Never miss an update

Cole Haan Margarite Black Pump, (medium) Size 7.5 Size B Margarite (medium) 022a79c

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Style: Pumps
Width: Medium (B, M) Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Color: Blacks US Shoe Size (Women's): 7.5
Brand: Cole Haan Material: Leather
Heel Type: Block
Never miss an update

Cole Haan Margarite Black Pump, (medium) Size 7.5 Size B Margarite (medium) 022a79c -

    Cole Haan Margarite Black Pump, (medium) Size 7.5 Size B Margarite (medium) 022a79c
    Cole Haan Margarite Black Pump, (medium) Size 7.5 Size B Margarite (medium) 022a79c
    Brand New J. CREW Size 8 KERRINGTON METALLIC BALLET FLATS in METALLIC BRONZEL'Artiste by Spring Step Women's Klasik LoaferWomens Naot Shoes Oil Olive Suede Toffee Leather Med Width Comfort $190 RetailMissoni New Zigzag Multi-Color Womens Shoes Size 8.5 M Flats MSRP $350CHLOE SCALLOPED LEATHER FLAT BALLET SHOES METALLIC BROWN GOLD SZ 39.5Prada Womens Shoes Size 35 5 Black Solid Satin Ballet Flats CasualNEW TORY BURCH Blue Maritime Espadrille flats shoes Size 11 $195 No Box Neimans , BOTTEGA VENETA Made in Italy Seafoam Green Whipstitch Leather Flats Size 36 1/2 , L.K. Bennett Women's Thea Trench Soft Nappa Leather Flats Gold GG8 Size US:4.5 , Only 1 RARE NIB Tokidoki x Onitsuka Tiger Ballet Ballerina Flats Shoes 8.5 US 9 , Dolce & Gabbana Women's Cavallino Calf Skin & Leather Clogs Sz 39.5 EU $465$298 STUART WEITZMAN LIZBAMBINA Black Leather Designer Ballet Flats 9.5J CREW Waterfall Pointed Toe Flats Size 7 Black/Ivory , Authentic Stella McCartney Women's wedges size 38 (U.S. 7.5)DANSKO WOMEN'S SONDRA WALKING COMFY OPEN BACK SHOE, ARCH SUPPORTSO CUTE! Women's $325 Del Toro White & Black Cap-Toe Slippers Loafer Shoe Stubbs , Frye Camille Perforated Slip On Sneakers Shoes Black Leather Size 9.5 NEWTory Burch Women's Shoes Reva Patent Turquoise Seafoam Sz 6.5 FREE SHIPPING!NWOB Tory Burch Black/Brown Leather Pointed Toe Spectator Flats Shoes Sz 36/6 , Paul Green Patent Leather Black Flat Loafer 7.5 10 Slip On Moccasins Gold Buckle , Gentlemen/Ladies Tory Burch Flats!!! Retails $228.00, SALE!!! Best-selling worldwide Medium cost TRUE , Celine Blue & Black Pony Hair & Suede Slip On Loafers SZ 36 , Women's Shoes Cynthia Rowley ASTOR Flat Pointy Toe Suede Turquoise Size 6.5 , Remonte Women's Kennya 04 OxfordTory Burch Flat Trudy Slipper Shoes Soft Patent Calf Camelia Pink NEW Size 5M , Taryn Rose Women's Edith Loafers Flat Leather Black New US Size 7 m $165 , Tory Burch Aimee Women's Leather Bow Pointed Toe White Black Flats Sz 7.5M 3294 , New Italian Soft Pink Suede Ballet Flats 8 38.5Free People Womens Sun Seeker Gladiator Sandals Shoes Olive Size 39 New ,
    Cole Haan Margarite Black Pump, (medium) Size 7.5 Size B Margarite (medium) 022a79c ->Cole Haan Margarite Black Pump, (medium) Size 7.5 Size B Margarite (medium) 022a79c -
    Ladies Bellini Leather Black riding boots 8.5M knee high snake printDr Martens 4-Hole Octavius Tan NEW Nova 16474220 Original DocWomen Nike Air Max 90 Essential Premium Lunar Leather Suede Trainers All SizesLadies Clarks 'Kelita Betty' Casual Shoes Style ~ K , Ladies Clarks Glove Puppet Black, Navy, Pink Or Ice Blue Leather Slip On Pumps , Men's/Women's Ladies Rieker Slip On Pumps 45551-12 Comfortable feeling Online export store Extreme speed logistics , Gentleman/Lady David Gray PlaidJon Josef Flat sell Primary quality Elegant and solemn , Sexy Club Women Colors Block High Heels Transparent Strap Party Punk Pumps Shoes , J.Crew Amalia High Heel Sandals Size 9.5 $228 , Jeffrey Campbell 'Burke' Brown Suede Platforms Womens Size 8.5 , Womens side-open patent pumps-PRETTY SMALL SIZE-Black-10cm heel-US2/EU32/KR210 , L.K. Bennett Helena Heels - Women's Size 6, Metallic CreamNIB BURBERRY $795 BLACK LEATHER SANDALS MARHAM SHOES US 8 , Nike Roshe One Mens 511881-423 Obsidian Blue White Mesh Running Shoes Size 9 , JORDAN TRUNNER LX MEN SIZE 8.0 TRIPLE BLACK NEW RARE BASKETBALL , Gentleman/Lady air jordan retro 3 cool grey Clever and practical Let our goods go to the world Famous store , Men's Lucchese M1017.C2 Men Round Toe Leather Tan Western , 100% Authentic Mens Maison Martin Margiela Metallic Green Size 44 (US11) , Sperry Top-Sider Men's Sea Kite Sport Moc Boat Shoe,Grey,9.5 M US , Womens Skechers (22846) EZ FLEX 3.0 AROUNDTOWN Sneakers (22R)Men/Women Asics Women's Gel-Kenun Lyte Running Shoe Special price Latest styles Current shape23436 EZFLEX SWIFT MOTION Black and Gray SkechersNike Women’s Dunk Sky High Canyon Grey 528899-005 Wedge sneakers Sz 8.5 , Women's Nike AIR ZOOM MARIAH FLYKNIT RACER Shoes -StyleAA0521 400 -Sz 7.5 -NEWComfortiva Women's Lemont Sneaker Brown Combo Leather/Snake PrintNike Air Max Plus Womens Barely Grey/Barely Grey/Clay Green/Barely Grey 62201005Lugz Women's Tallulah Water Resistant Fashion Boot Black Quilt 7 M US , Ladies Black Suede High Heel Stilettos Over Knee Boots Pointed Toe Pull On Shoes , Blondo Canada Brown Waterproof Suede Fur Trim TALL Side Zip Boots 7.5B Excellent , FRANCO SARTO BLACK SZ 10 PLATFORM SHOES BOOTIES HIGH HEEL LEATHER ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Cole Haan Margarite Black Pump, (medium) Size 7.5 Size B Margarite (medium) 022a79c -

    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 Haan Margarite Black Pump, (medium) Size 7.5 Size B Margarite (medium) 022a79c -

    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 Haan Margarite Black Pump, (medium) Size 7.5 Size B Margarite (medium) 022a79c