Never miss an update

Salvatore Ferragamo Vara Black guptauniver-16165 Leather Low Leather Heels Heels Pumps Women's 8 AAA 72e55dc

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: , Condition: it in good condition, this pair it the shop mixed up, left side is size 8 AAA, the right side is size 8 A4, please see picture
Brand: Salvatore Ferragamo Heel Height: Low (3/4 in. to 1 1/2 in.)
Style: Pumps, Classics Material: Calfksin leather
US Shoe Size (Women's): 8 Pattern: smooth leather, solid
Width: Extra Narrow (AAA) & A4 Country of Manufacture: Italy
Color: BLACK Country/Region of Manufacture: Italy
Occasion: ALL UPC: Does not apply
Never miss an update

Salvatore Ferragamo Vara Black guptauniver-16165 Leather Low Leather Heels Heels Pumps Women's 8 AAA 72e55dc -

    Salvatore Ferragamo Vara Black guptauniver-16165 Leather Low Leather Heels Heels Pumps Women's 8 AAA 72e55dc
    Salvatore Ferragamo Vara Black guptauniver-16165 Leather Low Leather Heels Heels Pumps Women's 8 AAA 72e55dc
    New Womens Mixed Color Patent Leather Nightclub Floral Pumps Shoes Snake Leather , CELINE Black Patent Leather High Heeled Shoes with Buckle Detail - size 8.5Queen Sexy Women's Lock Buckle Stiletto High Heels Wedding Party Shoes Sbox1 , Women's Shoes Steve Madden GRAVITYY Sculpted Platform Wedge Blue Suede Size 8.5 , Sexy Women's Stiletto Heel Shoes Colorant Match Smooth Platform Shoes Party SizeKATHRYN AMBERLEIGH Stiletto PUMPS Womens size 9.5 M Red Leather HEELS Shoes New , Steve Madden Womens Saffron Leather Open Toe Ankle Strap MulesCarel Paris women's purple leather high heel shoes size 7 1/2 unusedBANDOLINO ZEBRA real fur 3.25 inch wedge heel patent leather open toe stripperSexy Lady Stiletto Shoes Nightclub Shiny Color Bling Bling Ankle Boots Zipper SZ , Nine West Delay 6.5 Navy Dark Blue Suede Platform Round Block Heel Dress PumpsMen/Women Women's Moschino Suede Shoes Size 7. Various styles a variety of Preferential priceYVES SAINT LAURENT YSL Size 9 M Blue Satin Heels ShoesMan/Woman PLS+T Shoes 617828 Blue 36 Packaging diversity Excellent performance negotiation , Black Satin NINA Size 7 Open Toe 31/2 “ HeelSalvatore Ferragamo Women’s Black Leather Block Heel Dress Shoes Size Sz 7 B a , Demonia By Pleaser Goth Punk Skull Mary Jane ShoesHOT Sexy Womens Super High Heel Sweet Candy Party Clubwear Shoes Slip On Wedding , Dansko Louise Antiqued Calf Heeled Oxfords, Women's Size 7.5-8, Black , NWT Geox Braided Leather Tan Women Shoes High Heel Pumps Sz 10 CamelWomens Chic British Retro Alligator Print Block High Heels Lady OL Leather ShoesMan/Woman ADORE-708 bargain The latest technology Simple , Salvatore Ferragamo Boutique Block Heel Pumps Sz 7.5 AAA Beige Career ShoeGIVENCY Strappy SANDALS Womens size 39 / 8.5 Beige Suede Slingback HEELS ShoesFashion Women Ankle Strap High Heels Platform Stilettos Suede Pumps ShoesEllie High Heel Chrome Platform Peep Toe 609-LAUREN Pump Rhinestone Buckle Teal , new Women's Peep Toe Warm Fur Beads Casual Block Heels Shoes Slingback Sandals$268 ELIE TAHARI WESTLEY Sangria Patent Designer Pointed Slingbacks 7.5Anne Klein Women's Carolyn Fabric Wedge Sandal
    Salvatore Ferragamo Vara Black guptauniver-16165 Leather Low Leather Heels Heels Pumps Women's 8 AAA 72e55dc ->Salvatore Ferragamo Vara Black guptauniver-16165 Leather Low Leather Heels Heels Pumps Women's 8 AAA 72e55dc -
    Mr/Ms Drew Shoe Women's Phoenix Plus Bootie Cheap Strong value value , Air Jordan 2006 Retro 5 V White/Fire Red Black Sz 10 US 136027 162 New In Box DSMen's/Women's Rollie shoes Every item described is available Sales Italy renewed on timeMr/Ms boulet boots size 8 New varieties are launched Low price Extreme speed logistics , Aerosoles Boomerang Ankle Boots 051, Black, 6.5 USsublime court shoes Christian Louboutin so Kate 2018 brandnews blue t 40Sweet Womens Pointy Toe Flat Bowknot Dance Date Pumps Metal Decor Shoes Sz 4.5-9Prada Patent Leather Smoking Slippers Women's Flats EU Size 37 US Size 6.5 #KHC , $135 BOUTIQUE 9 YVONNE Black Shiny Leather Designer Strappy Sandals 9.5 , Rhinestones Velvet Ankle Strap Chic Women High Heel Block T-strap Vintage ShoesSexy Retro Pinup 4 1/2" High Heel Spectator Pump Shoes Large Sizes PINUP07/B-WPU , Trotters Women's Doris Heel in Black (Extra Wide)Auditions Sparkle Women W Open Toe Leather Slides SandalPrada Pink Patent Platform Wedge Heel Espadrille Peep Pumps Size 39.5 NIB $790 , Gentlemen/Ladies FEARLESS-708 Practical and economical King of quantity Superb craftsmanshipNike jordan air imminent Men's sneakers Black 705077 010 SZ 10Adidas Originals ADIDRILL UNISEX SLIPPERS UNISEX MOCCASINS SHOES 36 - 46 , NIKE VANDAL HIGH SUPREME LTR MEN SHOES AH8518-001 BLACK BLACK BLACK OPEN BOX , Gentlemen/Ladies Merrell Men's Jungle Moc Slip-on Fudge Charming design Selected materials Fair price , Maison Margiela 22 Leather Future Low Sneakers in Grey sz. 44.5 / 11.5 DS , Men's Nike Air Max 270 Shoes White Volt Size 10 AH8050 104 NIB , Demonia 2" Platform Vegan Black Creepers Shoes Gothic 4 5 6 7 8 9 10 11 12 13 14Cole Haan Mens Madison Bal Wing II Black Dress Shoes Size 7.5 Wide New In Box , Skechers Men's Larson Bolten Slip-on Loafer - Choose SZ/ColorBurnetie Women's Fairburn High Top Sneaker , Converse CTAS Leather Upper Winter Faux Fur Lined Boot 632531c Jr Size 6 Wmn 9 , Nike Womens HyperVenom FG Phelon 2013 Soccer SHOES New Red / Charcoal , Inov-8 Women's X-Claw 275 W Trail Running Shoe, Grey/Coral, 9.5 B USGentlemen/Ladies Seychelles Xylophone Leather Bootie, 6 New varieties are launched online shop King of the crowdNew Women Hidden Wedge Pull On Over The Knee Boots Knight Thigh Winter Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Salvatore Ferragamo Vara Black guptauniver-16165 Leather Low Leather Heels Heels Pumps Women's 8 AAA 72e55dc -

    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.

    Salvatore Ferragamo Vara Black guptauniver-16165 Leather Low Leather Heels Heels Pumps Women's 8 AAA 72e55dc -

    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
    Salvatore Ferragamo Vara Black guptauniver-16165 Leather Low Leather Heels Heels Pumps Women's 8 AAA 72e55dc