Never miss an update

Manolo size Blahnik mogochinese-25983 Mule pumps, size woven 37 1/2, slender heel, black and white woven EUC 4cf8572

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Manolo Blahnik
EUR Shoe Size (Women's): EUR 37.5 Model: Carolyne
Width: M US Shoe Size (Women's): US 7
Occasion: Wear to Work Material: Leather
Heel Type: Slim Country/Region of Manufacture: Italy
Color: Multi-Color Style: Mules
Features: black, white, gray, pump, Carolyne, leather trim, woven
Never miss an update

Manolo size Blahnik mogochinese-25983 Mule pumps, size woven 37 1/2, slender heel, black and white woven EUC 4cf8572 -

    Manolo size Blahnik mogochinese-25983 Mule pumps, size woven 37 1/2, slender heel, black and white woven EUC 4cf8572
    Manolo size Blahnik mogochinese-25983 Mule pumps, size woven 37 1/2, slender heel, black and white woven EUC 4cf8572
    Nine West Women's Villian Leather Wedge Pump, White, 9 M US , Bebe Shoes Black Quilted Suede Jeweled Ankle Chain Stilhetto 7.5, 7 1/2, Last 1 , NIB MIX No. 6 Fuchsia Leather Pointy Toe Dress Pumps Heels Shoes - Size 8M , PLEASER Sexy 7" Heel Red Gold Glitter Ombre Platform Ankle Strap Women's Shoes , Ellie Shoes Women's 609-Lauren Dress Pump, Champagne, 6 B Us , Stuart Weitzman 8 M Nude Leather Peep Toe Pumps , Prada Sandals Pumps Slingback Heel Pointy Toe Natural Orange 37/ 6.5 , Women's St. John Lola Square Toe Black Leather Heels Pumps Size 6.5 , STUART WEITZMAN Suede Leather Platform Wedge Heels Slip-on Loafers $425 Brown 8M , Men's/Women's NEUVES Escarpins Cuir Gérard Darel T.39 Attractive and durable Good market Maintenance capability , Enzo Angiolini Women's Bronze Crochet Braid Leather Heel Pumps Shoes Sandals 7.5 , PRADA Green Leather Strappy Sandals Wedge Cork Platforms Size 38.5 US 8 8.5 , Manolo Blahnik Criscross Ankle Strappy Heels IT 39.5 US 9.5M Pink Snakeskin , Gentleman/Lady Adrianna Papell Women's Esmond Heeled Sandal Various goods Has a long reputation Comfortable and natural , Bernardo Reggie Women’s Black Kid Suede Block Heels Pumps Size 10 MBAKER High Heel Black Leather Boots Size 7mNine West Women's Erienne Dress Pump - Choose SZ/ColorKENZO Women's Mule Slide Sandals in Yellow Snakeskin High Heal Sz 35.5 (US 5) , Nos Iberiad Pumps Navy Leather Red Cone Stacked Wood Heel Nautical Shoes 36 , Clarks Black Leather Classic Pumps High Heels Slip Rana Womens Shoes 6.5M $150Salvatore Ferragamo Blue Nylon Leather W Gold Bow Design Pumps Heel Shoes 8.5 AACharles David Women's Duchess Pump Cabernet Suede/Fur HeelsNaturalizer Womens Okira Leather Pointed Toe Ankle Strap Classic PumpsNew PELLE MODA Leopard Hair Calf Peep Toe Platform Sandal Heels Shoes 9 $155 , Stuart Weitzman black half wedge Sandals Sz 9 B , Paul Green Tan Brown Patent Leather Bow Peep Toe Dress Heels Women 6.5 UK / US 9Ann Taylor Womens Shoe Brown Leopard Print Calf Hair Block Heel Cap Toe Sz 10MVince Camuto Open Toe Pumps Size 6.5 NWOBGuess Marciano Stilettos Pointy Toe Womens Black Leather Stud Heel Shoes Sz 9.5M
    Manolo size Blahnik mogochinese-25983 Mule pumps, size woven 37 1/2, slender heel, black and white woven EUC 4cf8572 ->Manolo size Blahnik mogochinese-25983 Mule pumps, size woven 37 1/2, slender heel, black and white woven EUC 4cf8572 -
    Pleaser Women's Adore-2023 Boot,Black Stretch Patent/Black,8 M Uswomen's zipper retro knee length boots round toe chunky heel military shoes ChicBurberry New Copse Brown Womens Shoes Size 7.5 M Boots MSRP $1095 , ACERBIS 0017719.346.046 Boots X-MOVE 2.0 ROJO/YELLOW T.46Ladies Clarks Cloud Steppers Step Allena Bay Casual Slip On ShoesNEW ORIZONTE JOY WOMENS EUROPEAN COMFORTABLE SOFT LEATHER FLAT SHOES , Mr/Ms Burberry Bourne Sneakers Womens Size 36.5 wholesale Won highly appreciated and widely trusted at home and abroad Rich on-time deliveryALL SAINTS SPITALFIELDS Knotted Gladiator Ankle Cross Front Heels Pumps Sz 59 west two tone cream and brown size 11 open toe h/heel sandal new never wornNAYA Sister Bronze Leather Ankle Strappy Flat Sandals Shoes Women's Size 11MNew FitFlop Women's Bumble Crystal Toe Post Sandals Size 11 Pewter H70-054-090 , Donald J Pliner Buoy Bone White Genuine Nappa Leather Slide Platform Sandal 8 , New Balance Men's 530 CLASSICS Running Shoes Black/White M530LGB a Email to frie , New Nike Men's CK Racer Running Shoes 916780 002 Size 9Air Jordan B Fly Olive Camo Gum Bottom Men SZ 7.5 - 13UNDER ARMOUR UA TOUR TIPS GOLF SHOES SIZE 11 NEW FAST SHIPPING (1288575 102) , adidas Alphabounce LEA Men's Clear Brown/Light Brown/White BY3122 , Nike Air Force 1 Foamposite Cup Size 11 Shoes AH6771 002 Light Carbon NEW IN BOXAdidas Energy Boost Running Shoes Black White CG3359 Men’s Size 9.5MENS ADIZERO BOSTON BOOST 5 MEN'S RUNNERS/SNEAKERS/FITNESS/TRAINING SHOES , DAN POST MENS RALEIGH LIZARD 13" COWBOY BLACK CHERRY BOOTS 8 Medium DP2352RMan's/Woman's Clarkes Wallabees Beeswax leather /US 9.5 Fine processing Excellent performance negotiationNew Luxury Shoe Men Dress Shoes Mens Casual Genuine Leather Shoes Zapatos Hombre , Brogue British Mens Slip On Tassel Pointed Toe Suede Shoes Dress Formal LoafersMen Kenneth Cole Shoes Under-Sand-Able Fashion Black Size 8 , Women's Nike 908993-300 Air Max Sequent 3 Sequoia Knit Running Shoes Size 9.5 MNew Balance Womens 990 V4 Running Shoes Green White Gray USA W990MG4 Size 7Adidas Superstar Original Fashion Sneaker 6 White GoldAsics Womens Gel Nimbus 20 T850N Black/Frosted Rose Size 7.5 , Gentleman/Lady Nine West Women's Danbia Leather Boot Elegant shape The highest quality material Personalization trend ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Manolo size Blahnik mogochinese-25983 Mule pumps, size woven 37 1/2, slender heel, black and white woven EUC 4cf8572 -

    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.

    Manolo size Blahnik mogochinese-25983 Mule pumps, size woven 37 1/2, slender heel, black and white woven EUC 4cf8572 -

    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
    Manolo size Blahnik mogochinese-25983 Mule pumps, size woven 37 1/2, slender heel, black and white woven EUC 4cf8572