Never miss an update

Stuart AA Weitzman Leather T-Strap Shoes mogochinese-29471 Pumps Shoes Size 9 AA a0b804c

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: Previously , occasionally, no scuff marks, shoes dowels are in very good shape, cleaned the out-sole and then painted with liquid shoe polish. Overall shoes are in very good condition. Please Refer to photos provided for additional details & signs of wear.
Country/Region of Manufacture: Spain Width: Narrow (AA)
Style: Pumps, Classics Color: Brown
Heel Height: High (3 in. to 4.5 in.) Occasion: Casual
US Shoe Size (Women's): 9 Brand: Stuart Weitzman
Material: Leather Heel Type: Block
UPC: Does Not Apply
Never miss an update

Stuart AA Weitzman Leather T-Strap Shoes mogochinese-29471 Pumps Shoes Size 9 AA a0b804c -

    Stuart AA Weitzman Leather T-Strap Shoes mogochinese-29471 Pumps Shoes Size 9 AA a0b804c
    Stuart AA Weitzman Leather T-Strap Shoes mogochinese-29471 Pumps Shoes Size 9 AA a0b804c
    New! Herve Leger Suede Leather Mule in Blush Size: 40 EUR , Burberry Plaid nova Check mules slides Heels Shoes Size 37.5 Made In Italy , New Eileen Fisher Aura Suede Leather Mesh Grey Wedge Sandals Shoes size 6 M 6MMan's/Woman's Baretraps Markie Women's Heels Black Long-term reputation fashionable Fashion versatile shoesSam Edelman Okala Nude Leather Pointy Dress Pumps Leather Ankle Straps Size 10MCOLE HAAN Beige Gold Metallic and Beige Straps Leather Heels Pumps Sz 8.5 , Walter Steiger Black Leather Mesh Shoes Slingback Strappy Heels Size 39.5/9.5Elegant NINA NEW YORK Champagne Gold Beige Satin Peep Toe Platform Heel Pump 10Gaimo Espadrilles Obi Ankle Strap Wedge Heel Shoes Women's 10 Anthropologie , Karen Millen Women's Black Slip On Stiletto Heel Platform Pumps Shoes Size 37NEW ITEM- Denim Jeweled Jessica Simpson Heels SIze 8.5 , POETIC LICENCE Cinderella Glass High Heels Pumps Wedding Shoes Womens Sz 6 , ADRIENNE VITTADINI Footwear Women's Fitzi Ballet Flat, Blue, 7.5 M USstuart weitzman 8.5 sandals Platform Python HeelsTom's x Tabitha Simmons Collaboration Striped Wedge Shoes, Size Women's 5.5Calvin Klein Clarette Patent/Norway Leather Women's Size 8M #MB1Women's Vintage Bruno Magli Peep Toe Sling Pump W/ Box & Dust Covers Gray 7 B , 6" Black Feitsh Strappy High Heels Mens Drag Queen Tranny Shoes Womans 12 13 14 , Multi-Color Snake Skin 4" Heel Size 8MLE Mia Limited Edition Lauren Cognac Stilleto Strappy Sandal 7.5M , Man's/Woman's bcbg womens shoes size 8 Good design Moderate cost Official websiteWHITE HOUSE-BLACK MARKET 9.5M Bone Leather Pointed Toe Pumps-Stilettos 4" Heels , Badgley Mischka Ivory Satin Embellished Heel Pump Size 6D 1676/ , Steve Madden Girl Black Peep Toes Heels Pumps Size 10 M NewMan/Woman NEW Steve Madden Brown 8.5 Heels superior Year-end sale The first batch of customers' comprehensive specificationsStuart Weitzman Pointed Toe Pumps Shoes Size 9NCHLOE Toggle Peep Toe PUMPS Womens size 36 / 6 Gold Leather High HEELS ShoesBruno Magli Womens Reptile Heel Size 37 Heart Heel Sling back , NEW!! Crown Vintage Black Leather Sandals 4" Heels Size 9.5M US 39.5M EUR
    Stuart AA Weitzman Leather T-Strap Shoes mogochinese-29471 Pumps Shoes Size 9 AA a0b804c ->Stuart AA Weitzman Leather T-Strap Shoes mogochinese-29471 Pumps Shoes Size 9 AA a0b804c -
    RIOS OF MERCEDES WESTERN BOOTS SIZE 6.5B BROWN LIZARD FRONT STITCHING PRE-OWNEDBlondo Libirata B4131-31 Black Suede Leather Waterproof Wedge Ankle Boots , adidas Originals Swift Run PK Primeknit Cloud White Grey Men Running Shoe CQ2895 , NEW $2000 DOLCE & GABBANA Boots Gold Jacquard Crystal Floral Shoes EU39 / US8.5ISABEL MARANT $2,370 thigh high farrah leather high heel becky boots 35 NEWJimmy Choo Decant Leather Pointy Toe Stretch Ankle Boots SZ 40 10 Heels $995Puma Suede Classic Black Gold White Men Casual Shoes Sneakers 352634-87Ariat Men's Groundbreak Steel Toe Work Safety Western Boots 10015538--13D , Gentleman/Lady steel blue work boots use Cheaper than the price Popular recommendation , Nike Air Foamposite Pro Mens Retro Basketball Shoes Penny Hardaway Pick 1 , David Tate Women's Kelly Black Leather 8 BM USNew Manolo Blahnik BB 105 Brown Patent Leather Shoes Pumps 39.5 9 , Alegria Womens 38 8 8.5 Karmen Blue Rainbow Slides Sandals Shoes , Kensie Sadira Heeled Gladiator Sandals 285, White, 7 US / 38 EUPLEASER Adore-708UV Series 7" Heel Sexy Exotic Ankle-Strap Sandal , adidas Iniki Runner BB2099 Mens Trainers~Originals~& 10.5 , Nike Air Jordan 1 I Retro Low Swooshless Artic Orange Size 8 pink 848775 805AIR JORDAN 3 III RETRO OG GS BG SZ 4.5 Y WOOL DARK GREY SAIL 861427 004 , Under Armour 1286376-016 : Men's UA Curry 3 Low Basketball ShoesPUMA Men's Enzo NF Sneaker - Choose SZ/Color , MNX15 Men's Elevator Shoes WILSON GRAY Height Increase 6cm by FedEx Fast ShipLacoste Men's L.Andsailing 316 3 Navy Fashion Boat Shoes Sz: 13Men Shoes Kenneth Cole Initial Point High Top Sneakers KMS7LW005 Grey *New*Nike Air Force 1 High '07 Men's Shoes Black 315121-032Mens Pointy Toe Glitter Metal Head Rhinestone Oxfords Loafer Dress Formal Shoes , Saucony Women's Redeemer Iso Running Shoe, Black/Purple, 5 W US , RARE Jack Rogers knee high Brown Leather BOOTS WITH EMBROIDERY Floral Womens 8.5 , Aerosoles Women's Get Fit Boot - Choose SZ/Color , NEW BOGS WATERPROOF BLACK BOOTS WOMENS 7 DAKOTA SHORT 522371 BLACK WATERPROOF , LAUREN by Ralph Lauren Womens Mesa Closed Toe Knee High Fashion, Black, Size 6.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Stuart AA Weitzman Leather T-Strap Shoes mogochinese-29471 Pumps Shoes Size 9 AA a0b804c -

    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.

    Stuart AA Weitzman Leather T-Strap Shoes mogochinese-29471 Pumps Shoes Size 9 AA a0b804c -

    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
    Stuart AA Weitzman Leather T-Strap Shoes mogochinese-29471 Pumps Shoes Size 9 AA a0b804c