Never miss an update

New mogochinese-29998 $178 Free People Platform Platform Heel Luxor New Black Burnished Leather/Suede 38/8 82c6505

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: Free People
Occasion: Casual US Shoe Size (Women's): 8
Material: Suede Color: Black
Width: Medium (B, M) Heel Type: Block
Heel Height: Very High (4.5 in. and Up) Style: Platforms & Wedges
Pattern: Solid UPC: Does not apply
Never miss an update

New mogochinese-29998 $178 Free People Platform Platform Heel Luxor New Black Burnished Leather/Suede 38/8 82c6505 -

    New mogochinese-29998 $178 Free People Platform Platform Heel Luxor New Black Burnished Leather/Suede 38/8 82c6505
    New mogochinese-29998 $178 Free People Platform Platform Heel Luxor New Black Burnished Leather/Suede 38/8 82c6505
    WALDLAUFER WOMEN'S LOAFER HEEL, COMFORT WALKING SLIP-ON SHOE, WIDE WIDTHNEW! Pour La Victoire 7 black leather mules, woman, shoes, style , JCrew F8495 Scalloped heels in festive plaid $248 red blue green shoes NIB_7.5 , NIB A.p.c. apc Charlotte Wedge Sandals 39 RRP $425 , CORDANI Gray Suede Leather Spectator WingTip Pumps NWOB 38 7.5 8Hugo Boss BOSS Luxury Staple open-toe pumps in Italian patent leather , Ralph Lauren Collection Black Nappa Leather Gemima Bootie New $795Prada 110 Suede Pointy Toe Pump Beige Euro 38 Us 7.5Brian Atwood 'Audra' Zebra Striped Sandals 7 NIBNWOB CASADEI Womens Tan & Black Heels-Size 7B-Made In ItalyJIMMY CHOO YELLOW TAN PLATFORMS SHOES Size 39 , Fendi Tan Ankle Strap Heel Sandal size 40 , Lanvin Sandal Cork-Platform Braided Leather & Raffia Black/Beige Size 38 , YVES SAINT LAURENT YSL NUDE LEATHER TRIBTOO PLATFORM PUMPS SZ 38½ US 8Pedro Garcia 37.5 Libby Crisscross Slingback Navy Sandals Heels Size 7 WS2Stuart Weitzman Heels 8.5 Gray Brown Snakeskin Printed Pointed Toe Shoes Women’sNEW DOLCE GABBANA BLACK PATENT LEATHER SLINGBACK STRAPPY SANDALS PUMP 35.5 ITALY , Gentle Souls Womens Noa Star Demi-Wedge Shoe, Black, US 8.5 , 38 US 7.5 NEW MIU MIU Black PATENT LEATHER Strappy PLATFORM Party Cocktail HEELS , GIORGIO ARMANI Women's Summer Open Toe Heels Beige Leather, Size 10 ()Sergio Rossi Womens Heels US 11/Brown Patent Leather Point Toe Pumps *1007Women's Shoes Clarks Clarkdale Arlo Suede Leather Ankle Boot 36721 GREY *New*Womens Flowers T strap Block Heels Rivet Rhinestone Retro Suede Black Shoes size , CHRISTIAN LOUBOUTIN CATARIBBON CRISS BLACK & WHITE MULES ESPADRILLES WEDGE 39/9 , Prada Shoes Pumps Calzature Donna Vernice 1I699F Women’s Size 39 Colour RoyalStuart Weitzman 45 Nudist Women's Heels Sandals Red Patent Leather Size US 6 MPrada Black Leather Sequined Mary Jane Pumps SZ 39Metallic grey leather Manolo Blahnik d'Orsay pumps , TORY BURCH Etta Embellished Thong Sandal 45MM Block Heels Oil Green $295
    New mogochinese-29998 $178 Free People Platform Platform Heel Luxor New Black Burnished Leather/Suede 38/8 82c6505 ->New mogochinese-29998 $178 Free People Platform Platform Heel Luxor New Black Burnished Leather/Suede 38/8 82c6505 -
    Angel Wing Leather Boots, Size 8.5, Brown Leather Cowboy Boots, Leather Boots , NEW Free People Everything Went West Bootie Sandals Size 38 Gray/Blue , Magnini Shoes Leona Black Leather Cutout Block Heel Boot Ladies Size 39 NEW BNIBFW13 ADIDAS MEN'S FLIP FLOPS WOMAN NR. 42 SEASIDE ​​POOL Q22862 FUCHSIARose Petals Size 9 Wide BUTTER Bronze Leather Dress Pump Flats New Womens Shoes , Jessica Simpson Women's Madian Ballet Flat Warm Taupe 7.5 M USStuart Weitzman Womens Sandal Wedges Size 6.5M Heels Brown Basket Weave Woven , Alegria ELLA ELL-601 Women's Mary Jane Black Pumps Size US 11-11.5Man/Woman Gianvito rossi heels 37 Clearance price Lush design Rich on-time delivery , New Red Valentino Bow Handmade ITALY Suede 37.5 Heels Platforms Pumps Purple , VANELi Women's Bryce Natural Cork Sandal 11 M (B) , Punk New Womens Wedge High Heels Shoes Platform Buckle Open Toe Sandals Creepers , Teva Willow Slip-on-W Womens Slip-On Shoe- Choose SZ/Color.Nike Mamba Instinct Shoes -Kobe Bryant- StyleReg $100- Sz 9 -NEW , NIKE AIR ZOOM FLIGHT 96 OLYMPIC PENNY HARDAWAY WHITE NAVY GOLD 884491 103 SZ 11 , Nike SB Janoski Max Psychedelic Black Rainbow White Premium Sz 10 807497-006 , Vans Old Skool Classic Skate Shoe Suede Canvas Glow in Dark Custom Rose NEW , Puma Golf 18941601 PUMA Mens Ignite Spikeless Sport Shoe- Choose SZ/Color. , NIKE AIR JORDAN 11 XI RETRO 72-10 BRED BLACK/GYM RED/WHITE SIZE 10 (378037-002)Nike Fleet Center Size 11.5 308443-171 Retro Cool , Nike Air Jordan Flight Remix Space Blue/Infrared 23-Black Basketball 679680-463New Vivobarefoot Scott 2.0 Desert Mens Tan Leather Minimalist Leather BootCowtown Men's Square Toe Python Snakeskin Leather Cowboy Boots Q818Mr/Ms PUMA Men's Jogger OG Sneaker wholesale buy renewed on timeBrooks Cascadia 11 Sz US 9.5 M (B) Women's Trail Running Shoes 1202221B081Nike Roshe One Moire Women's Athletic Shoe 819961 661 Size 10.5 , ZOOT ENERGY 2.0 37-42.5 NEW kalani advantage ultra speed race kane tempo , RYKA Devotion (v 2)-W Womens Walking Shoe- Choose SZ/Color.Nike Free RN Flyknit 2018 Women's White/Black 42839101Seychelles Womens Shoes Size 7.5 Brown Distressed Boots Leather Block Heels ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New mogochinese-29998 $178 Free People Platform Platform Heel Luxor New Black Burnished Leather/Suede 38/8 82c6505 -

    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.

    New mogochinese-29998 $178 Free People Platform Platform Heel Luxor New Black Burnished Leather/Suede 38/8 82c6505 -

    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
    New mogochinese-29998 $178 Free People Platform Platform Heel Luxor New Black Burnished Leather/Suede 38/8 82c6505