Never miss an update

Slippers and clogs mogochinese-29901 Valentino Garavani clogs Men - and Rubber (0S0873PCG) ff34a10

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: Valentino Garavani
Material: Rubber US Shoe Size (Men's): US
Country/Region of Manufacture: Italia Style: Slippers and clogs Valentino Garavani Men
Never miss an update

Slippers and clogs mogochinese-29901 Valentino Garavani clogs Men - and Rubber (0S0873PCG) ff34a10 -

    Slippers and clogs mogochinese-29901 Valentino Garavani clogs Men - and Rubber (0S0873PCG) ff34a10
    Slippers and clogs mogochinese-29901 Valentino Garavani clogs Men - and Rubber (0S0873PCG) ff34a10
    NEW Deer Stags 13W Slippers Chestnut Brown "Slipperooz" 13 W Wide In Out Tan Moc , L.B. Evans Slipper Chicopee Leather Mens Slippers Size 11M , Gentlemen/Ladies Glerups Boot Slipper Red 44.0 superior buy Human borderSummer Mens Thongs Rivet Buckle Strap Flats Letaher Punk Gothic Sandals SlippersMens Leather Slippers Punk Summer Beach Platform Flip Flops Open Toe Black ShoesBlack Leather Trendy Flip Flops Mens Casual Slides Mules Slipper Clip Toe Shoes , NEW Mens Eddie Bauer Sheepskin Shearling Scuff Slippers Dark Brown/Tan Retail$99Mens Slippers Loafers Formal Striped Silk Tassel Dress Prom Shoes Slip on Flats , Man's/Woman's Glerups Boot Slipper Grey 45.0 Practical and economical Settlement Price Popular tide shoesFrankenwald Men's Slippers House Shoes Fur Lining, Brown 180 NEWMen's Genuine Leather Mules Slip On Loafers Semi-Slipper Shoes Moccasins BucklePolo Ralph Lauren Men's Swittle Espadrille Chambray slipper/ SHOE US: 13.D , mens fully beaded striped leather mocassins size 11 MMen's/Women's Glerups Boot Slipper Grey 47.0 Special price Price reduction buy onlineMahabis Summer Men's Navy Slippers Shoes 43 / 10 PortugalDance Shoes/Tanssitossut For Father and Daughter 100% Wool Felt Size Dad 45 (11) , Paul & Shark Yachting men's leather moccasins shoes size 42 US 9 blackSlippers and clogs GCDS Men - Rubber (SS18M010021)Adelheid Men's Shoes " Best Papa " Cobalt Blue House Shoes Slippers Mules WoolBRAND NEW RALPH LAUREN COLLECTION PAXHILL SLIPPER (US SIZE:10 ) BLACK/SAND , BIRKENSTOCK BOSTON BLACK OILED LEATHER MEN'S WOMEN'S CLOGS SHOES SANDALS SLIPPERMens Toe Ring Rivet Flat Sandal Slipper Mules Shoes Roman Stylish Leather MulesBedroom Athletics Harris Tweed William Blue Check Shearling Mule Men 8 9 NIB NewSpenco Slipper - Men's Supreme Suede Bison - 14 , Mens HUSH PUPPIES SLIDER FORMAL/DRESS/WORK/LEATHER SLIP ON SHOESadidas Adilette Cloudfoam Blue Maroon Men Women Sandal Slippers Slides AC8330 , Romika Mokasso 202 Slipper - Black Brown - Clogs Leather Mules , Romika Mokasso 202 G Slipper - bordoAdelheid Men's Shoes " Chef Des House " Green Slippers Mules Wool New ,
    Slippers and clogs mogochinese-29901 Valentino Garavani clogs Men - and Rubber (0S0873PCG) ff34a10 ->Slippers and clogs mogochinese-29901 Valentino Garavani clogs Men - and Rubber (0S0873PCG) ff34a10 -
    Easy Spirit Women's Exploremap Walking Shoe, Navy Combo, Size 6.5 US / 4.5 UK , Chinese Laundry Women's Hayden Espadrille Yellow Floral Print Flats , BOBS from Skechers 31397 Womens Bobs B-Loved-Casual Party Ankle BootieAimee Black Me Too Leather Ballerina FlatsNEW Aerosoles Women's Casual Top Bet Mosaic Shoes Sz 6RRP $140 NEW DIESEL WOMEN'S SHOES SIZE 39 US 8.5 25.5 CM DRAAGS94 W DRAGON94 REDJ Crew 6.5 Seville Espadrille Wedges NEW f2027 $128 Leopard PrintSlim Women's Handmade High Heels Rhinestone Platform Bridesmaids Wedding ShoesSteve Madden Women's Sabrinah Pump - Choose SZ/ColorJIMMY CHOO WOMEN'S BLACK SEQUIN ROUND TOE PLATFORM HEEL PUMP!! SIZE 10Jambu Dune Red Suede sandal sport walking shoe Comfortable 6 7.5 $120 styllish , Birkenstock Papillio Charlize Slides Metallic Silver Leather Sandals Size 36 NWTara Women's Harmony 37221 Cristal Nubuk/White Calf SlidesBadgley Mischka Bonanza Wedge Evening Sandals, Ivory, 8.5 US , Stuart Weitzman Barrio Slingback Sandals 881, Cashew, 5.5 US , Mens Vans Old Skool Weave DX Black White VN0A38G9L3Abait x brooks regent inferno limited red Men U.S Size 7.5 , adidas Novak Pro BA8012 Mens Trainers~Tennis~to 11.5 Only , New Adidas Boost Men Sz 8 Crazy Explosives Low Basketball Shoes Grey By3254 , Adidas Equipment Support Ultra, US 7,5, BA7777 , Brooks Dyad 8 Mens Runner (4E) (040) + Free Delivery Australia Wide , Adidas Ultra Boost Triple Black 3.0 UltraBOOST CG3038 Mens Size 7 Brand New DS , Nike NSW Tiempo Trainer Mid Mens Wolf Grey/Ivory/Challenge Red/Gum 644822-062 , Georgia Boot Women's Giant Romeo Work Shoes - GR362 , NIB RALPH LAUREN Collection Runway Bowsworth Black Palm Espadrille Shoes sz 11DMan/Woman Teva Women's Tirra Plum Truffle Synthetic High quality and low overhead low cost Tide shoes listDiadora Women's Maracana L-W WomensSoccer Cleat Shoes- Choose SZ/Color. , Rocket Dog Women's Sebastian Burnie Mid-Calf Leather Boot , SAN MARINA Bottes Cuir Noir Doublées Cuir Style Cavalière T 36 ETAT NEUF , Womens Leather Diamonds Furry Round Toe Mid Calf Snow Boots Warm Shoes Size ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Slippers and clogs mogochinese-29901 Valentino Garavani clogs Men - and Rubber (0S0873PCG) ff34a10 -

    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.

    Slippers and clogs mogochinese-29901 Valentino Garavani clogs Men - and Rubber (0S0873PCG) ff34a10 -

    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
    Slippers and clogs mogochinese-29901 Valentino Garavani clogs Men - and Rubber (0S0873PCG) ff34a10