Never miss an update

GIORGIO ARMANI Leather Slingback Pump 21967 Leather Nude Sz PVC Elasticized Shoe Sz 38 512989c

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Style: Slingbacks
EUR Shoe Size (Women's): 38 Fastening: Slip On
Color: Nude Heel Height: High (3 in. to 4.5 in.)
Occasion: Versatile US Shoe Size (Women's): 8
Brand: Giorgio Armani Material: Leather
Heel Type: Slim Width: Medium (D, M)
UPC: Does not apply
Never miss an update

GIORGIO ARMANI Leather Slingback Pump 21967 Leather Nude Sz PVC Elasticized Shoe Sz 38 512989c -

    GIORGIO ARMANI Leather Slingback Pump 21967 Leather Nude Sz PVC Elasticized Shoe Sz 38 512989c
    GIORGIO ARMANI Leather Slingback Pump 21967 Leather Nude Sz PVC Elasticized Shoe Sz 38 512989c
    JCrew $248 Colorblock Heels with Fringe 9 Pink Brown Shoes F7990 RUNS LARGEStuart Weitzman Slinky Women's High Heels Sling Sandals Black Patent Leather 10Salvatore Ferragamo Sz 5.5 Vara Bow Classic Low Heel Bone White Leather PumpJCrew Roxie Crackled Leather Ankle-Tie Pumps Tassels Silver 9.5 heels $285Dior Sandal Heels Size 39 Gold Strapped , MANOLO BLAHNIK CLASSIC BLACK COLOR LEATHER PUMPS/HEELS SZ.8.5 M ITALY , Schutz Mosty Mouse Gray Ankle Strap High Heel Suede Pointed Pump Nude NEW , French Sole FS/NY Women's Wired Wedge Sandal, Whiskey Leather/Patent, 6.5 M US , Trotters Kiera Women's Heeled Pump - All Colors - All Sizes , Man/Woman Salvatore ferragamo Womens Shoes 7 main category Let our goods go to the world Different styles , New Jcrew Matte Faux Snake Coleman Sandals Block Heels Shoes Academic Green Sz 7 , New 10 Crosby Derek Lam black shoes size 7.Prada Womens Heels Size 38 8 Caramel Suede Buckle Platform Mary Janes In boxDonald J Pliner Couture Cone Heel Mules Sandals Shoes Textured Brown Peep 6MJESSICA SIMPSON PEHYTON PLATFORM PUMP BLACK SIZE - 9 - NIB , New STEVE MADDEN Women Black Patent Leather High Heel Pump Dress Shoe Sz 7.5 M , SAINT LAURENT YSL TRIBUTE LEATHER T~STRAP PLATFORM HEELS SHOES 39.5 US 9 , Calvin Klein Women's Cait Ankle Bootie, Black, 9.5 M USSalvatore Ferragamo Pumps Womens Sz 9 B Black Patent Leather High Heel Shoes , Stuart Weitzman Fronton Black Leather Sling Back Mule Pumps Size 6M E588 , Man/Woman Trisha Payta’s Roberto Durville Heels Authentic Customer first Ranked first in its class Elegant and stable packaging , Women’s 6 1/2 Le Due By Due Farina HeelsPrada Shoes Suede Heels Pumps Size 36.5 6.5 , JCrew Roxie Printed Pumps Size 8.5 $298 Style B0288 Houndstooth Hee , OMBELINE PARIS GOLD MULE STILLETO SANDAL SZ 38.5 , Stuart Weitzman Dayzip Women's High Heels Pumps Bordeaux Red Suede Size US 8.5 M , Badgley Mischka Women's Jennifer D'Orsay Pump,Ivory,10 M US , MANOLO BLAHNIK 39 Brown Suede Cross Over Kitten Heels Pumps 8.5Cobb Hill Rockport Women's Angelina Dress Pump, Black, Size 9.0 ,
    GIORGIO ARMANI Leather Slingback Pump 21967 Leather Nude Sz PVC Elasticized Shoe Sz 38 512989c ->GIORGIO ARMANI Leather Slingback Pump 21967 Leather Nude Sz PVC Elasticized Shoe Sz 38 512989c -
    Donald J Pliner Olivia Saddle Color Suede Boots Size 7M *NEW , Latitude Femme NEW Sexy Brown Suede Strappy Buckle Designer Ankle Boots SZ 6 , Gentleman/Lady BareTraps Women's Alira Snow Boot quality product quality Acknowledgement feedback , $495 SHOTO MEN’S WRINKLED BLACK LEATHER DOUBLE ZIP ANKLE BOOTS MADE IN ITALY 10 , Brand New | Nike LunarConverge 2 Mens Running Shoes (D) (001) , BL2939-2 OLD GRINGO MOREEN VESUVIO BLACK EMBELLISHED HEEL ANKLE BOOTS , RALPH LAUREN COLLECTION SACHI BROWN BURNISHED LEATHER RIDING BOOT SZ 11B ITALYAmblers Steel FS47 S1-P Trainer / Womens Shoes / Safety Shoes (FS546) , Bettye Muller Barrow Block-Heel Pumps 371, Sand, 6.5 US / 36.5 EUASH Womens Misstic Velvet Low Top Round Toe Casual Shoes Sneakers BHFO 6760Womens Dr Martens 1461 59 Leather Cherry Red Retro Air Wair Flat Shoes US 5-11Summer new Korean version leather shoes soft sole square shoes flat shoesSPERRY TOP SIDER WOMENS WEDGE HEELS PLATFORM CANVAS CORKSCREW BEACH 6.5M EUC , JACK ROGERS- Gold Leather & Raffia Classic Navajo Sandal - Ladies size 6 MedKiton D39811 VIP 2388 ROSA NERO Sandals Women's Multicolor US , New Nike Men's Hyperdunk+ BG 32 Basketball Shoes Red/Blue 542917-600*Nike Lunaracer 4 Unisex Running Trainers 844562 800 Sneakers ShoesNike Air Foamposite Pro Sequoia Black Team Orange GS PS TD Infant Size 1c-7Y , New! Men Nike Kobe X 10 TB Low "Player Exclusive" UK BBN 813030-140 Duke Blue 17 , Mens 9 M Dorado Mexico sz 27 Black Leather Cowboy Western Boots Square Toe WorkBjorn Mens Brown Leather ankle Boots Size 13 comfort pull onDan Post 2110 Milwaukee Riding Rider Cowboy Western Biker Work Boots Men's 7.5 D , Wolverine Men's Wesley 1000 Miles Wingtip Chukka Dark Brown Dress Boots (W05366) , Nike Court Royale Low Casual Shoe Mens Shoe Blue - Size 9Converse First String Chuck Taylor All Star 1970s 70 OX Green Men Women 162057C , Vince Blair 5 Slip On Sneaker - Women's Size 6M, WoodsmokeAdidas PureBOOST X All Terrain ATR Women Running (Size 7.5) Black / White BY2691$175 Pajar Canada PRINCESS Womens Waterproof Winter boots size 42 US 11 NWB , Women suede knee high boots retro embroidery side zipper high heel winter shoeBCBGeneration BCBG Size 9 M Varik Timber Leather Ankle Boots New Womens Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    GIORGIO ARMANI Leather Slingback Pump 21967 Leather Nude Sz PVC Elasticized Shoe Sz 38 512989c -

    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.

    GIORGIO ARMANI Leather Slingback Pump 21967 Leather Nude Sz PVC Elasticized Shoe Sz 38 512989c -

    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
    GIORGIO ARMANI Leather Slingback Pump 21967 Leather Nude Sz PVC Elasticized Shoe Sz 38 512989c