Never miss an update

London Trash LT Crush High Camo High 8 Heels Size mogochinese-20916 8 41c1519

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
US Shoe Size (Women's): 8
Heel Height: Very High Heel (4 1/2 in or More) Brand: London Trash
Width: Medium (B, M) Style: Platform
Toe Style: Peep Toes Color: Camo
UPC: Does not apply
Never miss an update

London Trash LT Crush High Camo High 8 Heels Size mogochinese-20916 8 41c1519 -

    London Trash LT Crush High Camo High 8 Heels Size mogochinese-20916 8 41c1519
    London Trash LT Crush High Camo High 8 Heels Size mogochinese-20916 8 41c1519
    WHAT'S WHAT By Aerosoles Brown Leather "Summer" Wedge Heels Womens 9M-B128ARA Relax Flex Gold Leather Classic Pump Cushioned Knitted Shoes Size 7 M (4.5G) , SOFTSPOTS STEPHANIE WOMENS BLACK LEATHER LOW WEDGE HEELS SHOES 10.5 NEWCLLEO Heels Wedges Espadrilles Womens 6 Braided Peep Toe Ankle Straps RareMan's/Woman's Women's size 13 Dominique Heels Economical and practical Brand Selling new products , Soft Style by Hush Puppies Women's Fairfax Oxford, Bone Python, Size 8MWomens Calvin Klein Jeans 6 M Peep Toe Black Leather Pumps A039Vera Wang Lavender Womens Shoes Size 8 M Brown Slingback Pumps Leather Heels , Snakeskin Italian Designer Pump With Black Patent Leather High Heel 8.5M , $195 C. LABEL DOWNTOWN Mauve Leather Designer Fashion Mules Slides Sandals 7 , RIALTO MYA Women WEDGE SANDALS (10 M, COGNAC) , Claudio Black Rhinestones Open Toe Shoes Heels Size 40 Italy Retail $420 , Women's Alfani Step n Flex Aston Beige Pump Heel 11 M , De Blossom Collection Elsa 11 Women's Silver + White Peep Toe High Heel ShoesSteve Madden women  shoes,black suede ,size10,with metalic ornament , Bruno Magli Couture Black Satin Scalloped Edge Heels Made in Italy 6.5B , SAM EDELMAN EMBOSSED LEATHER GOLD PEEP TOED SHOES WEDGE 8MLIFE STRIDE WOMEN'S SIZE 6 B MEDIUM NAVY BLUE PUMP DRESS SHOE COMFORTABLESTUART WEITZMAN Sz 7.5 Narrow Black Crepe Fabric Evening Pump HeelCOLE HAAN WOODBURY SLINGBACK SHOES - SIZE 8 1/2 MEDIUM - 2 1/2" HEEL , New Unlisted Kenneth Cole Dk Green Corduroy Floral Print I'm Spending 6BCBG Max Azria Camel Red Rose Print Slingback Heels NIB 39 8.5 , NWT, $80 MSRP, Womens Nike Athletic Downshifter Shoes StyleZigi Soho US size 6 Platform, Pumps Black Brand NewRene Mancini Paris Shoes Sz 6 Black Leather Fabric Italian Made Heels Pumps 36 , WOMENS AUTHENTIC ANNE KLEIN BLACK HIGH HEELS LEATHER UPPER BALANCE MANMADE 6.5 MStuart Weitzman Bronze Kitten Heel Peep Toe Pump Size 7 1/2N , STYLE & CO JILLEEP Women WEDGE SANDALS (11 M, BLACK) , Agape Collection Shoes Sz 8 Gold & Cream Heels Wedding MOB Beaded Social Evening ,
    London Trash LT Crush High Camo High 8 Heels Size mogochinese-20916 8 41c1519 ->London Trash LT Crush High Camo High 8 Heels Size mogochinese-20916 8 41c1519 -
    Real Fur Snow Boots Women's Luxury Knee High Stilettos Heels Pointy Toe Shoes Sz , JEFFREY CAMPBELL 2883 KI TAUPE BOOTIE SZ 36 , Corral Circle G Women's Western Pink Cutout Ankle Boots Q5062Reebok Classic Workout W/O LO Plus Iridescent Pale Pink White Women Shoes CM8951 , Franco Sarto Glare Flat Ankle Strap Sandals, Sand Leather, 6 US / 36 EU , FUNTASMA GODDESS-12 GOLD STRAPPY KNEE BOOTS/HEELS US 6-12 , Munro Womens Destiny Open toe Casual Slingback sandal size 6W Pewter , Vionic Women's Orthaheel Spark Caroll Black Ballet FlatCLARKS Women's Leisa Bliss Mule Dark Brown Leather 5.5 M USDansko Aimee Wedge black leather dress Shoes 38 7.5 8 39 8.5 9 40 9.5 10 $150Vince Camuto Kayleena Tasseled Leather Sneakers, Women's Size 10M, Black NEWWhite House Black Market Size 7.5 Olivia Leather Exotic-Print Pumps WhiskyAlexander Mcqueen Studded Peep Toe Pumps - Size 39.5 - $795 , Spenco Yumi Snake - Supportive Sandals Rose - 8 , Under Armour Performance Spikeless Golf Shoes 1297176-141 White Blue Women 8.5 , ASICS RoadHawk FF Sneaker - Women's Size 9 Navy/Pink , NIKE ZOOM WINFLO 5 MIDNIGHT NAVY/PURE PLATINUM , DS 2016 Air Jordan 1 Retro High OG NAVY Sample 555088-106 sz 9 , Men's Oxford Shoes, Handmade Brogue Cap Toe Leather Shoes, Brown Shoe FormalSage men's Western brown leather boots 4722 Size 8.5 D , Mens CREATIVE REACTION Black / Navy Blue Fashion Sneakers Sz. 12 , MENS SIZE 8 ARA SOFT LEATHER BLACK CROCODILE LOOK LOAFERS DRESS OR CASUAL SHOES , Cole Haan Men's Size 7.5 Adams Grand Casual Leather Oxfords Shoes Brown Reg $170Nike Bruin Vintage (488315 111) Shoes Men Authentic Size 8.5 - 42 New , Salomon XA Comp 7 Women's Blue/Black Running Shoe 6.5MSTEVE MADDEN Allie Green Floral Embroidery High Top Sneaker Shoes US 8.5 M NWBASICS GT-1000 3 Women's Charcoal/Flash Yellow/Mint 487904 , Nike Free RN 2018 Women's Yellow Ockre/Oil Grey/University Gold 0562700$225 SAM EDELMAN KEEGAN FRINGE BELTED STRAPS PINK SUEDE PLATFORM BOOTS Women's 6PAUL GREEN Muchen Black Leather Ankle Booties, Scrunch Toe, Womens 7.5-B81 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    London Trash LT Crush High Camo High 8 Heels Size mogochinese-20916 8 41c1519 -

    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.

    London Trash LT Crush High Camo High 8 Heels Size mogochinese-20916 8 41c1519 -

    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
    London Trash LT Crush High Camo High 8 Heels Size mogochinese-20916 8 41c1519