Never miss an update

NEW Christian TWISTOCHAT Louboutin TWISTOCHAT 100 Pumps Toe Peep Peep Toe Slingback Brown Shoes 39 f8ecedf

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: Christian Louboutin
Heel Height: High (3 in. to 4.5 in.) Style: Slingbacks
Material: Satin Width: Medium (B, M)
Country/Region of Manufacture: Italy Color: Brown
Shoe Type: Heels
Never miss an update

NEW Christian TWISTOCHAT Louboutin TWISTOCHAT 100 Pumps Toe Peep Peep Toe Slingback Brown Shoes 39 f8ecedf -

    NEW Christian TWISTOCHAT Louboutin TWISTOCHAT 100 Pumps Toe Peep Peep Toe Slingback Brown Shoes 39 f8ecedf
    NEW Christian TWISTOCHAT Louboutin TWISTOCHAT 100 Pumps Toe Peep Peep Toe Slingback Brown Shoes 39 f8ecedf
    DIOR BLACK SNAKESKIN PRINT HIDDEN PLATFORM D'ORSAY ROUND TOE PUMPS HEEL 38/8 NEWSTUART WEITZMAN BLACK FLORAL PRINT PUMP 4 " HEEL $425.00AuthNIB$660 CELINE Espadrilles Black Velvet Scratch Wedge Sandals 38 39 40 41 , NIB Christian Louboutin FOLLIE DRAPERIA 100 BLACK CHIFFON SUEDE Pumps Shoes 39.5 , NIB Christian Louboutin So Kate 120 Silver Laminato Dino Classic Heel Pump 41NIB Christian Louboutin Jonatina 100 Opal PVC Ankle Strap Sandal Heel Pump 38NIB LOUBOUTIN Cognac Leather AGENCE TASSELED 140 Platform Pumps 37.5 $1995 , VALENTINO BLACK LEATHER STUDDED PLATFORM PEEP TOE CLASSIC SHOES PUMPS 38/8 NEWGIUSEPPE ZANOTTI Metallic Silver Cage Sandals Swarovski Crystal Heels 36.5 $1295EMMY LONDON VALERIE CHOCOLATE SUEDE PUMPS NIB - , DIOR BLACK SNAKESKIN PRINT HIDDEN PLATFORM ROUND TOE PUMPS HEELS 38.5/8.5 NEW , Christian Louboutin SO KATE Black Suede 120 mm Point Toe Pumpgianvito rossi 38 fur / calf sandals nwt original price $910Jimmy Choo, Edalene, Textured Patent, Black, 37, Brand new , New Manolo Blahnik BB 105 Brown Suede Shoes Heels Pumps 38 38.5 39 40 41Gentlemen/Ladies Saint Laurent Pump 40 wholesale Price reduction Non-slip , Stunningly Gorgeous Roger Vivier Strauss Crystal Buckle Slingback Heels Sz40 , NIB Charlotte Olympia Dolly black/gold suede pumps size 39.5 9.5$1275 NEW Manolo Blahnik BB Wine Satin Pumps Jeweled Crystal Burgundy Shoes 40.5 , Mr/Ms Christian Louboutin Tan Tribuli 35 Packaging diversity Primary quality VariousEUC Christian Louboutin Black Kid Mater Claude Peep Open Toe Platform Pump 85mm , BottegaVeneta Cut-Out Ankle Boot, SZ 39, $1395Womens Shoes Pumps YSL Yves Saint Laurent Tribtoo Blue Patent Leather Sz 36 NIB , $830 New Manolo Blahnik EUFIDA Beige Nude Satin JEWELED CRYSTAL Sandals Shoes 37New MANOLO BLAHNIK Zionima Jeweled Purple Python SANDALS SHOES Kitten Heels 37 , New PRADA Metallic Brown High Stilettos Heels Size 40 Italy Pumps Women Shoes S1 , Jimmy Choo WIllis Gold Snake Half d'Orsay Pointy Pumps Size 38.5 High Heels $975NEW CHRISTIAN LOUBOUTIN FLO ORLATO 120 Pony Leopard Animal Heels Peep Shoe EU37$1025 New Manolo Blahnik Boltase Green Crepe Satin Leaf Strappy Ankle Shoes ,
    NEW Christian TWISTOCHAT Louboutin TWISTOCHAT 100 Pumps Toe Peep Peep Toe Slingback Brown Shoes 39 f8ecedf ->NEW Christian TWISTOCHAT Louboutin TWISTOCHAT 100 Pumps Toe Peep Peep Toe Slingback Brown Shoes 39 f8ecedf -
    CHLOE shearling lined brown suede wedge heel booties Lolina ankle boots 41 NEWGentlemen/Ladies New Look Women’'s 5142851 Chelsea Boots use High-quality materials Modern and elegant , Brooks Transcend 4 Womens Running Shoe (B) (070) + Free AUS Delivery!Mizuno Waveknit R2 Sportstyle Lightweight Running Shoes Black/White J1GD182907 , BRAND NEW WOMENS DIANA FERRARI STYLISH WEAR SHOES SANDAL SZ 8 ~~~ ZHENDonald J Pliner Elen Loafers - Women's Size 6.5M, Carbon Metallic Pebble , DANSKO Women's Professional Leather Clog Shoe 38 US oil rubbed Navy EUC , Cole Haan Womens GR046 Closed Toe Ballet Flats Peony Size 6.0Melissa Beach Slide Ad slides sale Pink , Gentleman/Lady Propét Women's Taneka Ankle Bootie Beautiful color High-quality materials Beautiful and charming , Converse Chuck Taylor All Star Hi Midnight Navy Barely Volt Women Canvas Trainer , Gentlemen/Ladies Men’s Roshe Run Size 9.5 selling price buy Valuable boutiqueMen's/Women's Asics Men's Matflex 4 Wrestling Shoe Consumer first Reliable performance Breathable shoes , NIKE DUNK LOW PREMIUM SB "MEDUSA" NIB Sz 8 (313170 030) 100% AUTHENTICNike Air Jordan Retro V 5 Fire Red 2013 11 White Grey Tongue 3m Yeezy 1 4 7 8 13Adidas NMD Triple Black Japan R1 PK Primeknit OG BZ0220 US New , DS BRAND NEW OFF WHITE X NIKE BLAZER VIRGIL “THE 10” ALL HALLOW'S EVE AA3832-700Safety Work Shoes Fila Memory Amalfi Men Size 13 Black Leather Synthetic , Allen Edmonds "SOUTHSIDE" Oxfords 9.5 M Brown (349) , Ryka Women's Terrain Sneaker - Choose SZ/Color , Cobb Hill Fitstride Taupe Synthetic Walking Shoe Size 6.5M D1018/Reebok Women's Furylite Out-Color Running Shoe - Choose SZ/Color , AdTec Women's 2427 Logger Boots 9" BrownNIKE WMNS M2K TEKNO TRIPLE WHITE AO3108 100 US WOMENS SIZE 5-12 , NIKE Womens Nike Free Rn Running 2018 942837-003 WOLF GREY Womens Size 10 , Alberto Fermani Distressed Taupe Leather Knee High Heel Boots Size 37.5 EUR , Naturalizer Women's Westing Bootie w/ Block Heel AB4 Oatmeal Suede Size 8M , Lauren By Ralph Lauren Women's McLeod Riding Boot Brown Suede Size 5.5 B USNEW EMU Australia Paterson Lo Chocolate Waterproof Sheepskin Boots Womens 8 USMerrell Women's Terran Post II Sandal - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW Christian TWISTOCHAT Louboutin TWISTOCHAT 100 Pumps Toe Peep Peep Toe Slingback Brown Shoes 39 f8ecedf -

    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.

    NEW Christian TWISTOCHAT Louboutin TWISTOCHAT 100 Pumps Toe Peep Peep Toe Slingback Brown Shoes 39 f8ecedf -

    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
    NEW Christian TWISTOCHAT Louboutin TWISTOCHAT 100 Pumps Toe Peep Peep Toe Slingback Brown Shoes 39 f8ecedf