Never miss an update

TORY BURCH All Leather Burgundy Pointy 24745 Size Toe Kitten Heel All Shoes Size 8.5 M ea2b8df

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
Country/Region of Manufacture: Brazil Width: Medium (B, M)
Style: Kitten Heels Pattern: Pointy Toe.
Heel Height: High (3 in. to 4.5 in.) Color: Burgundy.
US Shoe Size (Women's): 8.5 Brand: Tory Burch
Material: Leather / Suede. Heel Type: Kitten
UPC: Does not apply
Never miss an update

TORY BURCH All Leather Burgundy Pointy 24745 Size Toe Kitten Heel All Shoes Size 8.5 M ea2b8df -

    TORY BURCH All Leather Burgundy Pointy 24745 Size Toe Kitten Heel All Shoes Size 8.5 M ea2b8df
    TORY BURCH All Leather Burgundy Pointy 24745 Size Toe Kitten Heel All Shoes Size 8.5 M ea2b8df
    Steve Madden REDCARPT REDCARPET Platform Open Toe Pumps Heels Champagne Size 6Brand New Cole Haan Women's Medora Nude Leather Heel Slingback Pump Sz 8Bguiseppe zanotti Size 6 Dress Sandals TealWomen's Sexy Super High Heel Platform Open Toe Sandals Nightclub Shoes All sz , New Multicolor Shiny Leather High Heel Womens Sandal Pumps Butterfly Party Shoes , Callaghan Flor Nobuk Piedra moccasins sale 82300 , Pointy Toe Black Patent Pumps, Size 6 , COLE HAAN MARIELA AIR OT SLING BLACK LEATHER PEEP TOE SHOE WOMEN DRESS 9 1/2 NEW , Daya by Zendaya Sinclair Mule Pumps, Black, 6 USPierre Hardy Stiletto Leopard Print Leather Peep Toe Pump Womens SIZE 38.5 / 8.5 , MANOLO BLAHNIK Sz 38 Satin Rhinestone Kitten Heel , Steve Madden REDCARPT REDCARPET Platform Open Toe Pumps Heels Champagne Size 6.5Jessica Simpson Neesha Elastic Wrap Platform Bootie Pumps 156, Black, 7.5 US , AD739 GEOX shoes black suede women pumpsNEW Free People x Jeffrey Campbell Cyndi Suede Block Heels Size 6 BlackDavid Tate Women's Hope Pump , 123 Un Deux Trois Bottes Genoux Cuir Lisse Noir T 36 ETAT NEUFWomen's Shoes Isaac Mizrahi NAPLESLEE Wedge Mocs Suede Brown Multi LeopardBLACK PATENT LEATHER BOOTS SIZE 5-16 HEEL-0'--PRODUCER OF POLANDGentlemen/Ladies NEW GIANMARCO LORENZI WOMENS PUMP Guarantee quality and quantity new Suitable for color$225 SCHUTZ ALDA Black Suede Spikes Rhinestones Designer Pumps 8.5Venom Hidden Wedge Multiple Buckle Strap Sandal Shoe Black Leatherette 6-12 , Bettie Page Halle Shoes - Mint/Cream Retro Rockabilly Vintage Casual Cute 6-11BADGLEY MISCHKA Delilah Buckle Dress Wedge Heels Closed Toe Gold NEW size 5Naturalizer Womens Lainey Open Toe Classic Pumps oatmeal Size 9.0MUERTO-680 GOTH BIKER PUNK FINGER BONE HEEL STUDDED STRAPS CHROME PLATFORM PUMP , RACHEL COMEY WOMEN’S BURGUNDY LEATHER LEEDS PUMPS SZ 8 , Anne Klein AK Sport Women's Meredith Patent, Dark Green, Size 5.5Lolita Kitty School Girl Candy Girl Pin-up Purple Pink Bow Mary Jane Shoes ,
    TORY BURCH All Leather Burgundy Pointy 24745 Size Toe Kitten Heel All Shoes Size 8.5 M ea2b8df ->TORY BURCH All Leather Burgundy Pointy 24745 Size Toe Kitten Heel All Shoes Size 8.5 M ea2b8df -
    Womens Real Sheep Leather Pointy Toe Zipper Pumps Rivets Beads Punk Ankle BootsMan's/Woman's Dan Post Womens Jules durable Pleasant appearance Fashion versatile shoesCorral Circle G Boot Women's 12-inch Distressed Leather Embroidery Square... , CHIARA FERRAGNI MADE IN ITALY WOMEN STUDDED BLACK BIKER RIDING BOOTS US 8 , Adidas Originals Swift Run Primeknit W [CG4137] Women Casual Shoes Ice BlueAsics - Gel - Quantum 180 2 MX - Stone Grey/Carbon/Seashell PinkChloe Lauren Ballerinas In Pink Gold 37 , Womens Party Pumps High Stiletto Heels Leather Pointy Toe Slip On Sexy Shoes NewClarks Scheme Gold Black Leather Heel Comfort Shoe Styllish $100 6.5 8 101.State Black Nappa Saffire Leather Pointed Toe Slip On Heel Shoe 9 NewOpening Ceremony 'Camilla' Ruffle Platform Sandals Heels Shoes $525, Sz 3788 New Chaco Aubrey Leather Sandals Dress Casual Streets Women 7 Pinecone Brown , Brunello Cucinelli Women Beige Leather Beaded Monili Espadrille IT39/US9~RTL$925 , Converse Womens Chuck Taylor All Star II HiTop Sneaker Pink 154028C Wmn Sz 7M USNIKE Men's Air Max Dynasty 2 Running Shoes* , Lacoste Men's Bayliss Vulc 317 1 SneakerNIKE KD 8 sz 11.5 ORANGE BLACK HUNTS HILL SUNRISE WHAT THE ELITE FINALS MVP 9 10Adidas Superstar Mark Gonzales US 9,5 with book and pensMen's adidas I-5923 Runner Casual Maroon/Footwear White/Core Black D97210 MAR , Nike Air Max LD Zero White Black Men SZ 7.5 - 13 , Nike Air Maestro 2 QS Scottie Pippen Red Black Sneaker AJ9281-600 Size 11.5Men's Jordan Super.Fly 5 PO Basketball Shoe 881571-406Nike Vaporfly 4% Flyknit NIB Bright Crimson/Ice blueDS NIKE 2017 AIR JORDAN XVI NAVY OG RETRO 9.5 - 12 I III IV V VI XI XIII PREMIUMMen/Women adidas X PLR wholesale Stylish and charming Recommended today , DS NIKE 2007 WILDWOOD 90 FREE TRAIL YOTR 10 ACG AIR MAX 1 90 FORCE PRESTO WOVEN , ROCKPORT A13001 APRON TOE MEN'S BLACK WATERPROOF OXFORD Sz 9.5 WIDE(W) , Womens ASICS gray / purple athletic sneakers sz. 9.5 NEW! $150 , VIBRAM FIVEFINGERS WOMENS V-TRAIN BLACK CORAL GREY SIZE 37 , Nike Air Max 90 (325213-128) Oatmeal/White-Gum Light Brown Wmn Sz 7 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    TORY BURCH All Leather Burgundy Pointy 24745 Size Toe Kitten Heel All Shoes Size 8.5 M ea2b8df -

    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.

    TORY BURCH All Leather Burgundy Pointy 24745 Size Toe Kitten Heel All Shoes Size 8.5 M ea2b8df -

    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
    TORY BURCH All Leather Burgundy Pointy 24745 Size Toe Kitten Heel All Shoes Size 8.5 M ea2b8df