Never miss an update

Saint Laurent 21069 Metallic Silver Leather Silver Almond Toe High Boots Heel Ankle Boots SZ 40 36d62a5

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: . Wear on sole. Nicks on heel. Scuffs on Toe Box.
Designer: Saint Laurent Outsold Width: 3"
Color: Silver Heel Height: High (3 in. and Up)
Size: 40 Total Height: 9.5"
LGS Size: 9 Top Opening Circumference: 10"
Made In: Italy Brand: Saint Laurent
Fabric Content: Leather Style: Ankle Boots
Comes With: Box, Dust Bag Material: Leather
Outsole Length: 8.5" US Shoe Size (Women's): US 9.5/UK 7.5/EU 40
UPC: Does Not Apply ISBN: Does Not Apply
EAN: Does Not Apply
Never miss an update

Saint Laurent 21069 Metallic Silver Leather Silver Almond Toe High Boots Heel Ankle Boots SZ 40 36d62a5 -

    Saint Laurent 21069 Metallic Silver Leather Silver Almond Toe High Boots Heel Ankle Boots SZ 40 36d62a5
    Saint Laurent 21069 Metallic Silver Leather Silver Almond Toe High Boots Heel Ankle Boots SZ 40 36d62a5
    Old Gringo Women's Hilary 13" Nail Studded Beige Snip Toe Boots100% authentic Lanvin Ankle Boots size 38 , NIB $385 Arche Booties - Baryky Black Size (US 9.5- 10 ) FRANCE LAST PAIR!AUSTRALIA LUXE COLLECTIVE WOMEN'S GRAY ATILLA RABBIT FUR SHEEPSKIN WRAP BOOTSRick Owens Brown Women's Size 40 Leather Wedge Platform Boots $1970Burberry Whenaston Black boots US 6 b Euro 36 Retail 950.00NIB $1450 Versace Leather Detail knee boot size 35.5NIB $1495 Womens Burberry Jazmine Tall Fringe Boots sz 39/9 US brown suede , Burberry Pimlico Mahogany/red/Black Boots size US 9.5 / Patchwork SuedeSAINT LAURENT 39 Women's Black Leather Biker Boots 8.536 & 36.5 NEW $1095 SAINT LAURENT PARIS Black ROCK CHELSEA Leopard Velvet BOOTS , RALPH LAUREN COLLECTION HANNIE DARK BROWN BURNISHED LEATHER BOOTS SIZE 10B ITALY , DEVI KROELL Gold Snakeskin Knee High Flat BootsIsabel Marant Dicker Boots Calf Velvet Leather Anthracite 37Old Gringo Women's Naomi Overlay Vesuvio Boot - BlackMan's/Woman's Vintage Miller Riding Boots Elegant shape High quality and economy Acknowledgement feedback , NEW Stuart Weitzman Highland Suede over-the-knee boot Shoes, Black, US10.5 ~$798B00 JIMMY CHOO Derive Blk Patent Hidden Platform Knee Hi Boots Shoes Sz 40 $1995 , Salvatore Ferragamo Women's "FANIA" Leather Ankle Boots Shoes Sz 10C 10.5CStuart Weitzman Alljenn Over Knee Black Leather Boots Size 7.5 NIB $785 5050 OTK , Vtg 90's 80's ANSARINIA BELLU Black Boots US 6.5 Rocker Punk Moto FestivalThe Row Flat Black Suede Boots Size 40 US 9Stuart Weitzman 5050 Over The Knee Boots Black Sz 6Saint Laurent Janis 105 Chelsea Black Ankle Platform Boots Booties 41.5 11.5YL073-2 OLD GRINGO YIPPEE KI YAY "PEACEMAKER" 7" BRASS RED LEATHER BOOTS , NIB $539 Paul Green Austria Austin Black Combo Suede Tall Boots Size 3.5 - 6(US)Donald Pliner Couture Peace Gator Leather Boot Shoe New Sz 6 Hair Calf NIB $795 , Jimmy Choo Decant Leather Chelsea High Heel Ankle Boots SZ 39.5 $995 Women's$790 Stuart Weitzman Hilo Over The Knee Suede Boot Thigh High Flat Booties 5.5
    Saint Laurent 21069 Metallic Silver Leather Silver Almond Toe High Boots Heel Ankle Boots SZ 40 36d62a5 ->Saint Laurent 21069 Metallic Silver Leather Silver Almond Toe High Boots Heel Ankle Boots SZ 40 36d62a5 -
    Dr Martens Unisex 1460 Classic 8 Up Smooth Leather Ankle Doc DMC Boots , Vans Skate shoes Classic Sk8-Hi MTE Denim Suede Blue VXH4I2D , Wmns Nike Air Huarache City Strap Navy Black Red Women Running Shoes AH6787-002 , Man's/Woman's Pleaser VOGUE-89 Blk Pat/blk () High security In short supply Good qualityMen's/Women's Pleaser KISS-206 superior The latest technology King of the crowdSize 10 Women's Hot Chocolate Design SAILOR Chocolaticas Mary Jane Cruise ShoesBurberry Black Jewel Embellished Ballerina Flats. US 6 () , Escada Pointed Black Leather Pump Heels size 37 - Made in Italy! , White Mountain Women's Eryn Ankle Strap Sandal Black Suedette Heels , Womens Irregular Choice Nick Of Time Suede Bow Court Shoes Mid Heel US 5.5-11Odette e Odile Shoes 733683 Black 23cmMandalay Naomi Women Platform Sandals New Summer , New Fit Flop FitFlop Womens Flip Convertable Leather Flame Orange Sandals US 9 , Donald J Pliner Women 8 N Bronze Brown Flatform Platform Thong Sandal Wedge EUC , Men's SAUCONY Velocity Spike Track Running Shoes Size 10.5Asics Gel Kayano Trainer Knit Men's Size 7.5 Running Shoes HN7Q4-9067 Multi ColrNike Air Huarache Run Ultra Men's Size 9.5 (819685 301) Gorge Green/ Black , Urban Classics Knitted Light Shoes Unisex Men's Women's Sneaker 36-47 TB1480MEN'S SHOES SNEAKERS MERRELL VAPOR GLOVE 3 LUNA [J97179] , Gentlemen/Ladies Jordan Toro 6 Crazy price Has a long reputation Vintage tide shoesAir Jordan V Supreme CAMO - Size 9.5 5 five , LOS ALTOS BLACK 3X-TOE GENUINE TEJU LIZARD WESTERN COWBOY BOOT (EE) 95EV0705HERMES lamb leather ANKLE BOOTS - top quality - Size 9.5 , Vans Aldrich SF VN000188I2Y PENDLETON Blue / Tribal, Men's Size 9.5 , Wmns Nike Free 5.0 TR Fit 5 Print Cool Grey Volt Women Training Shoe 704695-015 , CHACO Kanarra INDIGO Blue CROSSOVER Shoe SNEAKER Women's Sz 7.5 STREET HikingNIKE AIR MAX 180 RUNNING SHOES NEW WOMENS SIZE 8 WHITE BLUE AH6786-100Ahnu Womens W Sugarpine II Air Mesh Hiking Boot- Select SZ/Color.L'Artiste Elgin By Spring Step Turquoise Leather Boots 35 EU / 5 US Women , Gentlemen/Ladies Leather Craft Valini Shoes Selling excellent Seasonal promotion ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Saint Laurent 21069 Metallic Silver Leather Silver Almond Toe High Boots Heel Ankle Boots SZ 40 36d62a5 -

    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.

    Saint Laurent 21069 Metallic Silver Leather Silver Almond Toe High Boots Heel Ankle Boots SZ 40 36d62a5 -

    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
    Saint Laurent 21069 Metallic Silver Leather Silver Almond Toe High Boots Heel Ankle Boots SZ 40 36d62a5