Never miss an update

Pour La Victoire Womens Black Patent Leather Platform Irina La 29987 Platform Heels Size 10 NEW 666d717

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Model: Irina
Pump: Platform Style: Pumps, Stilettos
Features: Platform Toe Style: Round
Color: Black Patent US Shoe Size (Women's): US 10
Brand: Pour la Victoria Heel Height: Very High Heel (4 1/2 in or More)
Heel Type: Slim Material: Patent Leather
Never miss an update

Pour La Victoire Womens Black Patent Leather Platform Irina La 29987 Platform Heels Size 10 NEW 666d717 -

    Pour La Victoire Womens Black Patent Leather Platform Irina La 29987 Platform Heels Size 10 NEW 666d717
    Pour La Victoire Womens Black Patent Leather Platform Irina La 29987 Platform Heels Size 10 NEW 666d717
    Nine West Women's Megara Black Leather D'orsay PumpJeffrey Campbell Woodies Leopard Print Platform Wedge Heels Leather Wood 9MBetsey Johnson Laken Ivory Satin Crystal Embellished Wedding Heel Pumps 6.5Demonia Crypto-05 Gothic Punk Mary Jane Style 4" Black Heels , Cole Haan Kelsey Pumps - Women's Size 11B, Black , Womens Genuine Leather Work Pumps Platform Nurse Wedge Heels Professional ShoesSexy Black Strappy Cage Gladiator 5" Heels Stiletto Boots Shoes Booties SEXY52/B , Guess by Marciano Selam Black Multi Fabric Platform Sandal . NIB Size 8.5 , Prada Satin lucite Ambre pumps Stiletto Womens size 40 Approx 9.5 US , White House Black Market Faux Snake Strappy Shiny Platform Sandal Heel Pump 7.5 , Womens Retro Buckle Square Toe Block Chunky Heel Loafers Pumps Leather Shoes Hot , Pleaser FLAMINGO-809LN Lined Platform Ankle Strap Sandal , Charles Jourdan, Black Suede, Elegant, Shoes, size 5 (2A - UK). Made in France.Authentic Gently Used Lucky Brand Leather Ankle Boots Shoes Antique Red Sz 5M/35HH Fierce 21 Red Snake High Heel Pointy Toe Pump Shoe 7-14 Arch Support Comfort , Women Slingbacks Square Toe Patent Leather Block Heel Slipper Slip On Chic Shoes , Ruby Shoo Polly Womens Jungle Embroidered Ankle Buckle T Bar High Heel Shoes New , Dillards Gianni Bini Silver Rhinestone Formal Wedding Prom Heels Stilettos ShoesGentleman/Lady Women's High Heels for you to choose King of quantity Personalization trend , Stuart Weitzman Logofirstclass Mushroom Goose Bump Nappa Pump Size 5.5M RH10779# , SOFFT MONIQUE PUMP BLACK SUEDE WOMEN'S SHOES 9N NIB , ** Munro Layla Pump - Women's Size 5.5M Eggplant Purple , Tory Burch Gabrielle Black Womens Shoes Size 8.5 M Sandals MSRP $350 , Men's/Women's Emilio Pucci heels Guarantee quality and quantity real Seasonal hot sale , Alessandro Dell'Acqua gold high heel strappy size 37 made in italy Vero couioTory Burch Jude Amazon Snake Print Charcoal Platform Stiletto Pumps Sz 7MCole Haan Patent Leather Texture Olive Green Buckle Kitten Heel Square Toe Pumps , Sergio Rossi Womens Wedges Sandals Size 35.5 5.5 Beige Patent Leather Open Toe , Women Open Toe Platform High Heel Stiletto Transparent Buckles Sandals Sexy Shoe
    Pour La Victoire Womens Black Patent Leather Platform Irina La 29987 Platform Heels Size 10 NEW 666d717 ->Pour La Victoire Womens Black Patent Leather Platform Irina La 29987 Platform Heels Size 10 NEW 666d717 -
    Adidas Ultraboost [BA8841] Men Running Shoes White/White , Women's Vagabond Gigi 4301-101 Ankle Boots In Black UK6 EU39 JS23 71 SALEwI35 Gerra Jeweled Slip On Sandals, Pink Bisque, 7.5 US , Ladies Clarks Leather High Heel Court Shoes Style - Dalia RubyDiane von Furstenberg Black and Gold Thong Flat Sandals With Straps Size 7Rieker Antistress Women's 6.5Mary Jane Leather Floral Shoes PiercedWomen's STEVEN by Steve Madden Blue Suede Pointy 8M , Rockport Women's Black Leather Block Heel Mary Jane Classic Pumps Size US 7.5 , Versace Black Patent Leather Open Toe Platform Pumps/Shoes Sz. 38.5Sam Edelman 2729 Women 8.5M Daphnie Sandals Black Striped Party Work Event , Clarks Haley Stork Comfrot Flat Sneakers 537, Taupe, 10 US / 41.5 EUGentlemen/Ladies NEW L'F SHOES WOMENS SANDALS High quality and cheap real Strong heat and heat resistanceAsics Gel-Lyte III "Hairy Spice" HL7X3-3030 Sz 8 Spice Route Shoes DC Shoes Trase Sd Pink Men ADYS300172-LTPNIKE KOBE A.D. - MEN'S 922482-303 Gorge Green/Metallic Silver/White Shoes c1 , NIKE AIR JORDAN 4LAB1 BLACK-TROPICAL TEAL SZ 15 [677690-020] , 2008 NIKE AIR EDGE TRAINER LEATHER 08 WHITE BLACK MAX 1 318087-102 NEW 10.5 , Nike Air Huarache Mens 318429-660 Varsity Triple Red Running Shoes Size 13AIR JORDAN RETRO 1 OG NRG GOLD TOE Sz 8.5 ds 100% snkrs app purchasedMens MAGLI by BRUNO MAGLI Black Leather Loafers Sz.12M, Made in Italy , Sanuk Vagabond Tripper - Men's Sidewalk Surfer 1018983 Brown - 10 , Men Slip On Loafers Insect Embroidery Breathable Leather Shoes Fashion Flats NewRare! New Nike ROUBAIX V Sneakers Fashion Shoes Us Size 8.5 , New Lacoste Shoes Alisos 20 Black Leather Mens Fashion Sneakers $145Youth "Girls" NIKE FURY 2 pink fabric / mesh athletic sneakers sz. 4.5 Y $110 , OluKai Women's Nohea Slip-On Vintage Indigo/Pale Grey Slip-on Shoes , Womens Nike Shox NZ Sneakers New, Black / Photo Blue 314561-011 sz 8 , Born Boots Womens 7M Brown Suede Leather Side Zip Tassel Lined Tall Riding Shoes , Buckle Women's Round Toe Chunky High Heels Zipper Leather Ankle Boots Lit01L.L. Bean Wos Boots Tall US 6.5 M Brown Leather Pull On lined water proof 2577
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Pour La Victoire Womens Black Patent Leather Platform Irina La 29987 Platform Heels Size 10 NEW 666d717 -

    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.

    Pour La Victoire Womens Black Patent Leather Platform Irina La 29987 Platform Heels Size 10 NEW 666d717 -

    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
    Pour La Victoire Womens Black Patent Leather Platform Irina La 29987 Platform Heels Size 10 NEW 666d717