Never miss an update

STUART WEITZMAN Classic Sz 1013 7 N STUART Beige & Brown Embossed Lizard Patent Leather Classic Pump 3425750

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: Stuart Weitzman
Occasion: Wear to Work Style: Pumps, Classics
Heel Height: High (3 in. and Up) US Shoe Size (Women's): 7
Material: Patent Leather Width: Narrow (AA, N)
Pattern: Embossed Lizard / Snake Color: Beige
Country/Region of Manufacture: Unknown UPC: Does not apply
Never miss an update

STUART WEITZMAN Classic Sz 1013 7 N STUART Beige & Brown Embossed Lizard Patent Leather Classic Pump 3425750 -

    STUART WEITZMAN Classic Sz 1013 7 N STUART Beige & Brown Embossed Lizard Patent Leather Classic Pump 3425750
    STUART WEITZMAN Classic Sz 1013 7 N STUART Beige & Brown Embossed Lizard Patent Leather Classic Pump 3425750
    Women's Chunky Block High heel shoes Summer sandals Open toe Slingback Buckle , Man/Woman KISS-254 Complete specification Various types and styles Modern and elegantFLAMINGO-801SRS 8" RHINESTONES FILLED BOTTOM CLEAR UPPER POLE DANCE PLATFORMPre Owned Salvatore Ferragamo Gray Suede Comfy Soft Woman Shoes Sz 7.5Stuart Wietzman strappy heel evening party formal bronze brown 8.5 leatherFashion New Womens High Platform Wedge Heels Casual Shoes Slip on Loafers 4.5-8Badgley Mischka Sonya Heeled Sandal - Women's Size 8, SilverCLARKS Womens Preslet Grove Closed Toe Clogs, Brown, Size 9.0 biEyWomens Leather Pull on High Heel Stiletto Pointy Toe OL Formal Dress Shoes Size , Pin Up Couture CUTIEPIE-02 Platforms Baby Pink Patent Cute Mary Jane High HeelsAerosoles Womens Stardom Closed Toe Classic Pumps, Nude Patent, Size 9.5 WHxwLadies Chic Leather Pointy Toe Transparent Wedge Heels Side Zip Ankle Boots Shoe , Heel Nine West Laughter Wisteria Lilac Canary Suede , Ivanka Trump Women's Carra Cipria Leather Pump Size 10 MHeel Nine West Bizzy Dark Natural Suede , Nine West Womens Scheila Pointed Toe Classic Pumps, Grey, Size 8.5 zSvf , Mr/Ms Fly London Yipi Leather Wedge Attractive and durable High-quality materials professional designAnne Klein Womens Haedyn Fabric Round Toe Classic Pumps, Gold, Size 6.0 m9f0Mr/Ms POISE-508MG Customer first low cost Exquisite (processing) processing , Vaneli Lacyann Women's Suede Pump Heel Shoe, Brown 10M New , Bourne Ladies Beige Grey Satin Leather 60s Retro Diamante Slingback ShoesWoman’s Anne Klein Patent Leather Low Heel Size 7Womens Patent Leather Pointy Toe Shallow Stilettos High Heels Shoes Plus US Size , New Delman Blush Satin Open Toe Size 11 Formal ShoesVera Wang Selima Sparkling Red Womens Open Toe Heels Shoes Size 8.5M NewSexy 6" silver glitter vegan platform dancer shoes , Women's Satin Pointed Toe High Heels Stilettos Wrap Strappy tassels Prom ShoesWhite House Black Market AURORA CONTRAST PINK (Nailpolish) SUEDE HEELS - Size 8 , Ariat Womens Brown Leather Mules Clogs Tassel Wedge Heels Sz US 9 B M ,
    STUART WEITZMAN Classic Sz 1013 7 N STUART Beige & Brown Embossed Lizard Patent Leather Classic Pump 3425750 ->STUART WEITZMAN Classic Sz 1013 7 N STUART Beige & Brown Embossed Lizard Patent Leather Classic Pump 3425750 -
    Butterfly Twists Womens Madison Fashion Sneaker, Black, 38 EU/7 M USWomens Ankle Heel Marta Boots Black Leather with Zip in back Brand New , STEVEN by Steve Madden Womens Doris Closed Toe Suede Fashion Boots, Tan, Size 11 , Sperry Top Sider Women's Intrepid Glitter Graphite Boat Shoe 5M , Bernie Mev. Rigged Fly Black White Metallic Women's Casual Slip On Flat , Gentleman/Lady Aerosoles Raspberry Button Ballet Flats, Black Many styles Clearance buy online , PLEASER Sexy Women High Heel Strappy Ankle Boot DREAM-438 Black Zip Black Matte , MISSONI Gold/Black Chevron Platform Stiletto Sandals Sz 39 084MTMarc Fisher Women's Tuscany Pumps, Boston Blue, 8.5 M USHermes Odalisque Heels Phyton Metal/chevre Velour Bicolor Size 36Saint Laurent YSL Paris 105 Skinny Classic Pumps Shoes Black Patent 39 9 , NEW MEN'S ADIDAS ORIGINALS SEELEY X ARI MARCOPOULOS SHOES [BY4520] BLACK//BLACK , NEW Men's Nike Air Max 90 Ultra 2.0 Black/Legion Green Size 8.5 875695-004 DSMen's/Women's FILA MB MEN'S SNEAKER 1BM00215-125 MSRP:$100 Outstanding features New products in 2018 Modern mode , adidas Originals Gazelle Men New Black Lifestyle Sneakers CQ2809Nike Air Foamposite Pro Pearl White Black 624041 206 Size 9.5 Penny Jordan I III , Real Leather Men's Business Shoes Fashion Ankle Boots Pointed Toe High Top ShoesAUTHENTIC LUXURY PRADA HALF-BOOT SHOES 2TE082 BLACK NEW US 11 , BRUNE MEN WINGTIP MEDALLION TOE PERFORATION DARK TAN LEATHER LOAFERS ( VNGS-233)Men's/Women's Balenciaga Arena Red Sprayed Suede High grade Skilled manufacturing leading the fashionRockport Men's City Stride Cap Toe Oxford- Black-11.5 WBearpaw Moc II Slipper - Men's Hickory Suede 13.0 , NIB GUESS Savero Jogger Sneakers Black White soles Quilted US 6.5, 9Skechers Performance Women's Go Step Modish - Choose SZ/Color , Men's/Women's [DA9940] Womens Adidas Edge Lux Clima excellent quality Has a long reputation Current shape , Vionic with Orthaheel Technology Women's Solana Ankle-Strap Sandal Saddle , 1802 adidas Originals Tubular Dawn Women's Sneakers Sports Shoes CQ2509 , Carlos by Carlos Santana Women's Libbie Open Toe Bootie , Anne Klein Gallup Snow Boots, Red Multi, 5.5 US , boots/bottines FELMINI cuir camel et cuir argent 38 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    STUART WEITZMAN Classic Sz 1013 7 N STUART Beige & Brown Embossed Lizard Patent Leather Classic Pump 3425750 -

    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.

    STUART WEITZMAN Classic Sz 1013 7 N STUART Beige & Brown Embossed Lizard Patent Leather Classic Pump 3425750 -

    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
    STUART WEITZMAN Classic Sz 1013 7 N STUART Beige & Brown Embossed Lizard Patent Leather Classic Pump 3425750