Never miss an update

Authentic Renzi 17984 Leather Italian Leather Leather Sandals New Authentic Sizes 6,7,8,9,10,11 03bf611

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
Color: Turquoise
Style: Sandals Material: Leather
Occasion: Casual Brand: Renzi
US Shoe Size (Women's): 6,7,8,9,10,11 Width: Medium (B, M)
Country/Region of Manufacture: Italy Heel Height: Low (3/4 in. to 1 1/2 in.)
UPC: Does not apply
Never miss an update

Authentic Renzi 17984 Leather Italian Leather Leather Sandals New Authentic Sizes 6,7,8,9,10,11 03bf611 -

    Authentic Renzi 17984 Leather Italian Leather Leather Sandals New Authentic Sizes 6,7,8,9,10,11 03bf611
    Authentic Renzi 17984 Leather Italian Leather Leather Sandals New Authentic Sizes 6,7,8,9,10,11 03bf611
    Valentino Garavani Love Blade Caged Flat Sandal, Black, Size 40.5, 9-9.5Alexandre Birman 'New Anete' Gold Wedge Espadrille- Size 38 , $298 New Tory Burch LOGAN FLAT SLIDE Sandals Satin Beaded Grey Navy Shoes 8 9new BIRKENSTOCK oiled Leather Sandals ARIZONA Urban EXQ Black EU40 US9 UK7 Narr.$780 MARNI 'ZEPPA' Striped PLATFORM Plonge Wedge Mesh Sandals EU-38 US-8 , NWB $495 PRADA CALZATURE DONNA VERNICE FLUO NEON PINK STRAP SANDALS EU38/ US 8 , Valentino Garavani - Rockstud PVC Thong Sandal - Size 40 (10 US) , NIB DOLCE & GABBANA Black Velvet Luxury Hotel Logo Slide Sandals 8.5 39 $395 , Balenciaga New sz 41 - 10.5 $595 Authentic Designer Womens Flats Shoes Sandals , NEW $980 DOLCE & GABBANA Shoes Leather Crystal Sandals Ankle Strap EU39 / US8.5 , NWB PRADA wedge sandals Size 38 1/2 or 8TRIPPEN Hot Nebbia Womens Leathers Wooden Stylish High Platform Wedge Sandals 40Burberry Women's 7 37 Actonshire Mesh Leather Chain Ankle Strap Sandals $750 NEW , Finn Comfort Women's Hollister Slide SandalNB Valentino Rockstud Pink Purple Rubber Jelly Bow PVC Thong Sandal Flip Flop 35Tory Burch Miller Leopard Patent Leather Flat Thong Sandal Size 8 NewGentlemen/Ladies Finn Comfort Women's Pattaya Moderate price In short supply cheap priceGIANVITO ROSSI Cheyenne Navajo Embroidered Black Suede Heel Sandals (MSRP $825) , new BIRKENSTOCK Leather Ankle Strap Sandal YARA EXQ Metallic Silver EU40 US9 UK7 , $495 New Miu Miu Calzature Donna Vernice 1 Nero US 7½ - 8 Bow Wooden Sandal , Tamara Mellon Sundance Sandals 105MM Heels US 10/$995 NEW , Prada Women's Platform Wedge Sandals Shoes US 9.5 9 1/2 Italian 39.5 . New !NWOB N°21 Knotted Leather Slip-On Platform Sneakers Shoes Size 39, Olive Green , NIB NEW Salvatore Ferragamo Groove Flower pool slide sandals 1cm 5 6 7 8 9 C , PRADA ICONIC Yellow Patent Leather Gold Logo Thongs I LOVE SHOES , Stuart Weitzman Backview Nero Black Leather Tall Gladiator Sandals Size 7.5 MSTUART WEITZMAN ALEXLO SWAMP ESPADRILLE PLATFORM CROCHET WEDGE ALEX SANDAL 8 NEW , New Women’s Salvatore Ferragamo Pool Slide, Resort Edition, Multicolor, Size 9 , MARNI Fusbett Vitello Flat Slide Sandals 538, Brown, 7 US / 37 EU
    Authentic Renzi 17984 Leather Italian Leather Leather Sandals New Authentic Sizes 6,7,8,9,10,11 03bf611 ->Authentic Renzi 17984 Leather Italian Leather Leather Sandals New Authentic Sizes 6,7,8,9,10,11 03bf611 -
    Hunter Original Short Gloss Dark Slate Grey Rubber Rain Boot Shoe 10 NewWomens Born Ankle ZipOn Boot Jem Black Leather D38603 , Charles by Charles David Giza Over-The-Knee Boots, BlackThierry Rabotin Darcy Black Suede/Leather Women's Sz 38.5/8.5 Wedge HeelsCole Haan Women's Sabrina Tassel Loafer Size 8.5 M US , NIB Tory Burch Carlotta Velvet Slide Flat 9 Ballet Pink Leather Mule Loafer Shoe~$425~ Miu Miu Multicolor Patent Leather Peep Toe Heels Size 39Womens Irregular Choice Little Peaches Pink White Mid Heel Shoes Shu SizeVALENTINO Black Textured Leather Gold Studded Rockstud Heels Shoes - size 38 / 8 , Rialto Gillian Low Wedge Strap Sandals, Gold/Metallic , 5 US , Man/Woman Franco Sarto Women's Monaco2 Dress Sandal Reliable quality comfortability renewed on time , Splendid Caracas Buckle Ankle Strap Sandals, Cognac, 5.5 US , Jambu Women's Simone Platform Dress Sandal Light Taupe 8.5 M USNike SB Air Max Bruin Vapor Wolf Grey Men's Size 9.5 Skateboard 923111 006Western Boot Old Mejico Alligator Print Leather Honey ID 301137MENS JULIUS MARLOW HARRY CASUAL WORK LEATHER BLACK BROWN MEN'S SLIP ON BOOTSMagnum Stealth Force 8.0 Side Zip Waterproof - Black - Mens , Men's Overlay Dark Chedron Stitched Leather Design Cowboy Boots Rodeo Western , Lucchese M0702.C2 Mens Dustin Belly Caiman Roper Boot Round Toe 9Eveet Leather Italian Boots New Collection Sizes 5,11,12Buckle Rivets Pointy Toe Slip On Fashuonb Dress Leather Punk Shoes Business Y2NEW BALANCE W990V4 DARK MULBERRY W990DM4 B WOMENS US SIZE 9Vans Women SK8-Hi Slim Zip - Iridescent Eyelets black VN0XH8IESDANSKO WOMENS ALISSA GOLD PRINT LEATHER SIZENike Air Max Thea Mid Navy Leather Women's Shoes Sneakers 859550-400 Size 7NEW Sz 12 Women’s Nike AF1 Explorer XX Off White/Light Silver AO1524-100 , Bare Traps Woman’s Salvador Gray Buckle, Comfort Boots Size 8M WC NEW , Valentino Rockstud Sneakers Size 37.5 / 7 NWT , Women Black Leather Winter Thigh High Over the Knee Boots Oxfords Boots Shoes sz , Naturalizer Women's Dawson Chelsea Boot, Black Suede, 4.5 Medium US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Authentic Renzi 17984 Leather Italian Leather Leather Sandals New Authentic Sizes 6,7,8,9,10,11 03bf611 -

    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.

    Authentic Renzi 17984 Leather Italian Leather Leather Sandals New Authentic Sizes 6,7,8,9,10,11 03bf611 -

    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
    Authentic Renzi 17984 Leather Italian Leather Leather Sandals New Authentic Sizes 6,7,8,9,10,11 03bf611