Never miss an update

Black Authentic mogochinese-29297 Louboutin Christian Louboutin Women's US Flats Fabric and Leather Size 6 US 18c43dc

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: An item that has been or previously. See the item description for full details and description of any imperfections.
Country/Region of Manufacture: Italy UK Shoe Size (Women's): UK 3
Style: Ballet Flats Pattern: Solid
Fastening: Pull On EUR Shoe Size (Women's): EUR 36
Heel Height: Flat (0 to 1/2 in.) Color: Black
US Shoe Size (Women's): US 6 Brand: Christian Louboutin
Material: Fabric Toe Type: Round Toe
Width: Medium (B, M) Heel Type: Block
Theme: Indian
Never miss an update

Black Authentic mogochinese-29297 Louboutin Christian Louboutin Women's US Flats Fabric and Leather Size 6 US 18c43dc -

    Black Authentic mogochinese-29297 Louboutin Christian Louboutin Women's US Flats Fabric and Leather Size 6 US 18c43dc
    Black Authentic mogochinese-29297 Louboutin Christian Louboutin Women's US Flats Fabric and Leather Size 6 US 18c43dc
    NEW $550.00 BALLY ITALY VERDE FLUO PATENT CALF LEATHER SIZE US 5.5 /NIB BOTTEGA VENETA Pale Mist Suede Boat Shoes 8/38 $595escada sport loafers 38.5 red suede slip on flats - size 38.5 , Aquazzurra Navy Suede "Rockstar" Pointed Toe Flats SZ 38 , Man's/Woman's Delpozo Bow Leather Mule, 37, Pink durability Affordable Maintenance capability , Vince Neela Women's Forest Berry Platform Sneaker Sz 8M 2645 , NEW Tod's Black Patent Leather Ballerina Flats Sz 39.5/ US 9.5 , $825 NEW MANOLO BLAHNIK FLATS SATIN CRANBERRY RED BALLETS Pointy Flat SHOES 40.5$795 Valentino Women White Leather Flat Shoes 38 , RAG & BONE KONRAD MONK SHOE in Black & White Saffiano USA 9 Euro 39 MSRP $625.Prada womens leopard - print patent leather slipper - SZE 37 NIB , MOSCHINO ORANGE SUEDE LEATHER OPEN TOE FLAT 6.5 36.5Tory Burch Symphony Blue Ballet Flats 10Gentleman/Lady PRADA LOGO LEATHER FLATS main category In short supply Fine wildAuthentic MIU MIU Alba Ballerina Flats, Size 35.5 5.5 ShoesWomen's Shoes Stuart Weitzman CAPRICORN Pointed Toe Leather Pan / Black NARROW , Womens AQUATALIA black suede cap toe fashion sneakers sz. 10 $375AUTH Salvatore Ferragamo Women Saba Suede Flat Loafer Shoes 6mDOLCE & GABBANA Floral Espadrilles $465 Size 35/5New TOD'S Flats Red Burgundy Suede Mocassins Jewel CRYSTALS Shoes Loafers 39.5Paul Green Calissa Sneaker Suede Black Women Sz 7.5 , NIB TORY BURCH LOWELL 2 DRIVER NAVY TUMBLED LEATHER REVA FLATS MOCCASINS 7 $295Luca Grossi 1005 Gray Silver Suede Leather Pointy Toe Flats Shoes 35 / US 5 , Roger Vivien Paris ponyhair leopard print flats w/ silver buckle sz 40 M , ALAIA PARIS Black Patent Open Work Ballerinas - Size 38.5 8.5 ShoesAUTHENTIC TOD'S WOMEN'S BLACK & NUDE LEATHER GOMMINO MOCCASINS/DRIVER SHOES , PRE OWNED PRADA HIGH HEEL SHOES EXCELLENT CONDITION SIZE 39 , Mally 6099 Multi-Color Soft Leather Suede Comfortable Bow Ballet Flats 36 / US 6 , Christian Dior Prairie Sandal Blue Womens Shoes Size 6.5 M Sandals MSRP $890 ,
    Black Authentic mogochinese-29297 Louboutin Christian Louboutin Women's US Flats Fabric and Leather Size 6 US 18c43dc ->Black Authentic mogochinese-29297 Louboutin Christian Louboutin Women's US Flats Fabric and Leather Size 6 US 18c43dc -
    Aquatalia By Marvin K. Side Zip Knee High Leather Boot Black Women Sz 9.5 5291 *BEARPAW Women's Boetis 11'' Snow Boots, Pink Cow Hair, Lamb Fur, Sheepskin 9 MAriat Black Heritage Cowboy Boots Size 10WEAdidas Original Tubular X 2 PK Runner Black Black White CG1374 SZ 4-11 Limited , PRADA WOMEN'S LEATHER PUMPS COURT SHOES HIGH HEEL NEW PINK FE0Loafer Johnston & Murphy Maggie Camp Moc Black Glove LeatherMan's/Woman's La Redoute Womens Rope Wedge Sandals for you to choose Used in durability Authentic guaranteeGentleman/Lady Arcopedico L18 Synthetic Womens Shoes Diverse new design New products in 2018 Clearance saleSanita Danish Clogs Multicolor US 10.5 Patent Leather Chef Nurse Excellent , STUART WEITZMAN black suede leather high heel mary jane comfort shoes 6.5 MWomens Punk Rivets Ankle Strappy Leather Med Block Heels Open Toe Sandals Pumps , Walking Cradles Women's Race Dress Pump Black 10.5 Wide US , STELLA MCCARTNEY faux leather platform oxfords size 37.5 US 7.5Brighton Sandals Rafael Two Toned Black and Brown Braided with Box SZ 7 W , Christian Louboutin 39 black Booties Nitoinimoi 120 MM Excellent Condition.Spenco Yumi Python Women's Sandals Silver - 11 , Converse Jack Purcell CP OX Canvas Shoes Size 10 Mens Navy Blue White 1Q811 New , SALE New Men's Adidas X 15.1 CT Prime Court Soccer Shoes ART S83245 size 6UK , Adidas Men’s Black Snake Tubular 13 ART BB8392 , MENS NIKE LUNAR CHENCHUKKA QS FIBERGLASS DARK KHAKI 553553 320 SZ: 8 (26CM) , Nike Roshe One Mens 511881-606 Port Wine Black Mesh Running Shoes Size 6 , Nike Foamposite One Eggplant DS Sz 9 W Receipt Black Varsity Purple Penny , Dan Post DP3875 Alamosa Cowboy Certified 11" Square Toe BootNew Under Armour Women's Micro G Assert 7 Running Shoes - Size 7.5 - SteelAdidas Arkyn Boost Brand New 100% Authentic WMNS Size 9,5 USASICS T750N.4832 Womens Gel-Nimbus 19 Running Shoe- Choose SZ/Color.Jack Rogers Blue Hamptons Classic Size 7M Ret.149.99Shellys London Ely Bootie Leather / Glitter / Suede Black Glitter Size 38/ 7.5Steve Madden Women's Effect Ankle Boot - Choose SZ/ColorPremium Sheepskin Jumbo Chocolate classic double bottom Made In Australia Size 5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Black Authentic mogochinese-29297 Louboutin Christian Louboutin Women's US Flats Fabric and Leather Size 6 US 18c43dc -

    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.

    Black Authentic mogochinese-29297 Louboutin Christian Louboutin Women's US Flats Fabric and Leather Size 6 US 18c43dc -

    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
    Black Authentic mogochinese-29297 Louboutin Christian Louboutin Women's US Flats Fabric and Leather Size 6 US 18c43dc