Never miss an update

Tory Burch Leather Women Leather mogochinese-29343 Purple Violet 29336 Slip On Big Logo Ballet Flat Shoes Sz 9 M ebfa0b9

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: Great condition, See Pictures for details
Style: Ballet Flats Width: Medium (B, M)
Fastening: Slip On Pattern: Solid
US Shoe Size (Women's): 9 Color: Purple Violet
Heel Height: Flat (0 to 1/2 in.) Brand: Tory Burch
Material: Leather
Never miss an update

Tory Burch Leather Women Leather mogochinese-29343 Purple Violet 29336 Slip On Big Logo Ballet Flat Shoes Sz 9 M ebfa0b9 -

    Tory Burch Leather Women Leather mogochinese-29343 Purple Violet 29336 Slip On Big Logo Ballet Flat Shoes Sz 9 M ebfa0b9
    Tory Burch Leather Women Leather mogochinese-29343 Purple Violet 29336 Slip On Big Logo Ballet Flat Shoes Sz 9 M ebfa0b9
    Sperry Top-Sider Songfish Suede Boat Shoes Mult SzSoludos Black Espadrilles 7 Castaner Reformation Jeanna DamasNEW Free People blue Jacquard Turquoise Black Beaded Slip On Shoe Loafers 37/7Prada Sport Women’s Flats Size 39 Italy preowned AuthenticWomens Lacoste Shoes Rey Strap CAW Hook and Loop Leather Sneakers NEW , Womens Dansko Professional Patent Pixel Work Casual Clogs 806270202 Size 37 & 41Women's Dansko Professional Oiled Brown Casual Dress Pro Clogs 206780202 Size 42 , New Anthropologie SUPERGA PLATFORM SNEAKERS RAINBOW 40.5 , Frye Womens 7.5 Dylan Cognac Slip On Leather Sneakers NWOBJ Crew Leather Two-Tone Piped Pointed Toe Loafers Shoes Size 9 , Womens Dansko Professional Pewter Iridescent Casual Pro Clog 206930202 Sz 41, 42VIONIC MIDI Slip On Loafers Sneakers Chunky Soles Black Suede Womens Size 9 M , Ulla Johnson Moccasins Magres Taupe Suede Size 39 Tassel Tie FlatsNIB Converse All Star OX Shoe Sneaker Gunmetal Black 557988C Womens Sz 6 - 10Balenciaga Yellow Brogue Leather Arena Ballet Flats Size 38.5Women's Shoes Clarks Pure Blush Casual Mule Flats 32410 Black Leather *New* , Rebecca Minkoff Womens Nadia Low Top Stars Casual Shoes Sneakers BHFO 6383NIB Sam Edelman Sebastian Leopard Orange Leather Deck Slip On Flat Womens Sz 6 , Black NWT Hugo Boss suede and patent ballet flats - size 7 NARROW- Made in Italy , Dolce & Gabbana Polka Dot Ballet Flats Black and White SZ 36 US , Dr Martens Women Brown Leather Mary Jane Clog Steel Toe Safety Shoe SZ US9 UK7donald j pliner Womans Flats Size 8 Dendasp Bronze Floral Smoking Slippers , WDM0057 Twisted X Women’s Driving Moccasins – Distressed/Leopard NEWCOLE HAAN 2.ZEROGRAND LASER WINGTIP WOMENS SHOES NEW SIZE 6 , John Fluevog Women's Ella Huarache Leather Black Sandal Shoes Size US 11Dr. Martens Women's 1461 Egret Playing Card Print Repeat Backhand ALL SIZES!! , Spring Step Women's Lorona Mary Jane Shoe BlackCole Haan Women's GrandPro Tennis Sneaker with Stitchlite Peach Sizes 7.5-10.5 , Ash New Joy Black Womens Shoes Size 6 M Flats MSRP $210 ,
    Tory Burch Leather Women Leather mogochinese-29343 Purple Violet 29336 Slip On Big Logo Ballet Flat Shoes Sz 9 M ebfa0b9 ->Tory Burch Leather Women Leather mogochinese-29343 Purple Violet 29336 Slip On Big Logo Ballet Flat Shoes Sz 9 M ebfa0b9 -
    Tech Stirrups Milan Spurs W-3 Tip Set Black Medium , YSL Yves Saint Laurent Babies 40 Runway Boots Glitter Black Patent 35.5 5.5New Mongrel Work Boots Athletic Runners Zip Side Non Safety Non Steel Toe 961050 , Adidas Men's Football Soccer Running X 17.1 FG Black / Orange S82288 Size 5-11Clarks Women’s Glove Daisy Low-Top Sneakers White (White Combi Lea) 6.5Ariat Cruiser Relaxed Bark Cactus Print Slip On 10023012 , SAS Roamer Womens 11 M Black Leather T-strap Oxfords Tripad Comfort Shoes FlatsMINNETONKA 412H - X MOKO MOC Size: - Color:Sexy Wedding Womens Platform Stilettos Floral Butterfly Crystal High Heel Shoes , Bebe Womens Heels Platform Pumps Studded Bling 7 Beige Gold Strappy , Bella Vita Women's Gala II Pump Navy Embossed Velvet Size 9.5 MWomen's Black Genuine Leather Open Toe Sandals Party Stilettos Sandals Shoes Hot , Calvin Klein Women's Genoveva Dress Pump - Choose SZ/ColorDonald Pliner Couture Python Patent Leather Shoe NIB Toe Ring Sandal Sz 5.5 $315Elaine Turner Women's Hillary Champagne Gold Leather and Fabric Sandal FlatNIB Christian Louboutin Colankle 120 Red Suede Strap Sandal Pump Heel 37.5 $1045Stella McCartney Grey Canvas Ankle Strap Platforms Heels Sandals Size 37.5 7.5Steve Madden Women's Blake Sneaker - Black / Blush - Size 7New Balance 878 Orange Men’s Size 10.5 Athletic Running Sneakers ML878RSA NEW , Nike Air Huarache Premium - Khaki - Mens , Adidas D Rose 7 Boost VII drose mens white basketball shoes NEW Adidas B72720 , Man/Woman Nike ACG Goadome Boots Size 15 Quality products Win the praise of customers Exquisite processingSkechers Men's Glides Calculous Slip-On LoaferDark Brown10.5 M USLINEA UOMO 42M12011 MEN'S TAN & BROWN LEATHER MOCASSIN DRIVING LOAFERS SIZE 13 MC-1504166 New Salvatore Ferragamo Parigi Yellow Loafers Shoes Size US 9.5BCOLE HAAN C05644 Brown ALLIGATOR Embossed LOAFERS 8.5 Madidas Originals Women's Lite Racer Running Shoe , Nike Air Huarache City Womens Style : Ah6787 Gym Red/Speed Red/Black Size 11Keen women's grey black hiking boots shoes 7.5 excellent conditionWomen's Elastic Knee Boots Platform Boots Large size Shoes Color Black Blue Red ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Tory Burch Leather Women Leather mogochinese-29343 Purple Violet 29336 Slip On Big Logo Ballet Flat Shoes Sz 9 M ebfa0b9 -

    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 Leather Women Leather mogochinese-29343 Purple Violet 29336 Slip On Big Logo Ballet Flat Shoes Sz 9 M ebfa0b9 -

    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 Leather Women Leather mogochinese-29343 Purple Violet 29336 Slip On Big Logo Ballet Flat Shoes Sz 9 M ebfa0b9