Never miss an update

BOC Slide mogochinese-24376 Born US 10 M Cork Platform Comfort Slide Comfort Strappy Buckle Sandals Brown 338a739

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: Slight remnant of silver marker on the outsole of both shoes, and sticker residue on the insole of the right shoe.
Brand: Børn Heel Height: High (3 in. and Up)
Style: Platforms & Wedges Heel Type: Block
US Shoe Size (Women's): 10 Country/Region of Manufacture: China
Width: Medium (B, M) Material: Leather
Color: Brown Fastening: Slip On
Never miss an update

BOC Slide mogochinese-24376 Born US 10 M Cork Platform Comfort Slide Comfort Strappy Buckle Sandals Brown 338a739 -

    BOC Slide mogochinese-24376 Born US 10 M Cork Platform Comfort Slide Comfort Strappy Buckle Sandals Brown 338a739
    BOC Slide mogochinese-24376 Born US 10 M Cork Platform Comfort Slide Comfort Strappy Buckle Sandals Brown 338a739
    Teva Women's Size 7 Utility Storm Black Sandals 1536/1535VINCE CAMUTO "ALLANA" black leather slingback wedges sz. 10 M NEW! , Mr/Ms Pleaser Womens Romance-313 Sandal- Pick SZ/Color. Great variety Impeccable Official websiteZigi Girl Womens Black Leather Sandals 9 , Womens BADGLEY MISCHKA silver leather thong sandals sz. 6 M NEW! , A2 Aerosoles Wip Save Sport sandals Memory Foam Cushioned Black sz 5 Med NEW , A2 Aerosoles Wip Save Sport sandals Memory Foam Cushioned Black sz 6.5 Med NEWWomens VIA SPIGA black suede wedges slingback sandals shoes sz. 7.5 M () , Papillio Birkenstock sz 10 Ellice 3 Strap Ankle Strap Blue Pink FlowersCHARLES DAVID OCTAVE PLATFORM SANDAL WOMEN'S NAVY US SIZE 10M NEW WITHOUT BOX , Man's/Woman's Olukai Paniolo Size 11 fashion Environmentally friendly Outstanding functionNIB Fitflop Skinny Rocket 8 Embellished Slide Leather Nude Pink SandalsWomens Bohemia Rhinestone Flip Flops Block Heels Ankle Strap Slingback Sandals , USA SAS TRIO Women 7-WW Blue Leather 3 Buckle Slingback Sandals ShoesA2 Aerosoles Wip Save Sport sandals Memory Foam Cushioned Black sz 6 Med NEW , Man's/Woman's Dr. Scholl's Original Exercise Sandals painted Selling the most economical TRUESteve Madden Womens Chantel Embellished Sandal Shoes , STEVE MADDEN Womens 'Caylen' Silver Metallic Strappy Sandals Sz 8 M - 231816 , STEVEN BY STEVE MADDEN WOMEN'S SEZER SLIDE SANDALS TAUPE SUEDE US SIZE 10 MEDIUM , Vaneli Jarita Black Suede Wedge Sandal Size 6.5 , CHARLES BY CHARLES DAVID Womens 'Law' Nude Wedge Sandals Sz 10 M - 230805CHARLES BY CHARLES DAVID Womens 'Law' Black Wedge Sandals Sz 10 M - 230802Kelsi Dagger Glori wedge sandals leather snake sz 6 Med NEW , Easy Spirit Lalani wedge sandals off white print 3" heels sz 9 Med NEWDolce Vita Nona Women's Black Snake Sandal , Tod's Lizard Strappy Flat Sandals, Size 8 , OluKai KULAPA KAI Coral Orange Black Slip On Discount Sandal Women's Flip FlopsMen's/Women's harley davidson sandals 8.5 Beautiful design Lush design leading the fashionPLEASER Allure-609 Series 5 1/2" Heel Sexy Exotic Ankle-Strap Sandal
    BOC Slide mogochinese-24376 Born US 10 M Cork Platform Comfort Slide Comfort Strappy Buckle Sandals Brown 338a739 ->BOC Slide mogochinese-24376 Born US 10 M Cork Platform Comfort Slide Comfort Strappy Buckle Sandals Brown 338a739 -
    Jeffrey Campbell Quark Over the Knee Black White Sneaker Vegan Faux Leather Sz 6Freebird Steven Tonto Ice Fringed bootie size 9 , Anne Klein Women's Xhale Fabric Winter Boot Pewter 8 M US , Justin Boots Women's Western L4952 Brown Redwood Leather Size US 6.5 New , Nike Flex Experience RN 6 Mens Running Shoe (D) (401) + FREE AUS DELIVERYKK-CL80450 New Christian Louboutin Gwendoline Leopard Pony Boots 100 Size 38 8Dockers by Gerli 40aa201-620600, Womens Low-Top Sneakers, Blue Blau 600, 5 UK , Naot Kirei Black Leather Suede Flat Mary Jane Comfort Shoes Sz 37 / 6 WIDENaturalizer Womens Grace Leather Round Toe Ballet FlatsLuichiny Women's Min Dee Wedge Sandal, Tan, 11 M US , Size 8 / 38 Miu Miu Lavender Purple Metallic Buckled Flat Loafer Shoe $695Nike Air Zoom Pegasus 32 Flash Trainer Shoe Squardron Blue Night Factor Sz 12DC Men's Ranger Shoes Dark/Shadow/Tennis (01t) Sizes 9 &10 M US , Nike Air Force 1 High Wheat Size 12 , Air Jordan Melo M13 Sz 9 Midnight Navy Carmelo Anthony Flight Speed XIIINike Free Run 5.0 FLYKNIT Black RAINBOW 2 Sz. 9.5 Men Racer Trainer White MultiNike Air Jordan 31 XXXI Chicago Bulls Varsity Red Black White sz 14 [845037-600]NIKE KOBE XI "DARK KNIGHT" BLACK-BLACK-COOL GREY SZ 11 [836183-001]Nike Air Max 98 South Beach Size 9.5 640744-005 , Nike KD 11 Triple Black Flyknit Free Shipping , Men's/Women's Georgia G106 Homeland Boots, US; 12W Good design Has a long reputation cheap priceCORRAL Men's Brown Leather Cowboy Western Boots size 12 DC MENS WALKER WORK LEATHER DARK BROWN BOOTS SIZE 10 WRockport Men's City Play 2 Perforated U-Bal Dark Brown Size 9 M MSRP $120 , Fila J908R Capsule Pink Navy White Women Running Shoes Sneakers Trainers , Air Jordan Retro VII 7 GG Black-Hyper Pink -Youth 9Y Women’s Size 11[442960-018] , 1805 adidas FLB_RUNNER PRIMEKNIT Women's Training Running Shoes CQ1987New Cole Haan Womens W05034-200 Black Ankle Boots Size 8Women's NEW Sam Edelman Bevin Mid Calf Boots Shoes Sz 10M Black Zip Up Buckle Q3Man's/Woman's Devious Women's Dagger 1023 selling price First quality Don't worry when shopping ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BOC Slide mogochinese-24376 Born US 10 M Cork Platform Comfort Slide Comfort Strappy Buckle Sandals Brown 338a739 -

    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.

    BOC Slide mogochinese-24376 Born US 10 M Cork Platform Comfort Slide Comfort Strappy Buckle Sandals Brown 338a739 -

    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
    BOC Slide mogochinese-24376 Born US 10 M Cork Platform Comfort Slide Comfort Strappy Buckle Sandals Brown 338a739