Never miss an update

WOW!!!Italian Overknee high heels heels Overknee Leather+Stretch - Boots - 1969made in Italy - 41 6880feb

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
Brand: 1969 Italian shoes
Country/Region of Manufacture: Italy US Shoe Size (Women's): 41
Width: Medium (B, M) Heel Height: Very High (4.5 in. and Up)
Heel Type: Stiletto Style: Pumps, Classics
Color: Black Material: Leather Best Stretch Material
Never miss an update

WOW!!!Italian Overknee high heels heels Overknee Leather+Stretch - Boots - 1969made in Italy - 41 6880feb -

    WOW!!!Italian Overknee high heels heels Overknee Leather+Stretch - Boots - 1969made in Italy - 41 6880feb
    WOW!!!Italian Overknee high heels heels Overknee Leather+Stretch - Boots - 1969made in Italy - 41 6880feb
    Valentino Couture Sandal Open Toe with Dragonfly of Swarovski crystals!!! , RENE CAOVILLA, STUNNING SANDALS, NEW, IN ORIGINAL PACKINGBURBERRY PRORSUM AW11 WOMENS ALLIGATOR PLATFORM SHOES HEELS WEDGES LEATHER , CHRISTIAN LOUBOUTIN Jeremina black fishnet strappy studded heel pumps EU39 US9DOLCE & GABBANA Macrame Peep Toe Pumps Heels Shoes w. Crystals Brooch Red 06784YEEZY SEASON 5 PVC CLEAR PLEXI HEELS PUMPS SIZE 6-10 KIM KARDASHIAN KANYE LUCITE , ANASTASIA RADEVICH THIS WILL DESTROY YOU HEELS US$5999 WITHOUT CRYSTALSValentino Garavani Rolling Rockstud Heels!Brand new in box! RRP 720 Eur! , DOLCE & GABBANA Crocodile Snake Plateau Sandals Pumps Heels Brooch Green 06153 , NEW $1900 DOLCE & GABBANA Shoes Leather Floral Crystal Mary Janes EU40 / US9.5 , CHRISTIAN LOUBOUTIN New simple pump 38 - 39 authentic RRP $850 patent leatherBalenciaga Paris Black Leather Platform Sandal Heels Shoes Sz 40 Italy Sold Out! , SOLD OUT!!!!!!!!!Italian high heels Overknee Black Leather Boots 1969 Italy - 39 , NIB PIERRE HARDY open toe heels 40 , NWOT Soldout CHRISTIAN LOUBOUTIN Sparkle Stunning Pump ShoesAUTHENTIC CHRISTIAN LOUBOUTIN JUMPING 100 POINTED TOE PUMPS GRADE A USED -AT , HERMES pumps H Studded enamel leather blackFENDI BURGUNDY CALF LEATHER PLATFORM PUMPS - / / US 8.5 - BNIB , BNIB CAMILLA SKOVGAARD Open Toe Saw Sole Suede & Leather Birdcage Booties Sz 39Men/Women Versace triple platform heels 40.5 Crazy price modern Exportshoes gianvito rossi size 6.5 violet satin woman pumpsNIB $1395 Christian Louboutin Anita 85 Black Suede Buckled Metal HeelDOLCE & GABBANA Baroque Pumps Heels BELLUCCI Studded Flowers Black Gold 06862Louboutin : Amazing "Highness" pump EU36.5, US6.5, UK3.5NEW $2800 DOLCE & GABBANA Shoes Pink Crocodile Embellished Heel Pumps EU37/US6.5$965 NWT MANOLO BLAHNIK HANGISI 90mm NAVY SATIN PUMPS JEWELED WOMEN'S SHOES NIB!Louboutin : Lovely Demi You Half 100 mm Patent T36.5, US6.5, UK3.5Zimmermann leather Over The Knee boots Shoes - brand new - RRP$1,700Miu Miu black enamel Mary Janes 41
    WOW!!!Italian Overknee high heels heels Overknee Leather+Stretch - Boots - 1969made in Italy - 41 6880feb ->WOW!!!Italian Overknee high heels heels Overknee Leather+Stretch - Boots - 1969made in Italy - 41 6880feb -
    Cotswold Biddlestone white navy red ladies slip on moccasin shoe size 36-42 , ECCO Soft 7 Quilted Slip On Sneaker,Loafer,Comfort Flats Shoe,Black,42,11, 11.5 , NWB Womens Walking Cradles Bandeau Taupe Flats Size 10.5 Two-Tone Slip On BrownWomens Summer Rhinestone Low Heels Pointed Toe Slip On Casual Flat Shoes A363 , Bally Ladies True Vintage Brown Suede 20s Retro Mary Jane Shoes U.K. 4.5/5Giuseppe Zanotti Open Toe Slide Sandals Embellished , Bourne Women's Barbara Leopard Print Peep Toe Pump Size 9 M , Gentleman/Lady NEW HANNIBAL LAGUNA WOMENS SANDALS Queensland product quality a wide variety of goodsMen's/Women's LE COQ SPORTIF Charline Beige Modern and elegant fashion Latest styles best seller , FRYE Womens Tori2 Band Sling Leather Open Toe Casual Slingback SandalsNew Elegant Womens Fur trim Rivet Square Toe Slippers Retro Mules Leather Shoes , Pro Keds Men’s Sneakers size 12 M Yellow White Black Lemon DesignNike Zoom Rival XC Track Shoes Cross Country Mens 6.5 Womens 8 New Black TealSkechers Men's Relaxed Fit Supreme Bosnia Black , Man's/Woman's SKECHERS Mens Go Golf Fairway Crazy price, Birmingham Modern and stylish fashion wonderful , Nike Roshe One Mens 511881-423 Obsidian Blue White Mesh Running Shoes Size 9 , NIKE AIR MAX PLUS NS GPX BLACK WHITE BIG TN Air AJ0877-001 SZ 11 NO BOX TOPStacy Adams Men's REMINGTON casual ankle Cognac Boots 25063-221Skechers Soft Stride Mavin Size: 8.5 4E (EW) EXTRA WIDE Men's Work Shoes , Men Slip On Loafers Lint Flats Fashion Casual Round Toe Printed S2 ShoesMens Leopard Print Pointy Toe Slip On Leather Dress Formal Party prom Shoes size , Mezlan Vero Cuoio Men Brown Leather Tassel Cap Toe Loafer Shoe Spain Sz 10 1/2 , England Men Pointy Toe Ankle Boots Fashion Hidden Heel Boots Shoes Dress Formal , Amazing Miniature American Shepherd-Women's Running Shoes-Free Shipping , Wmns Nike Air Zoom Pegasus 33 Pink White Women Running Shoes Sneakers 831356-603 , Adidas NMD R2 Wonder Pink Black PrimeKnit Womens Boost Trainers BY9315Women's Mootsies Tootsies Tall Boots - Utopia - Black - New in Box! , HOKA ONE ONE Women's Clifton 4 Running Shoe 11Nike Air Max Zero Women's White/Black 57661102 , Women Snakeskin Pointy Toe Leather Ankle Boots Fashion Zipper Nightclub shoes SZ ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    WOW!!!Italian Overknee high heels heels Overknee Leather+Stretch - Boots - 1969made in Italy - 41 6880feb -

    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.

    WOW!!!Italian Overknee high heels heels Overknee Leather+Stretch - Boots - 1969made in Italy - 41 6880feb -

    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
    WOW!!!Italian Overknee high heels heels Overknee Leather+Stretch - Boots - 1969made in Italy - 41 6880feb