Never miss an update

Vintage JOHANSEN Brown so Unmistakably PUMPS AA Narrow Brown Suede Leather Leopard 7.5 AA Narrow b1531a0

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: Beautiful Condition! Just the slightest of wear. Looks to have been barely . Has been stored well.
Brand: Johansen Material: Suede
Style: Pumps, Classics Pattern: Leopard Print Heel
US Shoe Size (Women's): 7.5 Country/Region of Manufacture: United States
Width: Narrow (AA, N) Occasion: Casual
Color: Brown Heel Type: Pumps
Heel Height: Med (1 3/4 in. to 2 3/4 in.)
Never miss an update

Vintage JOHANSEN Brown so Unmistakably PUMPS AA Narrow Brown Suede Leather Leopard 7.5 AA Narrow b1531a0 -

    Vintage JOHANSEN Brown so Unmistakably PUMPS AA Narrow Brown Suede Leather Leopard 7.5 AA Narrow b1531a0
    Vintage JOHANSEN Brown so Unmistakably PUMPS AA Narrow Brown Suede Leather Leopard 7.5 AA Narrow b1531a0
    New Chiara Ferragni Black Glitter Bone Heel 120 Plateau size 7 retail $5757 FOR ALL MANKIND Brown Suede Leather Platform Wedge Sandals Shoes Sz 8MWomen's Brown Leather Tory Burch Strappy heel sandals Gold linked hardware 8.5FRENCH CONNECTION ISLA Gray Designer Caged Sandals Pumps 11 NEW , Stuart Weitzman Black Satin Ruffled Peep Toe Pumps SZ 8.5Unisa Brown Leather Women's Pumps Shoes Size 7MBANDOLINO SUEDE 5 1/2 BROWN PUMPS HEELS SHOES 5.5M NEW , Beautiful Nude Charles David Pumps size 37.5 , Charles David Illy Black Microsuede Pointed Toe Wedge Shootie 9 39 NEW$200 BCBG BCBGMAXAZRIA Womens Sadie High Heel Open Toe Shoe, Black, US 9.5 , Salvatore Ferragamo Black Sequan Shiny Pumps 8AAAA Extra Narrow , Arturo Chiang Women's Black Leather Wedge Buckle Thick Heel Career Shoe Sz.6.5 , STUART WEITZMAN CAMBRIDGE CHOCOLATE PEARL LLAMA -7.5M - WORN ONCE!!! , Giancarlo Paoli Bronze Peep Toe Heels Women's 7M Studded Bowties Dress ShoesSteve Madden Nude Leather Coniee Peep Toe Pump 8.5 NewLauren Ralph Lauren Pabla Brown Womens Shoes Size 10 M Heels MSRP $129DOLCE VITA “Baxter” Blue suede cork platform sandalsJBU by Jambu Women's Sweden Faux Fur Slide Brown Leather Pump Size 9 1/2 Medium , Occident Womens Mules Mid Kitten Heel Slippers Pointy Toe pearl Sandals Shoes szStuart Weitzman Loafers Size 10 N Narrow Brown Croc Print Leather Shoes , Badgley Mischka Hollie Gold Suede Embellished Open Toe Pump Size 7M RH13633/ , Bruno Magli women’s heeled pumps textured dark brown sz 9.5 made in ItalyCharles Jourdan Women's Gracie Platform White Wooden Sandal Pump Sz 7 , NIB STEVE MADDEN *FLAASH* SNAKESKIN PLATFORM PUMPS 7MMen's/Women's ECCO HANNA PUMP SHOE Complete specification range Optimal price Excellent workmanship , $225 BCBG BCBGMAXAZRIA Womens MA-Reagan Platform Pump Shoe, Rock Bruana, US 6John A Frye Womens 7.5 M Black Platform Pumps Leather Studded High Heels El Vira , TSUBO CHARCOAL GERRI SNAKE T- STRAP WEDGE HEELS/ SANDALS, US 6.5/ ~NIB , NEW Jessica Simpson 8 Medium Maselli Black/White Women's High Heel Sandal Shoes ,
    Vintage JOHANSEN Brown so Unmistakably PUMPS AA Narrow Brown Suede Leather Leopard 7.5 AA Narrow b1531a0 ->Vintage JOHANSEN Brown so Unmistakably PUMPS AA Narrow Brown Suede Leather Leopard 7.5 AA Narrow b1531a0 -
    asics Japan Onitsuka Tiger COURT HIINA TH7D7L Denim X navy Made in Japan , Women's Shoes Ankle Boots MOMA 91503-V1 Appalosa Nero Black Vintage Made Italy , Adidas Pharrell Williams Tennis HU Men Sneakers Shoes Pink BY8715 Size US 6 NEW , Puma Engine Blue Black White Mens Running Shoes Athletics Sneakers 189514-06 , Gentleman/Lady NEW IZOA Izoa Croatia Heels Nude Many varieties the most economical Direct business , Arcopedico Queen Brown Leather Flats Mary Jane, size = US 5.5 to 6 , Fabulicious Women's Lovely 442 Clear/Silver Metallic PU/Clear Ankle Straps , 2017 Summer Style Hollow Out Sandals Soft Leather Women Shoes Pointed Toe High H , LEVITY Sage Green Suede Leather Shoe Booties Wood Stacked High Heels Woman's 6MAdrienne Vittadini "Concorde" Peep Toe Pumps Black Leather New with BoxNew sz 9 / 39 YSL Yves Saint Laurent Tribute Tan Suede Platform Sandal ShoesCipher Custom Made Mens Limited Edition Radial Shoes / Sneakers Size 6 New , Nike Air Zoom Span 2 Running Shoe navy/white-hyper royal-light carbon 908990-403 , Brooks Launch 4 London Edition Men’s Size 10.5 D USUnder Armour Threadborne Fortis Men's Black/Bayou Blue/Marathon Red 5734004 , NEW Nike Zoom KD10 KD 10 Mens Size Multi Color Fruity Pebbles Grey 897815 900 , Mizuno Wave Prophecy 6 Men's Griffin/Directoire Blue/Asphalt 1086195 , AIR JORDAN OLIVE 9 size 11 - with Original BoxDS NIKE 2014 AIR MAX PENNY 1 I ALL-STAR GAME ROYAL 6.5Y BAKIN FORCE 2 3 RETRO OGRockport LUXURY CRUISE CENTER STITCH Mens Luxury Cruise Center Stitch Slip-OnImperial by Globefootwear Men's Black/Gold Velour Slip On Dress Shoes 6754 , Jo Ghost292 M mens black leather boots with whale print and buckle on a side , Nike 844630 999 Womens Free RN Olympic Collection Running Shoes Sneakers , Men's Finn Comfort Samara Sandals, Black, 43 EU/10-10.5 US, M , STELLA McCARTNEY snakeskin print sneakers platform espadrille rope shoes 36 NEW , Nike Lunarglide 9 Womens Style : 904716 Pure Platinum/Chrome Womens Size 9.5Gentleman/Lady Neuves - Baskets Sneakers Charlotte Olympia Beautiful design Known for its good quality Authentic guaranteeOpportunity Shoes - Corso Como Women's Pennisula, Black Brushed Leather, 11 M USNew Clarks Womens 26129570 Burgundy Ankle Boots Size 12 (A, N) , New Women`s Ahnu Montara Luxe Hiking Boots Waterproof, Insulated MSRP$180 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Vintage JOHANSEN Brown so Unmistakably PUMPS AA Narrow Brown Suede Leather Leopard 7.5 AA Narrow b1531a0 -

    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.

    Vintage JOHANSEN Brown so Unmistakably PUMPS AA Narrow Brown Suede Leather Leopard 7.5 AA Narrow b1531a0 -

    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
    Vintage JOHANSEN Brown so Unmistakably PUMPS AA Narrow Brown Suede Leather Leopard 7.5 AA Narrow b1531a0