Never miss an update

Brian Atwood New Brian Hologram Irridescent Nude Platform Platform Stiletto Pumps sz Heels sz 10 2ea9667

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: floor samples
Style: Open Toe Material: Leather
US Shoe Size (Women's): 10 Brand: Brian Atwood
UPC: Does not apply
Never miss an update

Brian Atwood New Brian Hologram Irridescent Nude Platform Platform Stiletto Pumps sz Heels sz 10 2ea9667 -

    Brian Atwood New Brian Hologram Irridescent Nude Platform Platform Stiletto Pumps sz Heels sz 10 2ea9667
    Brian Atwood New Brian Hologram Irridescent Nude Platform Platform Stiletto Pumps sz Heels sz 10 2ea9667
    AGL Attillio Giusti Leombruni Shoes Size 39 9 Brown Leather Classic Pumps HeelsWomens - PRADA - Dark Brown Leather Chunky Platform Heels Strappy Sandals 7 37.5New BOLO Women Brown Leather High Heel Heel Mary Jane Pump Dress Shoe Sz 9.5 M , Amanda Gregory Black Closed Toe Slingback Size 41Dolce&Gabbana pumps,glitter leather, womens size US 6.5 $580 , New JESSICA BENNETT Women Red Leather High Heel Slip On Dress Pump Shoe Sz 7 M , Men's/Women's Women's Naot Trendy Pumps Clearance price a good reputation in the world Quality and consumer firstKurt Geiger London high heels GEN large flower,peach,leather (RRP: NIB )Giuseppe Zanotti 39.5 Black Sparkly Heels 9 8.5 Suede Leather Shoes Ankle Strap , STUART WEITZMAN Gray/ Blue/Brown Multi-Color Snake T-Strap Heels Sz 9.5 $400+ , 2017 Sexy Kim Kardashian Perspex Heels Buckle Strap Clear Women Sandals Transpa , Stuart Weitzman Mainline Grey Suede Over The Knee Hidden Wedge Boots Sz 5MNew Poetic License Brown Gold Patent Leather Platform Chunky Heels Pumps Size 39NEW $365 JOIE Women's Sz 6.5 Black "Monte" Suede Studded Ankle Booties , Stuart Weitzman "Poco" Multicolor Snakeskin Kitten Heel Pump. Women's Sz 8 NSergio rossi Shoes 679495 White 363.1 Phillip Lim Shoes 023254 Pink 36 1/2NIB: Vince Holly Black Pony/Kid Suede Boot Size 11M $450STUART WEITZMAN Black Leather Pumps Sz 7.5 $365Men's/Women's PRADA LEATHER PEEP-TOE GREY PUMPS 37 Comfortable feeling Modern design cheap price , COLE HAAN AIR LAINEY PUMPS NOUGAT PATENT STYLE D33390 EXCELLENT CONDITIONAuthentic HERMES: Beige, Leather & Logo, Flat Sandals Sz: 6M , Calvin Klein Collection Frey Multi T-Strap Sandal sz 38.5MChristian Dior Slides Heels Shoes Diaced Beige Addict Agneau Mules Sandals 37/7 , Escarpins "Love MOSCHINO" pointure:40 réf:JA1018AC03JG0905 (couleur:Bronze) , Giorgio Armani Womens Heels D'orsay Slingback Ankle Strap Blue Polka Dot 38.5AUTHENTIC-FINSK-WOODEN HEELS WORTH LADY GAGA SHOES US$699 GREY , Womens HELMUT LANG Black Leather Strappy Heels Sz. R 38 L 37.5 NEW! , Men's/Women's annabaiguera Shoes 041903 Black 39 Good world reputation High quality and economy Authentic guarantee ,
    Brian Atwood New Brian Hologram Irridescent Nude Platform Platform Stiletto Pumps sz Heels sz 10 2ea9667 ->Brian Atwood New Brian Hologram Irridescent Nude Platform Platform Stiletto Pumps sz Heels sz 10 2ea9667 -
    Kelsi Dagger Ladies Over Knee Suede Boot blk 8.5Dr. Martens Women's Hazil Black Virginia Leather Black Size 5 , Johnny Ringo Women's Aztec Kaleidoscope Western Boot - Square Toe - JR922-39Cadidas Essential Star 3 M Black Silver Men Training Shoes Trainers BA8947Cole Haan Jacind Grad Open Toe 85MM Pumps, Roccia Snake, 7.5 USMan's/Woman's SKY-309MT PU Blue Complete specification Moderate cost Excellent functionSkechers for Work 77213 Womens Cuyahoga Shoe- Choose SZ/Color.Naot Black Leather Slip On Loafer Shoe Medium Heel Elastic Goring Comfort 42 11 , NIB Women's Nike Air VaporMax FlyKnit 2 US 7.5 , New NikeiD Men's Air Jordan Low Cut Basket Ball Shoes Crimson/Black 812938-999 *Authentic Nike KD 7 VII Egg Nog Christmas Size 10.5FlashSale! NIB Men's Asics Gel Venture 5 Trail Shoes Choose Carbon Green , Nike SB Blazer Vapor TXT Men's Skateboarding Shoe 902663 410 Size 12Air Jordon 1 Mid Size 14 Color: Black, Gold & BlueNIKE Hyperdunk 2017 Flyknit Mens Basketball Shoes 917726 600 NEWNEW NIKE LUNAR VAPOR TROUT ASG =SZ 11.5 ALL STAR GAME BASEBALL CLEATS 707564-300New Five Ten by Adidas Men's Access Mesh Hiking Shoes - Black - Size 9 , Jordan 4 Retro “Raptors” NRG Size 12 , Authentic adidas Yeezy Boost 350 Turtle Dove Size 10New Mens Leather Slippers Loafers Slip on Flats With Bowtie Belgian Dress ShoesDrew Men's Traveler V Double Strap Casual Leather Shoes Cognac Nubuck 44908 11W , 2017 Mens Boy Slip on Camo Loafers Flat Heels Antiskid SHoe Fashion Driving ShoeAsics Men's GEL-Kenun Dark Grey/Blk/Green Running Shoes T7C4N.9590 NEW!Men's Fashion Metal Decor Pointy Toe Leather Shoes Groom Wing Top Dress Shoes , Man/Woman MUNGUIA Men's/Unisex Loafers Best-selling worldwide Excellent performance Elegant and robust menu , womens cut out black or white athletic sneakers sports casual shoes size loafers , Asics Gt 1000 7 Sneakers Womens ShoesWomen BY3011 Adidas NMD CS2 Running shoes black sneakers , NIKE WOMENS AIR HUARACHE CITY SZ 7.5 BLACK DIFFUSED BLUE NAVY PINK AH6787 002 , WOMENS VINTAGE Justin TALL GENUINE EEL SKIN COWBOY WESTERN BOOTS size 5.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Brian Atwood New Brian Hologram Irridescent Nude Platform Platform Stiletto Pumps sz Heels sz 10 2ea9667 -

    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.

    Brian Atwood New Brian Hologram Irridescent Nude Platform Platform Stiletto Pumps sz Heels sz 10 2ea9667 -

    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
    Brian Atwood New Brian Hologram Irridescent Nude Platform Platform Stiletto Pumps sz Heels sz 10 2ea9667