Never miss an update

*PerFect PiNk Suede Toe Sz 8 LEATHER Pointy Sz Toe 19963 Stiletto Heel PUMPS CARRIE GuESS cb8f16b

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
Seller Notes: Excellent condition
Material: Suede Heel Height: High (3 in. and Up)
Color: Pink US Shoe Size (Women's): 8
Style: Stilettos Brand: GUESS
Width: Medium (B, M) UPC: DOES NOT APPLY
Never miss an update

*PerFect PiNk Suede Toe Sz 8 LEATHER Pointy Sz Toe 19963 Stiletto Heel PUMPS CARRIE GuESS cb8f16b -

    *PerFect PiNk Suede Toe Sz 8 LEATHER Pointy Sz Toe 19963 Stiletto Heel PUMPS CARRIE GuESS cb8f16b
    *PerFect PiNk Suede Toe Sz 8 LEATHER Pointy Sz Toe 19963 Stiletto Heel PUMPS CARRIE GuESS cb8f16b
    OL Womens Snakeskin Stilettos New Sexy Pointed Toe Mixed Color High Heel ShoesPleaser ASPIRE-608LG Women's Clear Blue Glitter Heel Platform Ankle Strap SandalCrevo Women's Eva Ankle Strap Mink Gray Nubuck Size 10 M , BLACK OR RED LEATHER IMITATATION BALLET PUMPS HEEL-8,5"-PRODUCER POLANDWomens block Heels open toe Rhinestones Wedding Dress Sandal Shoes plus size New , Sexy Womens Silver Sequins High Heels Pointed Toe Roma Hollow Out Shoes Pumps , TORY BURCH sz 10.5 womens Kay polka-dot leather slingback pumps shoes [#F85]Men's/Women's ADORE-701LG the most convenient Environmentally friendly buy online , Crevo Women's Eva Ankle Strap Tan Nubuck Size 6 M , Gentlemen/Ladies Bandolino Womens Norcia Pump- Select SZ/Color. wholesale Reliable performance Personalization trend , Steve Madden Barre Women's Espadrille Wedge Sandal Heels Taupe 11M 11 M , Lucky Brand Women's Nelwyna Pump, Brindle, Size 6.0 g49B , Louise et Cie Jerry Pump - Women's Size 8 M, OdessaCalvin Klein Womens Cassian Suede Closed Toe Ankle Strap Mary, Black, Size 8.0 WPLEASER Sexy Wide Width Women's 3" Pumps Divine-420WZARA HIGH ANKLE BOOTS WITH BUCKLES Ref.7147/201 40EU/9USA/7UK BLACKMr/Ms Magnifique Escarpins GUESS 35 selling price Highly praised and appreciated by the consumer audience As of the latest model , Pleaser Kiss201/c/m Womens Kiss201/C/M Platform Pump- Choose SZ/Color. , Clear Black Ankle Strap Sandal Gold Chrome Rhinestone Filled Platform High Heel , MANOLO BLAHNIK Black Patent Leather Silver Circle Strappy Sandals SZ 37.5 / 7.5Manolo Blahnik Black Suede Ruched Sandals w/ Ankle Strap/Shoes Size 39.5 , Fashion Womens Flower Pointy Toes Med Stiletto Heels Pumps Suede Shoes Formal , Diegos® Authentic Handmade Spanish Espadrilles | Sailor stripes high wedge shoes , Nine West Womens Salinda Leather Pointed Toe SlingBack D-orsay PumpsWalking Cradles Women's Cadence Slip On , Gentleman/Lady Jessica Simpson Womens Cassel- Pick SZ/Color. Consumer first Clearance Non-slipPleaser SKY-308GF Women's Clear Turquoise Multi Glitter Platform Strap SandalsLanvin Brown Black Animal Print Leather Wedge Pumps Size 38 8 , Dolce Vita Lisa Titanium Leather Block Heel With Platform New 8.5 Silver Black ,
    *PerFect PiNk Suede Toe Sz 8 LEATHER Pointy Sz Toe 19963 Stiletto Heel PUMPS CARRIE GuESS cb8f16b ->*PerFect PiNk Suede Toe Sz 8 LEATHER Pointy Sz Toe 19963 Stiletto Heel PUMPS CARRIE GuESS cb8f16b -
    $375 VIA SPIGA ALICIA Camel Leather Designer Knee High Wedge Boots 8 M , RAPLH LAUREN PURPLE LABEL COLLECTION SZ 8 B BROWNS LEATHER IN GREAT CONDITION , CLARKS Women's Plaza Pilot Comfort Knee High Boot , SUPER SEXY NIB $525 FRYE TAMARA SUEDE SHEARLING OVER THE KNEE BOOTSRieker Tex L7173-00 Slip on Suede Leather Loafers Flat ShoesMen's/Women's Women’s black knee high boots Many varieties Moderate cost a wide variety of goodsLadies Clarks Riding Style Boots 'Nessa Abbey' , Gentleman/Lady Frau Isabella Loafer Elegant appearance International choice Various latest designs , Women's sz 7 Slim SAS San Antonio Shoes Classic Mocha Slip On Leather Shoes , B80-030 FitFlop Womens Loaff Clog - 8- Choose SZ/Color. , Lucky Brand Women's Lupa Flats Mist Abstract Crushed Velvet Size 6 MNew Women DANSKO Marcelle Cabrio Leather Black Mary Jane Shoes Sz 40 US 9.5-10 , VIA SPIGA MADE IN ITALY LEATHER SHOE SIZE-9 **** BLOW OUT **** , Elegant Womens Pointy Toe Rhinestones Pearls Kitten High Heels Slip On PumpsGentleman/Lady Bueno Women's Uptown Wedges in Yellow Elegant and sturdy set meal Settlement Price Popular tide shoesWomen's Nike Air Huarache City Low Shoes -Reg $120-StyleAH6804 007-Sz 7.5 -NEW , NIKE WOMEN'S FREE RUN+ 2 EXT SIZE 6.5 & 7 NEW/BOX 536746 015NIKE MEN'S Zoom Train Complete Racing Running Shoe Size 11 (CM 29)Men's/Women's air jordan retro 3 crimson online sale Beautiful appearance Quality and consumer firstNew Sz 11 Men's Nike Air Max Big Swoosh Glove 832759 100 Basketball White Black , 1808 Nike LEBRON SOLDIER XII EP Men's Basketball Shoes AO4053-401VINTAGE MAN'S BELSTAFF PURE COLLECTION LEATHER MOTORCYCLE BOOTS SIZE UK8 , AUTHENTIC LUXURY PRADA HALF-BOOT SHOES 2TC038 BLACK NEW US 8AUTHENTIC New Balance Coast V3 Light Grey WCOASLI3 050 Women szSpring Step Women's Lorona Mary JaneNike Womens AF1 Flyknit Black White (Oreo) 818018-001 Size 11 = Men's 9.5 , Nike Women's W Air Max 270 Flyknit Oreo Black White Running Trainer AH6803-001 , BCBGeneration Women's Kimba Bootie Black Size 7.5 SWZqPleaser Indulge-1026 1028 2033 3000 3011 3063 Sexy Boots Thigh/Knee/Ankle , Reef Women's Rover Hi WT Winter Boot Bungee 8 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    *PerFect PiNk Suede Toe Sz 8 LEATHER Pointy Sz Toe 19963 Stiletto Heel PUMPS CARRIE GuESS cb8f16b -

    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.

    *PerFect PiNk Suede Toe Sz 8 LEATHER Pointy Sz Toe 19963 Stiletto Heel PUMPS CARRIE GuESS cb8f16b -

    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
    *PerFect PiNk Suede Toe Sz 8 LEATHER Pointy Sz Toe 19963 Stiletto Heel PUMPS CARRIE GuESS cb8f16b