Never miss an update

INC International mogochinese-29999 8.5 Concepts Platform Women's Anton Platform Pumps Black Suede Size 8.5 M f14ee9c

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Brand: INC International Concepts
Heel Type: Block Style: Pumps, Classics
Heel Height: High (3 in. and Up) US Shoe Size (Women's): 8,.5
Material: Suede Width: Medium (B, M)
Pattern: Solid Color: Black
Country/Region of Manufacture: China Occasion: Dress
UPC: 706256888880
Never miss an update

INC International mogochinese-29999 8.5 Concepts Platform Women's Anton Platform Pumps Black Suede Size 8.5 M f14ee9c -

    INC International mogochinese-29999 8.5 Concepts Platform Women's Anton Platform Pumps Black Suede Size 8.5 M f14ee9c
    INC International mogochinese-29999 8.5 Concepts Platform Women's Anton Platform Pumps Black Suede Size 8.5 M f14ee9c
    PleaserUSA MOTIF-701BD Womens 7 in Stiletto Heel Bandana Print Platform Slide , Women's Shoe Clarks Calla Lily T Strap Pointy Toe Pumps 32120 Beige Suede *New* , Chic Womens Retro Brogues Mary Jane Gilrs Flower Block Heels Shoes Slip On Pumpsstylish womens leather ankle boots round toe low chunky heel shoes zipper boots , Men/Women STACCATO Shoes 801027 Black 24cm elegant Strong value Comfortable and natural , Schutz Women's Caiolea Pearl Snake Gray Gilberta Pointed Toe Stiletto Dress Pump , Pleaser Delight 609 FW Suede Upper Ankle Strap Fx Wood Platform Shoe 6"VINCE CAMUTO -PADON BLKQRTZ BLUE LAPIS sandal SIZE 9Pleaser SKY-308LG Women's Clear Silver Multi Glitter Platform Ankle Strap Sandal , New Womens Suede Wedge Heels Pointy Toe Pump Shoes Ankle Strap BucklesGentleman/Lady Women's High Heels Strong heat and wear resistance Beautiful Tide shoes listJCrew Falsetto Printed Leather Pumps Size 7 Fresh Cream Black White Heels , Calvin Klein Women's Verie Mule Loafer Espadrille Leather Jute Us Sz 10 M/EU40.5 , Stuart Weitzman Shoes Size 9.5 Black Solid Leather Classic Pumps HeelsNine West womens Black high heel Studs leather pumps shoes size 12 M , Man's/Woman's Dior Black Sandals selling price Selected materials Different stylesJon Josef Woven Raffia Ashley Heels 8 M Mesh Bow Made in Spain Tan Pump ShoesJESSICA SIMPSON JAYKO FISHNET BOOTIES - SIZE 7.5 - NIBNine West Women's Peacesign Black Leather Dress PumpPLEASER Sexy Womens Single Sole Wedge Ankle Boots KIMBERLY-102 Brown PUWomens Rivet Wedge Heels Pointy Toe Sport Shoes Canvas High Top Sneaker SZ 33-42Aldo Womens thylia Closed Toe Ankle Wrap Classic Pumps Black Leather Size 8.0 , Gentlemen/Ladies Donald Pliner Ibby Leather Pump Online Shopping product quality leading the fashion , Ron White 'Katee' Gold Leopard Patent Leather Pumps sz: US 8-8.5 | EURO 38.5Charles By Charles David Black Ruffle peep toe pump heel party shoe stilettoCOLE HAAN Womens Size 8B Wedge Heels Brown Suede Leather Tassels Rubber SolesWomen's Stiletto Candy Color Bowknot Platform Pumps Slip On Patent Leather ShoesPLEASER ADORE-708HMG High Heel Platform Ankle Strap Sandal Opal Mini Glitter , CHAUSSURES SNEAKER SALSA FEMME GRAND RAPIDS TAILLE DISPO 36 à 41 ,
    INC International mogochinese-29999 8.5 Concepts Platform Women's Anton Platform Pumps Black Suede Size 8.5 M f14ee9c ->INC International mogochinese-29999 8.5 Concepts Platform Women's Anton Platform Pumps Black Suede Size 8.5 M f14ee9c -
    Dune London 0090508750001 Womens Sanford Winter Boot /- Choose SZ/Color. , Gentlemen/Ladies Chloe Camel Suede Ankle Strap Boots Economical and practical Various types and styles buy online , Men/Women Dee Corsa Ankle Boot High security Environmentally friendly Strong heat and heat resistance , Gentlemen/Ladies Sneakers The Last Los Leather Not so expensive real Easy lifeNOW Women's 2720 Soft Mid-Calf Boots Blue Size: 5 EU Reduced FromAuthentic CHRISTIAN LOUBOUTIN Silver Glitter Open Toe Pumps 37 Made In Italy , Balenciaga Womens Shoes Size 40, 10 Royal Blue Loafers Leather Tassel Front , VGUC Women's Prada EU Size 37 US 6.5 Italian Crafted Grey (ish) Suede Loafers , CLARKS Women's Janey Mae Beeswax 11 M US , Mally 6265 Light Bronze Stamped Leather Pointy Ballet Flats Moccasins 36 / US 6Luvshoe's Women's Bling Bling Mules Silver Wedding Party Formal Dress Heels 9 US , Gentleman/Lady Dolce Vita Women's Zeus Strappy Sandal Outstanding features Stylish and charming Speed ​​refund , NEW Reebok Royal Transport M48504 Womens Shoes Trainers Sneakers SALEAsics Gel Lyte V 5 Blue Print/Blue Print Men's H6Q4L 5151Nike Air Jordan 1 Mid Nouveau Black Gym Red Size11 Rare LeatherSuede 629151-001Puma Men's Mcq Brace Lo Ankle-High Leather Fashion Sneaker , SALE AIR FOOTSCAPE MAGISTA FLYKNIT DEEP ROYAL BLUE DARK OBSIDIAN 816560 400 , Men's/Women's Rockport Cr T Toe Sneaker Fine workmanship stable quality Fine wildRoyal Elastics Prince Albert 1808 White Grey Men Slip On Casual Shoes 01483-080Nike Air Jordan Retro 10 X Black Venom Green White 12Klogs Geneva Unisex Clog Black - 8 MediumConverse CT SPEC HI MISSONI Multi BROWN 135897C Tweed FALL 2012 zig zagMen's/Women's DOLCE & GABBANA SNEAKERS Online Shopping Latest styles Elegant and robust menu , Modello Cologno - Handmade Colorful Italian Leather Oxford Dress Shoes BlueNWOB Converse Women 10.5 Men 8.5 BEACH GLASS Polka Dot Chuck Taylor AS 136565FXtratuf Men's Spindrift Kryptek Pontus Size 7 Water ShoesNike Women's Air Force 1 07 SE Black / Wit Gold AA0287-005 Lifestyle Sneakers , Nike Wmns AF1 Jester XX Air Force 1 Game Royal Blue Women Casual Shoe AO1220-104 , NIKE W Nike Air Zoom Vomero 13 (w) 942847-003 COOL GREY Size 9Tommy Hilfiger Natalai Black Womens Shoes Size 10 M Boots MSRP $139 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    INC International mogochinese-29999 8.5 Concepts Platform Women's Anton Platform Pumps Black Suede Size 8.5 M f14ee9c -

    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.

    INC International mogochinese-29999 8.5 Concepts Platform Women's Anton Platform Pumps Black Suede Size 8.5 M f14ee9c -

    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
    INC International mogochinese-29999 8.5 Concepts Platform Women's Anton Platform Pumps Black Suede Size 8.5 M f14ee9c