Never miss an update

STEVE MADDEN Calf Hair Platform Zip 29891 Zip Ankle Ankle/Calf/Calf Boots Size US.7.5 UK.38 EU.5.5 aebb318

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: The pictures are a true reflection of the condition of this item and is considered part of the description. The images are captured from all angles, any flaw missed during the examination process and not mentioned in this Listing will be reflected in the captured images. All images can be magnified for your viewing satisfaction. Please use the "Zoom" feature provided with the picture pack so there are no surprises, paying special attention to all sizes, measurements and or flaws before making your purchase. Item Condition: This item is in excellent preowned condition however item shows light Heel and Sole wear,Light soiling, few minor scratches and wear in areas. Please take your time to view all pictures carefully.
Brand: Steve Madden Style: Fashion Mid-Calf Boots
US Shoe Size (Women's): US.7.5 UK.38 EU.5.5 Width: B
Color: Beige / Brown Material: Calfskin leather
Heel Height: High (3 in. and Up) Occasion: Fashion //Casual/ Special
Pattern: Animal Print Country/Region of Manufacture: Brazil
Fastening: Zip Side
Never miss an update

STEVE MADDEN Calf Hair Platform Zip 29891 Zip Ankle Ankle/Calf/Calf Boots Size US.7.5 UK.38 EU.5.5 aebb318 -

    STEVE MADDEN Calf Hair Platform Zip 29891 Zip Ankle Ankle/Calf/Calf Boots Size US.7.5 UK.38 EU.5.5 aebb318
    STEVE MADDEN Calf Hair Platform Zip 29891 Zip Ankle Ankle/Calf/Calf Boots Size US.7.5 UK.38 EU.5.5 aebb318
    Naturalizer Darena Leather Wedge Bootie Womens 6.5 Black Pull On Shoe Boot Heel , KEEN SAMPLE 1007653 WOMEN'S WINSLOW MID CALF WINTER LEATHER BOOTS US 7, , Free People Leather Cut-out Sandal 7.5 BNIB , Bottes Hautes WASABI Cuir Grainé Noir T 39 ETAT NEUF , PLEASER Vanity-3010 4" Heel Sexy Exotic Thigh-High BootsClarks Originals Womens Desert Chukka Boot Size 8 M Oakwood Suede , Harley-Davidson Boots 81756 Black Cancun Biker Western Women's Size: 5 Likenew , The North Face Black Boots Waterproof PRIMALOFT Winter Snow Women’s Size 7 M , VINTAGE SAN ANTONIO LUCCHESE OSTRICH WESTERN BOOTS MADE IN USA WON 7 AA GOOD , BRONX, DUKE ALAN FASHION STRAP, WOMENS, ANTRACITE, US 8.5 M NEW W/O BOX , Vtg '1990 CORTINA ITALY chelsea ankle western cowboy booties womens boots sz 39Antonio Melani Adele Black Leather Riding Boots Size 6.5 Worn OnceCOLE HAN AIR BROWNS BOOTS RIDING SIZE 8 B WOMENSBottines MARIAN Modèle CIERVO Cuir écru et Noir T 42 TTBE , ACCATINO Bottes Tout Cuir Bicolore Semi Pointues T 37 BE , Luxury Kanna Black Glitter Women’s Side Zip Boots Booties Boot 37 6 6.5 , Jambu Cube-Hyper Grip Brown Wedge Women's Bootie WJ14CUB34Lucky Brand Womens REBEKA Rubber Closed Toe Ankle, Black/Ruby W, Size 7.0 , Manolo Blahnik Brown Suede "Maleeba" Ankle Booties SZ 40.5CMP Rigel Mid WMN Trekking Shoe WP Women Walking Shoes Trekking sandal - NEW , Guess Taupe Leather Peach Snakeskin Print Studs Wedge Sneaker Booties Sz 8.5 , Womens Leather Ankle Boots Pointy Toe Stilettos Punk Buckle Belt Sexy Zip ShoesUse-Custom-Brand Womens 417093blk Closed Toe Ankle Cold Weather Brown Size 7.0Adidas Libria Amber Primaloft Women Winter Boots Size 7 M22748DONALD J PLINER Black Elastic Faux Snake Leather Kitten Heel Ankle Boots 8.5 , Vince Camuto Women's Boots VI RENA Riding Boots Tall Boots-Leather- Black- US 7MAnthropologies- By Dolce Vita, Clinton Boots, Dark Brown Leather 6.5 M , NEW WOMEN HUSH PUPPIES AYDIN CATELYN BUCKLE BLACK LEATHER SUEDE MEDIUM WIDE BOOTBOTTES EN CUIR T 41 NOIR FABRICATION ARTISANALE ITALIE TALONS BOIS NEUVES ,
    STEVE MADDEN Calf Hair Platform Zip 29891 Zip Ankle Ankle/Calf/Calf Boots Size US.7.5 UK.38 EU.5.5 aebb318 ->STEVE MADDEN Calf Hair Platform Zip 29891 Zip Ankle Ankle/Calf/Calf Boots Size US.7.5 UK.38 EU.5.5 aebb318 -
    Columbia Women's Loveland™ Omni-Heat™ -25F/-32C Lightweight Boot BL1746-010 , $298 RARE Pikolinos Andorra Tall Brown Leather Boot Eu 40 US 9.5, Wide CalfMan/Woman Demonia Rocky-14 Combat Boots - Gothic,Goth,Punk,Black,Buckle durable Quality First renewed on timeCobra Society ZEUS Navy/Blue Calf Skin Over The Knee Boots US 7.5-8 Rare HTF , Retro Women Genuine Leather Tassel Knee High Boots Fashion Chunky Low Heel ShoesNIB AQUAZZURA FIRENZE SASHA BLK SHORT ANKLE SUEDE FRINGE BOOTS BOOTIES SHOES 37Man's/Woman's Demonia BROGUE-06 durability Year-end sale value , Gentlemen/Ladies Nike Air Max Day Zero Practical and economical Stylish and charming A balance between toughness and hardness , Man's/Woman's Steve Madden Winny Wedge Sandals, Grey Selling Quality and quantity guaranteed Don't worry when shopping , Womens Fergie Benny Orange Flats 5 M , $135 BOUTIQUE 9 YVONNE Black Shiny Leather Strappy Designer Fashion Sandals 6 , Sandals. FRANCO SARTO, brown strappy cages, 4" heel, SZ: 7 1/2 (NEW) NIB , Stuart Weitzman open back black shoes (Size: 8 M) , $925 NEW Manolo Blahnik DRIBBIN Pink SATIN JEWELED Sandals Evening Shoes 40.5 , BIRKENSTOCK BOSTON 40/L9M7 N New! 860133 HabanaNike Air Jordan Trainer ST Premium Shoes Black Red Blue 843732-008 Men's Sz 12.5Men's Adidas NMD R2 Casual Shoes Total Cloud White Sz 8 CQ2401 , Nike NIKELAB AIR ZOOM FLIGHT 95 941943 001 Men's Sz 9 $160 Retro Jason KiddAdidas Ultra boost grey solid Men's size 14Adidas Originals NMD_R1 PK PRIMEKNIT JAPAN TRIPLE WHITE BRAND NEW IN BOX , Mens Dan Post Moses Leather Cowboy Boots Size 8(Wide) Brown $300 , NEW! MEN'S NEW BALANCE M990KMN4 / PINK RIBBON / SIZE 9.5 , Skechers Sport Men's Equalizer Persistent Slip-On Sneaker, Navy, 8 M US , Cole Haan Men's Ross Dustin Wing Ox Oxford - Choose SZ/ColorPUMA Women's Tsugi Jun Multi WN's Sneaker White-Paradise Pink-Nebula Blue 7 M US , NIKE WOMENS AIR HUARACHE RUN ULTRA SZ 5.5 COOL GREY BLACK ANTHRACITE 819151 007AF858 SERAFINI shoes black silver suede leather leather women sneakersNike Women's Air Max 98 White Fossil Reflect Silver Black AH6799 102 Size 5 , The North Face Shellista II Mid Boot Size 11 Brown Suede Leather Winter Women 42PLEASER Sexy 4" Heel Gold Strappy Ankle High Boots DRE438/GPU Large Sizes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    STEVE MADDEN Calf Hair Platform Zip 29891 Zip Ankle Ankle/Calf/Calf Boots Size US.7.5 UK.38 EU.5.5 aebb318 -

    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.

    STEVE MADDEN Calf Hair Platform Zip 29891 Zip Ankle Ankle/Calf/Calf Boots Size US.7.5 UK.38 EU.5.5 aebb318 -

    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
    STEVE MADDEN Calf Hair Platform Zip 29891 Zip Ankle Ankle/Calf/Calf Boots Size US.7.5 UK.38 EU.5.5 aebb318