Never miss an update

Prada Color Block Pumps 40 theparcga-12351 Platform Suede 12347 5 Inch Heel Cone Heel 40 Shoes Ca Toe 2b97eb8

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: Please refer to photographs for conditionPlease refer to the measurements given in inches below, do not rely on the size as designers vary.Marked size 40 made in ItalyHeel height 5"Across the widest part of the sole 2 7/8"Overall length 11 1/4".Soles show wearrubber heel tips will need to be change on all shoesThe P of the Prada gold logo inside shoe . Innersoles show wear.The gold tone raised Prada letters on one sole lacking the letters D and A Traces of paper labels and sticky residue on soles
Brand: Prada Country/Region of Manufacture: Italy
Style: Pumps, Classics Heel 5": Sole, 2 7/8" wide at widest
Color: Multi-Color Overall: 11 1/4"
Heel Type: Stiletto soles: Soles show wear
Heel Height: Very High (4.5 in. and Up) rubber heel tips: rubber heel tips will need to be change on all shoes
Material: Suede more condition: P of Prada gold logo inside shoe
US Shoe Size (Women's): 40 innersoles: Innersoles show wear.
EUR Shoe Size (Women's): EUR 40 additional: Prada letters on one sole lacking letters D and A
UPC: Does not apply
Never miss an update

Prada Color Block Pumps 40 theparcga-12351 Platform Suede 12347 5 Inch Heel Cone Heel 40 Shoes Ca Toe 2b97eb8 -

    Prada Color Block Pumps 40 theparcga-12351 Platform Suede 12347 5 Inch Heel Cone Heel 40 Shoes Ca Toe 2b97eb8
    Prada Color Block Pumps 40 theparcga-12351 Platform Suede 12347 5 Inch Heel Cone Heel 40 Shoes Ca Toe 2b97eb8
    Gentleman/Lady ❤️Giuseppe Zanotti original $1150 , NIB Sergio Rossi Velvet Pump Purple 2016 - SZ 38.5 , Womens PEDRO GARCIA 38 Velcro Molly Beige Tan Suede Sandals Size 8 EXCELLENT , Alexander McQueen New sz 37 - 7 Auth Womens Platform Heels Sandals Shoes blackNIB L.K. Bennett 38.5 Sledge Pump Heels Fawn Beige Patent Leather Kate MiddletonChristian Louboutin Peep Toe Wedge Pump Shoes Beige Size 37 Womens , NEW Salvatore Ferragamo 9cm pumps Heels size 9 C SUEDEMoschino Sequin Sparkle Pointed Toe Pumps Heels 39 US-9Manolo Blahnik Gavicoral OS70VAL Napa Silver Strappy Sandals Size 38 / 8B , PRADA Shoes 996831 Black 36 1/2 , Bruno Magli NIB RITTER SUEDE PUMP, 85MM Size 39.5Man/Woman Prada Vitello Bluette 1I619D Black Heels Guarantee quality and quantity Carefully selected materials classic style , CASADEI Brown Leather platform pumps sz 39Authentic Jimmy Choo Size 37 US 6 Platform Wedges Pink Floral Black Tie Ups , Jimmy Choo Fearne Glitter Patent Leather Crisscross Wedge Sandal. Size 41 , JIMMY CHOO ANKLE BOOTS OLIVE GREEN SOFT LEATHER WITH BACK ZIPPER EXCELLENT SHAPE , New Rochas Women's Shoes Strap Sandals Nude Gold Size 36.5 Leather Block HeelsGentlemen/Ladies Moschino woman shoes Size 38 NEW!!! superior Has a long reputation Different styles and stylesYsl Yves Saint Laurent Tribtoo 105 Nude Patent Leather Platform Pumps Shoes 40COCLICO SHOES SABLE CLOG BOOTIES BLACK LEATHER PLATFORM HEELS NIB $445 39$675 New FENDI Patent Leather Sandals Shoes 38.5/8.5 , NEW MARC JACOBS BEIGE PATENT LEATHER SNAKE PRINT GLITTER ROUND TOE 37 ITALY , authentic MIU MIU size 9 1/2 burgundy suede WEDGE HEELS w/ankle strap $750magnifique escarpins italien talon aiguille cuir p35New MARC JACOBS Open Toe Shoes, Size 37 or US 7Isabel Marant Mossa Black Studded Shoes Heels 10 41NIB Badgley Mischka Maribelle leather evening open toe pump shoes w/flower 8mNW AUTH MANOLO BLAHNIK POINTED PUMPS HEEL BLK LEATH SZ37"1/2RET$598 WHAT BARGAINValentino Patent Leather Mena Bow Espadrille Wedge Platform Sandal Shoes $395
    Prada Color Block Pumps 40 theparcga-12351 Platform Suede 12347 5 Inch Heel Cone Heel 40 Shoes Ca Toe 2b97eb8 ->Prada Color Block Pumps 40 theparcga-12351 Platform Suede 12347 5 Inch Heel Cone Heel 40 Shoes Ca Toe 2b97eb8 -
    Herve Leger Boots Leather Metal Tip VERY SEXY & STYLISH Size 3853300 auth ETRO dark brown suede leather FRINGE Boots Shoes 37.5Nike Air Jordan Formula 23 Low Mens Trainers 919724 Sneakers Shoes 051New Balance YV574TD W Wide Pink White Kid Youth Junior Shoes Sneakers YV574TDW$98 NEW J.Crew Evie Classic Leather Bow Ballet Flats Iced Peach / Blush Sz 9.5 , Bell-Horn Verona Womens Therapeutic Diabetic Extra Depth Shoe Lycra Upper BlackCLARKS Women's Dowling Pearl Walking Shoe, Grey Synthetic, Size 7.0 qcHrGrabbers Women's Literush Slip-On Oxford Black EVA Slip-on ShoesKUMFS ~ Black Super Soft Luxe Leather Low Block Heel Loafers AU 10.5GUESS UMBELIA Natural Man Made Designer Platforms,Wedges Sandals 8.0 MStuart Weitzman Marymid Nice Blue Suede Pump Size 8 NarrowParis Hilton Shoes Women Pumps & Heels Blue 89519 BDT TRENDY , Vans for J Crew Classic Slip On Canvas Sneakers True White US 5.5-7 NIB , chic women round toes slip on slipper pearl decor block chunky heel slides shoesBadgley Mischka Women's Sindy Heeled Sandal - Choose SZ/Color , K Swiss Billy Reid Belmont Slo NL Navy/Sheepskin 03425-479 Men'sAdidas Originals Gazelle Black Yellow Pink Blue Mens Sneakers BB5251 1801-52 NEWAir Jordan 1 High OG White Perf Perforated Black Sz 10 555088-100 , Royal Elastics Icon Alpha 1802 White Black Men Shoes Sneakers Trainers 02081-098 , Nike SF AF 1 Special Field Air Force 1 Sequoia Green w/ box - Size 11 , Under Armour Men's Speedform Apollo 2 Running Shoes Reflective Steel Size 7.5M , New Nike Air Max 90 Essential Obsidian Mars Stone Men Size 8 Shoe 537384-425Reebok Ice Cream "559 FRESNO" #Planet Asia SIZE 8 shoes white sneakers BOUTIQUES , Genuine Handcrafted Exotic Skin Cayman Cowboy Boots , JOHNSTON & MURPHY CROWN ARISTOCRAFT MENS BLACK LEATHER LOAFERS SIZE 11MHOT mens suede leather buckle loafers casual business dress shoes plus size 2018 , Men's/Women's Reebok Women's CL Lthr Satin Sneaker New market Elegant style Global sales , WMNS Nike Free RN Flyknit 2018 Women's Running Shoes, 942839 601 Size 7.5 NWBNike Womens Lunarstelos Running Trainers 844736 600 Sneakers ShoesNEW !! SKECHERS SHAPE-UPS Toners Womens ULTRA FIT SNEAKERS Gym Shoes + DVD 9.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Prada Color Block Pumps 40 theparcga-12351 Platform Suede 12347 5 Inch Heel Cone Heel 40 Shoes Ca Toe 2b97eb8 -

    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.

    Prada Color Block Pumps 40 theparcga-12351 Platform Suede 12347 5 Inch Heel Cone Heel 40 Shoes Ca Toe 2b97eb8 -

    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
    Prada Color Block Pumps 40 theparcga-12351 Platform Suede 12347 5 Inch Heel Cone Heel 40 Shoes Ca Toe 2b97eb8