Never miss an update

BCBGeneration 9 Cynthia Honey Comb Comb Mesh Pumps BLUE BCBGeneration Night Black Pointed Suede 9 New 1e6bde4

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
Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Width: Medium (B, M) Brand: BCBGeneration
US Shoe Size (Women's): 9 Style: Pumps, Classics
Pattern: Solid Color: Blue
Material: Suede Country/Region of Manufacture: China
Heel Type: Slim UPC: Does not apply
Never miss an update

BCBGeneration 9 Cynthia Honey Comb Comb Mesh Pumps BLUE BCBGeneration Night Black Pointed Suede 9 New 1e6bde4 -

    BCBGeneration 9 Cynthia Honey Comb Comb Mesh Pumps BLUE BCBGeneration Night Black Pointed Suede 9 New 1e6bde4
    BCBGeneration 9 Cynthia Honey Comb Comb Mesh Pumps BLUE BCBGeneration Night Black Pointed Suede 9 New 1e6bde4
    STEVE MADDEN SION BLACK/BLUE OPEN TOE HEELS SIZE 9 , Badgley Mischka Jossie Silver Diamond Drill Women's Dressy Evening Heel Pump 8.5Franco Sarto Leather Cut-out Espadrille Wedges Nola Sand 7M NEW A288518 , Via Spiga Baylie Salmon Pink Suede Women’s Tie Up Flats Pumps Size 8.5 MStuart Weitzman Sz 8 M Nude Laser Cut Leather Pointed Toe NWOT Kitten Bow Heels , Cole Haan Alanna Brocade Women's Silver Pump II SZ US 11 MSRP $250 , Jeffrey Campbell NEW Rockabilly Pinup Burgundy Velvet Mary Jane Heels Sz 8.5 , Amalfi by Rangoni Women's Romantico Dress Pump, Alluminio, 6.5 M US , Thierry Rabotin 39.5 Shoes Low Heel Pump Wedge Leather Comfort ElasticSTEVE MADDEN BONBON GOLD SANDAL SZ 10NEW Sam Edelman ‘Masie’ Blue Multicolor Velvet Paisley High Heel Sandal Sz 8.5GUESS ADRIANA2 LIGHT NATURAL LEATHER PUMP SIZE 10MLauren by Ralph Lauren Women's Lindsay-Sn Pump Geranium 8 M US , Ann Taylor “Audrey” Black Satin Heel Bow Open Toe Leather Formal 8.5 ExcellentDesigner Claudio Merazzi Handmade Woven Leather Shoes Pumps Heels MSRP $397 Sz 7Nine West Women's TESTY Fabric Heeled Sandal, - Choose SZ/Color , Jessica Simpson SABELLA Platform Sandals slingback Heels BLACK Size 10 , Gorgeous Salvatore Ferragamo Women's Brown Leather Slip On Pumps 10 Narrow 2A , Sam Edelman Brocade Floral Stillson Pumps Womens Size 7.5 Heels Embroidered NWOB , CHARLES JOURDAN KELLY GREEN SUEDE LEATHER PEEP TOE SLINGBACKS PUMPS 9 B FRANCEBadgley Mischka Layla Ivory Satin Women's Evening Peep Toe Heels Pumps Size 6.5EUC 90s Vtg NA NA Ivory Leather 4" Heel Platform Shoes Pumps~Swing~Rockabilly~9 , Salvatore Ferragamo Boutique Women's Shoes Beige Cream Heels Pumps size 8.5 AAA , Emilio Pucci Women's ITALY Signature Print Heels Shoes Size 37 Vintage , Man/Woman Cobb Hill,Darcy,dress,black,fashion,slip-on,heel Good design First grade in its class Popular tide shoesNew C LABEL Womens Mollini Open Toe Heels Size 8 , Badgley Mischka Silver Leather Women's Bridal Evening High Heels Pumps US 9.5 , LAMB Karoline Gunmetal Leather Women's High Heels Strappy Sandals Size US 7.5 M , AQUATALIA By MARVIN K Brown Suede Front Zip Bootie Shootie Ankle Boot Womens 6.5
    BCBGeneration 9 Cynthia Honey Comb Comb Mesh Pumps BLUE BCBGeneration Night Black Pointed Suede 9 New 1e6bde4 ->BCBGeneration 9 Cynthia Honey Comb Comb Mesh Pumps BLUE BCBGeneration Night Black Pointed Suede 9 New 1e6bde4 -
    Clarks 26136727 Women's Cheyn Meryl Black Leather Knee-High Boot W/ OrthoLite® , $995 BALENCIAGA VELOUR DARK BLUE BLOCK HEEL ANKLE BOOTS SIZE 39.5 , FILLING PIECES Handcrafted in Portugal Shoes Size 39Authentic Christian Louboutin Louis Orlato Fuchsia Velvet Spikes Sneaker Sz 36 , TABITHA SIMMONS Womens Red Satin+Velvet Ruffle High-Heel Sandal Pump 10/40 NEWGianvito Rossi Pink Leather Tulip Pedal Stiletto Heel Pumps IT37/US7 ~RTL$695 , sz 6 NEW TORY BURCH slide sandal shoes Tatiana Pearls/ Dust Storm 46044 shoesOLUKAI Womens 'Puka' Light Coral Leather Flip Flop Sandals Sz 7 M - 232087 , Man's/Woman's Nine West Women's Byron Fabric Mule Elegant shape Fast delivery Characteristics , WOMENS REEBOK CL LEATHER SHMR in colors ALLOY GREY / WHITE / PEWTER SIZE 10 , Adidas Original ZX Flux XENO Reflective Black Shoes Men's Size 11 B54176 NIB , Adidas Originals Pro Model 80s Quickstrike F37686 Camo Black Gold Men's Shoes , Vans SK8-Hi MTE Dark Earth/Seal Brown NIB Size US 11.5 Men's VN0A33TXQWWAsics GT-1000 6 Mens T7A4N-9093 Black Silver Gold Fusion Running Shoes Size 10Reebok Men's Print Smooth Clip Ultk Running Shoe - Choose SZ/Color , NEW~Adidas TOP TEN 2000 LA THE DREAM CITY crazy eqt 8 Basketball Shoe~Mens 12.5- , DS NIKE React Element 87 PHOTO BLUE DARK GREY SAIL AQ1090-003 US Men 7AUTHENTIC LUXURY PRADA SNEAKERS SHOES 4E3027 BLACK NEW US 7Red Wing Shoes 2917 Chelsea Rancher Boots - Factory 2nds Size 11 DMr/Ms Lacoste 734SPM0041_TURBO Good world reputation special function Cheap orderMan's/Woman's Sanuk Men's TKO Loafer Elegant and sturdy set meal High-quality materials Rich on-time deliverySperry 2 Eye Orleans Boat Shoes, Men's Size 10 M, Navy , Authentic Bontoni shoes mens size 7.5 US or 40,5 brown formal Berluti PatinaDemonia Women's Sprite 09 Flatform Mary JaneSaucony Triumph ISO Running Shoes Women’s Size 7.5 US Excellent Condition , Reebok Women's Runner MT Running Shoe, Brave Blue/Stonewash/Gable 6.5 M USNike Mayfly Woven Womens 833802-002 Black White Tan Athletic Shoes Size 11 , Brand New W SF AF1 MID Women's Athletic Fashion Sneakers [AA3966 005]Hush Puppies Women's Cyra Catelyn Ankle BootLos Altos Rustic Black Genuine Python Sz 6 Women's Western Boot Snake Skin EUC ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BCBGeneration 9 Cynthia Honey Comb Comb Mesh Pumps BLUE BCBGeneration Night Black Pointed Suede 9 New 1e6bde4 -

    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.

    BCBGeneration 9 Cynthia Honey Comb Comb Mesh Pumps BLUE BCBGeneration Night Black Pointed Suede 9 New 1e6bde4 -

    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
    BCBGeneration 9 Cynthia Honey Comb Comb Mesh Pumps BLUE BCBGeneration Night Black Pointed Suede 9 New 1e6bde4