Never miss an update

Jambu Blossom Encore Mary Encore Jane mogochinese-24370 Shoe - Women's Size - 6M, Red bdc7c5b

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: Shoes are and in excellent condition. Bottoms are dirty and show light wear. Outers are clean with no rips/stains/damage. Velcro closures are clean. Insoles are a little dirty and show light wear. Please see photos.
Style: Mary Janes Color: Red
US Shoe Size (Women's): 6 Brand: Jambu
UPC: 883988072142
Never miss an update

Jambu Blossom Encore Mary Encore Jane mogochinese-24370 Shoe - Women's Size - 6M, Red bdc7c5b -

    Jambu Blossom Encore Mary Encore Jane mogochinese-24370 Shoe - Women's Size - 6M, Red bdc7c5b
    Jambu Blossom Encore Mary Encore Jane mogochinese-24370 Shoe - Women's Size - 6M, Red bdc7c5b
    Rugen Clogs Closed Back Clogs Size , Nurse Mates ANNIE HI Womens White Comfortable Wedge Oxfords Walking Shoes , Merrell Women's Slip Resistant Encore Slide Pro Shine J22278Skechers DLITES SR-MARBLETON Womens Black 76605/BLK Slip Resistant Work ShoesSKECHERS "COZARD" WOMEN'S SLIP ON WORK SHOE, SLIP RESISTANT, BLACK, 76580/BLK , Dansko Black Crushed Velvet Clogs Womens US 8.5Dansko Professional XP Clog Black Striped Leather Comfort 7.5-8Dansko Professional Women Blue Shell Patent Slip On Clogs Shoes Size 42 /12 New , Skechers Bikers Cuddy Slip On Shoes Leather Womens ClogsDr. Doc Martens 1461 BQ 3 Eye Shoes Purple Gold Sunway Pyramid Womens SZ 10Alegria Eryn Show Stopper Comfort Wedge Shoes 41 US 11 Iridescent Leather NEW , Finn Comfort Soho Brown Walking Wedge Fashion Sneakers Women's EURO 39 (US 8.5)76542 Skechers Women's SURE TRACK-BERNAL SLIP RESISTANT Memory Foam BLACK , Skechers for Work Womens Size 7 Synergy-Arrey Safety Toe Slip Resistant Shoes , Skechers Relaxed Fit Women's Easy Going-Glazed Natural 49476/NAT Memory Foam , NEW Anthropologie Superga Fantasia 2750 Korelaw Bordeaux Wine Size US 8 Euro 39 , Womens Chef Garden All Weather Comfort Nursing Clogs Shoes Navy Blue All SizesNew Women`s ECCO Soft 9 Sneakers 243803 04481 MSRP$175Alegria Paloma Womens 40 9.5/10 Brown Leather Mary Jane Professional Shoes , Fabulous NEW FitFlop Gogh Gray Suede Clogs Mules Size 9 MicrowobbleboardAlegria Eryn Clogs Jet Luster Black Leather Wedge Heels Comfort Slip On /10 , Brand New in Box Bernie Mev Women's Wedge Mule, Pewter EURO 38 / US 7 , 76501 Skechers Women's Work: Tone-ups CLOGS Slip Resistant Leather BlackNew Balance 928v2 Women Shoes 11 B Medium White Walking Comfort Sneaker Straps , Skechers 76580 Women's COZARD Work Slip Resistant Slip On BLACKAlegria PG Lite Nursing Clogs Mule Slip On Shoes Multi Color KAY-387 Size 39 , New Womens Dr. Martens George and Dragon 1461 3-Eye Oxfords Shoes Size US L 6 , Dansko 41 Black Slip Ons Heels Loafers Comfy Shoes Suede 10.5 11 , Clark's Women's Cushion Chey Web Mary Jane Size US11 Wide () New !!!! ,
    Jambu Blossom Encore Mary Encore Jane mogochinese-24370 Shoe - Women's Size - 6M, Red bdc7c5b ->Jambu Blossom Encore Mary Encore Jane mogochinese-24370 Shoe - Women's Size - 6M, Red bdc7c5b -
    Nevermind 3-hole Bombay Black 54-12003S-03 !Far East ImportGentleman/Lady Womens Leather Loafers -size 10 Quality products Elegant style Excellent functionVia Spiga Size 7.5 M Aida Gold Leather Open Toe Heels New Womens Shoes SN9202B , Delman Women's Trey Brown Peep Toe Slingback Heel Size 7.5 MStuart Weitzman Womens Button Candy Beige Slide Sandals 6 Medium (B,M) BHFO 9773Penny Loves Kenny Women's Skylar Pump White Tulle Size 8.0 FPoo , Women summer Roman Open Toe High Heel Platform Flip Flop Sandals Slip On slipperMIU MIU Shoes 915451 Red 34 1/2Skechers Sport Women's Women's Skech Air 2.0 Next Chapter SneakerCOLE HAAN WILLIAMS CUPSOLE SADDLE MENS C12670 PAPAYA DARK SPRUCE SUEDE SIZE 7.5 , Nike waffle racer womens trainers 917699 002 sneakers shoes SAMPLEadidas Stan Smith Adi Color Sneakers S81875 Size 5.5SUPRA MEN'S VAIDER WHITE WHITE MEN SHOES SIZE 8.5 TO 14NIB MENS NIKE AIR MAX 1 PREMIUM JUST DO IT SNEAKERS 875844-009 'CHOOSE YOUR SIZE , New MEN'S Size 11.5 NIKE AIR ZOOM PEGASUS 32 GAME ROYAL 749340 402 , Converse Men's Chuck Taylor II Hi All Star Multip Sizes, 150157C Volt Green/Whit , NIKE Men's Grey Lebron XI NSW Lifestyle Sneakers 616766 $130 NWOB , Mizuno Wave Rider 20 Mens Durable Running Shoe (D) (01 Black/White/Dark Shadow)Asics x Ronnie Fieg GEL-LYTE III Mossad MILITIA INITIATIVE Size US 7.5 Rare NEW , Ariat Men's Sport Western Wide Square Toe Cowboy Boot - Choose SZ/Color , Skechers Men's Recent Merven Oxford - Choose SZ/ColorZANZARA Men's Becket Tuxedo Oxford, Black, Size 11.5Nike Women's 616775 Ankle-High Cross Trainer ShoeMens Anatomic & Co Brogue Shoes - PalmaMens European Leather Shoes Zota Singer Metal Toe Soft With Studs G908-34 RedVans SK8 HI SLIM ZIP Gold Dots Gold/White Women' Shoes 5.5 , 1711 adidas Neo Cloudfoam Racer TR Women's Training Running Shoes BC0055 , Gentleman/Lady J.CREW-SZ-9-TALL-GEN.-LEATHER-BOOTS-DARK-BROWN-WEDGE-HEEL-MADE-IN-ITALY-FULL-ZIP selling price online shop Reliable reputation , Donald J Pliner Italy Brown Stretch Fabric Heeled Mid-Calf Boots Sz. 7M MINTY! , Gentle Souls Women's 8.5 M Blakely Ankle Bootie Concrete Gray Suede Block Heel
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Jambu Blossom Encore Mary Encore Jane mogochinese-24370 Shoe - Women's Size - 6M, Red bdc7c5b -

    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.

    Jambu Blossom Encore Mary Encore Jane mogochinese-24370 Shoe - Women's Size - 6M, Red bdc7c5b -

    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
    Jambu Blossom Encore Mary Encore Jane mogochinese-24370 Shoe - Women's Size - 6M, Red bdc7c5b
    Comfort Shoes