck Boot, S 39 (EU) Retail $495 , Handmade Jodhpurs Ankle Genuine Leather Boots Ankle High Buckle Leather Boots , JOE N JOYCE Yana oiled leather - Dark Brown - FlipsIrregular Choice Stage Left Cream Gold Womens Slip-On Mid-Heel Court ShoesNEW Dorset Hotter Comfort Concept Womens Tan Penny Loafers Shoes Sz 8.5Womens Shoes Cape Robbin Mona 1 Faux Suede Thigh High Boot Mauve *New* , New Women Fashion Sandals High Heels Belt buckle Shoes Rhinestones Square W347 , Women's light brown size 8 M STUART WEITZMAN shoes, formal strap sandal , Anne Klein Women's Hastobe Leather Dress Pump Light Natural 8 M US , VALENTINO GOLD ESPADRILLE WEDGE SLIP ON SANDALS, 38 or 7.5 USAnne Klein Womens Noreena Fabric Heeled Sandal- Pick SZ/Color.Penny Loves Kenny Women's Notch Wedge SandalAUTHENTIC NEW YSL SAINT LAURENT TRIBTOO TRIBUTE PINK CAPTOE PLATFORM PUMP/38.5 , New Balance 701 Women's Sneakers U.S Size 6.5 B New DeadstockMens Under Armour Micro G Torch 2 Basketball Shoes Blue Size 10.5Asics GEL Dynamic Duomax Surveyor 5 Black Onyx Running Shoes Sz 11.5 NEW T6B4NNike Air Max 2 CB 94 Low Basketball Shoes Black Light Carbon 917752-003 Size 10 , SIZE 12 MEN'S Nike Romaleos 3 Weightlifting Shoes Volt Black GYM 852933 700 , Vans Syndicate Zero Lo S Luke Meier Curry Deadstock Size 10 Supreme SeylynnMens Nike Air Max 97 Premium Camo USA Olive-Desert Sand SZ 9.5 [AJ2614-205]Jordan Melo M5 Carmelo Anthony 2008 Beijing Olympic Game Issued Sz 15 Promo ShoeBota Vaquera Exotico/a Aguila Real (Spcls) Piel Caiman/Sintetico ID 90706 PW1Island Surf Men's Fashion Wingtip Cuddy Dark Brown Suede ShoesRockport Mens Charles Road Apron Toe Oxford- Pick SZ/Color.Saucony Women's Ride 8 Athletic Running Shoes, 2 Colors , NIB Charlotte Olympia Work It Rose Garden Embroidered Sneakers Sz 37.5 7.5 $365 , G.H. Bass & Co. Womens Nadine Genuine Leather Hiking Boot with Rubber Lug Sole , Zara AW17 Flat Over The Knee Boots With Chain Size 8 NWTKnight Boots Low Heel Womens Winter Ankle Boots Buckle Round Toe Pull On Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Christian Louboutin Leather Alta Bouton Black Leather Christian Peep-Toe Ankle 28985 Booties Boots 6452d03 -

    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.

    Christian Louboutin Leather Alta Bouton Black Leather Christian Peep-Toe Ankle 28985 Booties Boots 6452d03 -

    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
    Christian Louboutin Leather Alta Bouton Black Leather Christian Peep-Toe Ankle 28985 Booties Boots 6452d03