Never miss an update

Charles 15609 Jourdan France Paris Heels Brown Suede Brown Patent Leather Bow Vtg Shoes France 7 M a4846f8

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: In excellent condition for a vintage shoe. Upper looks great. No scuffs scratches or discoloration. Heel is also in very good condition with minimal marks. Sole has mild wear. Overall Id surmise this shoes was minimally. Please review photos to see if you agree with my assessment.
Brand: Charles Jourdan Pattern: Solid
Style: Pumps, Classics Country of Manufacture: France
US Shoe Size (Women's): 7 Theme: Bow, Vintage
Width: Medium (B, M) Shoe Type: Heels
Color: Black Heel Type: Cuban
Heel Height: High (3 in. to 4.5 in.) Fastening: Slip On
Material: Suede Country/Region of Manufacture: France
Never miss an update

Charles 15609 Jourdan France Paris Heels Brown Suede Brown Patent Leather Bow Vtg Shoes France 7 M a4846f8 -

    Charles 15609 Jourdan France Paris Heels Brown Suede Brown Patent Leather Bow Vtg Shoes France 7 M a4846f8
    Charles 15609 Jourdan France Paris Heels Brown Suede Brown Patent Leather Bow Vtg Shoes France 7 M a4846f8
    New! BCBGMAXAZRIA Women's Peep Toe Bootie Black/Gold Round heel - 37 EURSAM EDELMAN Annabel Wedge Heel Ladies size 9.5 Saddle Leather Shoes New in Box , $335 size 5 Stuart Weitzman Poco Old Rose Suede Low Heels Pumps Dress Shoes , La Redoute Womens Wave Cut-Out Leather Heels , Nwob PUMA Fenty by Rihanna Bow Creeper Sandal size 8.5 Beige RSVP$180B.O.C. Born Knowles Low-Heel Comfort Mule Heels 169, Light Brown, 9 US / 40.5 EUBCBG Max Azria Pamela1 Women Open Toe Suede Platform Heel, Grigio, Size 10.0 , NEW Nine West RISKTAKER Black Leather Strappy Wedge Heel Sandal Back Zip 8MDKNY Elia Pump Classic Pumps, Black QuiltedBadgley Mischka Tad White Womens Shoes Size 7.5 M Heels MSRP $225Thigh high exotic 5 inch inner zipper stretch boots , Via Spiga Collette Black Womens Shoes Size 9 M Heels MSRP $225Nine West Women’s Kristal Suede Pump Heels HD3 Dark Grey Size 10.5M , Marc Jacobs Sandal Demi Wedge Purple Size 36 Striped Grosgrain Ankle Wrap , Pour La Victoire Helena Black Womens Shoes Size 9.5 M Sandals MSRP $245Donald J. Pliner Molly Animal Print Shoes Black White 9M 9 M Peep Toe New , Man's/Woman's KISS-209 Louis, elaborate discount price Comfortable and naturalCole Haan Womens Shoes Size 8.5 Gray Patent Leather Classic Pumps Heels , Women's AK Anne Klein Sport FLOUNCY Kitten Heels Dress Pumps Blush Light Pink , Authentic Miu Miu Gold Sequin Mary Jane Pumps Sz 36.5 ankle straps size 6Diegos® Original Spanish Handmade light brown Ankle-strap Espadrilles , PLEASER DEL685/CR/M Cream Nude Tan Platform 6" Stiletto Pumps High Heels ShoesNew Summer Womens Knit Med Heel Slip On Sandals Casual Vogue Pumps Loafers Shoes , Custom Red Glitter Wizard of Oz Dorothy Ruby Slippers High Heel ShoesRalph Lauren Womens Shoe Suede Pumps Wingtip Heel Sz 7 Made in ItalyMUNRO SHOES BLACK SUEDE LEATHER PUMPS W ELASTICS SIZE 7.5 M/38 MADE IN USA ! , Funtasma Women's It 120 Mid-Calf BootGentleman/Lady KISS-209UV Comfortable feeling Settlement Price Outstanding function , PLEASER Sexy Stripper UV Reactive Candy Pink Platform 7" Heel Ankle Strap Shoes ,
    Charles 15609 Jourdan France Paris Heels Brown Suede Brown Patent Leather Bow Vtg Shoes France 7 M a4846f8 ->Charles 15609 Jourdan France Paris Heels Brown Suede Brown Patent Leather Bow Vtg Shoes France 7 M a4846f8 -
    NEW Merrell Womens Evera Fade Boot Size 7 Brown Leather & Suede, Ankle BootMen's/Women's Boot Nine West Westham Black/Black Fabric durability Win highly appreciated ExportGentleman/Lady Yeezy Boost 750 us 11 Adequate supply and timely delivery First batch of customers Elegant and solemn , MENS ASICS GEL NIMBUS 20 PARIS MARATHON MEN'S RUNNING/TRAINING/RUNNERS SHOESCABELLO COMFORT WOMENS PREMIUM SOFT LEATHER SLIP ON LIGHTWEIGHT CASUAL SHOES , Roxy Axle Boots - Chocolate - Ladies Boots , Clarks Neenah Vine Nude Combi Ladies 'E' Fit Shoes (R5A)BOUTIQUE 9 Women's Neekko Ballet Flat, NATURAL LEOPARD, CALF HAIR, 6.5M, $150Brand New in Box Seychelles Womans Black Pointy Toe Flats w/ Bow & Fringe, Sz 7 , Gentlemen/Ladies LADIES SHOES/FOOTWEAR -Arcopedico Leina navy Aesthetic appearance In short supply British temperamentDromedaris Women's Sharon Slide Sandal Sand Leather Slides , Tamaris Womens kela 23718 Leather Almond Toe Oxfords, nude, Size 5.5Sexy Womens Pointy Toes Rivets Super Stiletto Heels Slip On Clubwear Pumps ShoesZARA WOMENS SHOES HIGH HEEL SLINGBACK WITH BUCKLE SIZE UK5/EUR38/US7.5 , Sam Edelman Women's Ludlow Pump Sand Size 9.5Gorgeous Salvatore Ferragamo Patent Leather Block Heel Pumps US 7 AA Black , Dolce & Gabbana Floral Print Patent Leather Half d'Orsay Pointy Pump Shoe 37-6.5Under Armour Charged Reactor Run Men's (Size 10.5) Grey / Black 1298534 101 , Nike Air Tech Challenge II SP USA White University Red 621358-146 10 us open 1 , Reebok Daytona Dmx Shoes White Men CN3809 , Authentic Brand New Nike What the KD 5 Rare Size 9.5 WTKD VOfficine Creative Mens Boots Barneys NY Exclusive SZ11Hogan Shoes Sneaker Sz. 6,5 H321 Italy Man Brown HXM3210Y940-HIQ9AZF PUT OFFER , 2 Colors US Size 5-10 Leather Slip On Formal Casual Dress Ankle Boots Mens ShoesJARLIF Women's Comfortable Platform Walking Sneakers Lightweight Casual Tenni...Reebok Men's CL NYLON Classic Sneaker Team Navy/Platinum 9.5 M US , Ahnu Womens Sugarpine Hiking Boot- Pick SZ/Color. , Men/Women BANDOLINO..KNEE-HIGH..HARNESS w 7 wholesale Orders are welcome Selling new productsReport Women's Russi Wedge Booties Taupe Size 8.5 MPaul Green 'New York' Brown Metallic Leather ankle booties Sz /US 8.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Charles 15609 Jourdan France Paris Heels Brown Suede Brown Patent Leather Bow Vtg Shoes France 7 M a4846f8 -

    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.

    Charles 15609 Jourdan France Paris Heels Brown Suede Brown Patent Leather Bow Vtg Shoes France 7 M a4846f8 -

    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
    Charles 15609 Jourdan France Paris Heels Brown Suede Brown Patent Leather Bow Vtg Shoes France 7 M a4846f8