Never miss an update

4845 Pumps NEW MANOLO MANOLO BLAHNIK SHOES Gotria silver Specchio PVC BB Heels Pumps SHOES 37 e4650c1

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: PRISTINE
Brand: Manolo Blahnik Heel Height: High (3 in. and Up)
Style: pumps Color: Dark Silver
Width: Medium (B, M) Country/Region of Manufacture: Italy
Material: Leather
Never miss an update

4845 Pumps NEW MANOLO MANOLO BLAHNIK SHOES Gotria silver Specchio PVC BB Heels Pumps SHOES 37 e4650c1 -

    4845 Pumps NEW MANOLO MANOLO BLAHNIK SHOES Gotria silver Specchio PVC BB Heels Pumps SHOES 37 e4650c1
    4845 Pumps NEW MANOLO MANOLO BLAHNIK SHOES Gotria silver Specchio PVC BB Heels Pumps SHOES 37 e4650c1
    CAR SHOE by Prada $350 black Montana calf driving shoes Italian 39.5 WORN ONCEWomen's J.crew Bow Loafer, Size 8.5 M - White 1116$595 VALENTINO Star & Camouflage Denim Blue Espadrilles Shoe Ballet Loafer 38 , Christian Dior Bow Canage Ballerina Navy Leather Ballet Flats Shoes Sz Euro 37.5SO CUTE! $395 Del Toro & J.Robles Leather "SPLATTER" Slippers Loafer Shoe Stubbs , NIB Manolo Blahnik Titto Silver Patent Flats Original Price $645 Sz 37.5Chloe Metallic Leather Slingback Flats Ballerinas in Red Size 37 , NEW Trippen BLACK ICE Leather GOOD Wedge Heel Shoe EU42 (US10) $345Primo $525 TODS SHOES 39 Womens MOCCASINS LEATHER Loafers 8.5NEW MANOLO BLAHNIK Totita FLATS BROWN SUEDE BOW Pointy BALLET SHOES 36 37 , Drew Women's Blazer Comfort Shoes Taupe Nubuck , LIMITED EDITION Vivienne Westwood  x Melissa Couture lolita Rocking horse Shoes , $575 CHRISTIAN LOUBOUTIN BALLALLA PINK DARLING LEATHER FLATS SIZE 34.5Aquatalia Sharon Loafer- Women's Size 7, Black Pebbled Suede , Valentino Garavani Women’s Psychedelic Canvas Camouflage Espadrilles Size 37$415 Ferragamo My Joy Light Metallic Platino/Gold Leather 6/6.5/7/7.5/8/8.5/9B$395 Ferragamo My Joy Black Patent Leather 5/5.5/6/6.5/7/7.5/8/8.5/9/9.5/10 "B" , Authentic JIMMY CHOO MAYA Glitter Bronze CUT OUT Slides Flats Shoes 39 US-8NIB TORY BURCH CLAIRE BLUE TUMBLED LEATHER GOLD TONE REVA BALLET FLATS 9 , Prada Leather Pointy Toe Block Heel Ankle Boot Burgundy Size 36 , NIB $495 Robert Clergerie Alicem Slide Mules Slippers (US 9 ) , Finn Comfort Women's Cornwall Plisse Nubuk Cigar Santos Loafers 7927 Sz 37 EUNWB MARC JACOBS WOMEN'S Red LEATHER STUDDED MOUSE BALLET FLATS 7 $299NIB Jimmy Choo WHIRL Glitter Cap Toe Nude Patent Leather Ballet Flat Shoe 36 -6Authentic Roger Vivier Buckle Flats Sz 6.5/7 , No21 8610 Embellished Jewel Oxford Flats, Black, 7.5 US / 37.5 EULanvin Snakeskin Black Studded Thong Strap Sandals sz US 9 / $1085BRAND NEW IN THE BOX TORY BURCH ELIZABETH SUEDE BALLET FLAT SIZE 8VALENTINO Garavani Red Suede Rosette Flower Flats Size 38.5 Women's $595 Italy
    4845 Pumps NEW MANOLO MANOLO BLAHNIK SHOES Gotria silver Specchio PVC BB Heels Pumps SHOES 37 e4650c1 ->4845 Pumps NEW MANOLO MANOLO BLAHNIK SHOES Gotria silver Specchio PVC BB Heels Pumps SHOES 37 e4650c1 -
    Spring Step Women's Popkorn Winter Boot, Brown, 36 EU/5.5-6 M USBed Stu Manchester Teak Glaze Women's Tall Boot 8MGentlemen/Ladies Charles David Women's Prism Ankle Boot main category Stylish and fun negotiation , Sneaky Steve Quick Mens Cognac Leather BootsBRAND NEW - Skechers 13590 Go Walk Womens Casuals slip on shoes - ALL SIZES navyKlouds Silver Lining Shoes Comfort wedge leather Sandals - Silver lining BlossomAB394 MBT shoes black leather women moccasins EU , Sweet Womens Girls Pointy Toes Suede Loafers Buckle Low Block Heels Flats ShoesFashion Womens Denim Strap Platform High Heel New Pumps Shoes Pantshoes CocktailWomen High Heel Rivet Sandals Buckle T-Strap Slingbacks Platforms Clubwear New Y , Biviel black leather pump size 40M Med heel , Sbicca Womens Jarrah Wedge Sandal- Pick SZ/Color.Ladies Korean Style Sandals Block Heels Ankle Strap Pumps Casual Slingbacks ShoeJessica Simpson Womens Maevi Open Toe Formal Ankle Strap Lipstick Size 8.0Brand New Mens Nike SB Air Force 2 Low QS Binary Blue Tupac Biggie RivalsNIKE AIR JORDAN 1 RE HI DOUBLE STRP OLIVE CANVAS/CONE-LIGHT BONE AQ7924-305Nike Air Vapormax Flyknit 2 II Pure Platinum White Men Running Shoes 942842-100 , 2009 MLB All Star Game St. Louis Nike Swingman Player Exclusive Cleats Crawford , NEWROCK New Rock 7800 Black Plain Real Leather Cowboy Goth Biker Rock BootsCALTO G10726 - 3.2 Inches Elevator Height Increasing Nubuck Black Ankle Boots , visvim GRID WOOD Leather Pecos Boots US 9 BLK , Sperry Top-Sider Men's A/O 2-Eye Chambray Boat Shoe, Blue/Navy, 12 Medium US , NIB $950 KITON Gray Perforated Calf Suede Driving Moccasins Loafers US 9 ShoesMen's/Women's Men's Dress Shoes by Paul Fredrick the most convenient online shop Exquisite (processing) processing , Mens Pointed toe Genuine Leather Stylist color Spliced Night Club Shoes OxfordsOluKai Women's Kulapa Kai Flip Flop Crimson/Black , Men/Women New Balance Women's Ww840v2 Walking Shoe Quality queen High quality and economy German Outlets , ADIDAS ULTRA BOOST 3.0 EASY MINT WOMENS SIZE 11.5 DS VERY RARE SIZE , Steve Madden Wms Black Leather Western Style Boots Wesst 7New Balance Women's Classic Thong Sandal - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    4845 Pumps NEW MANOLO MANOLO BLAHNIK SHOES Gotria silver Specchio PVC BB Heels Pumps SHOES 37 e4650c1 -

    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.

    4845 Pumps NEW MANOLO MANOLO BLAHNIK SHOES Gotria silver Specchio PVC BB Heels Pumps SHOES 37 e4650c1 -

    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
    4845 Pumps NEW MANOLO MANOLO BLAHNIK SHOES Gotria silver Specchio PVC BB Heels Pumps SHOES 37 e4650c1