Never miss an update

CHRISTIAN Spiked LOUBOUTIN Egoutina Black Leather Spiked 38 Knee High Size Boots Size 38 bfa2434

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Christian Louboutin
Heel Height: Low (3/4 in. to 1 1/2 in.) Color: Black
Material: Leather Country/Region of Manufacture: Italy
Style: Riding, Equestrian Fastening: Pull On
US Shoe Size (Women's): 8 UPC: N/A
Never miss an update

CHRISTIAN Spiked LOUBOUTIN Egoutina Black Leather Spiked 38 Knee High Size Boots Size 38 bfa2434 -

    CHRISTIAN Spiked LOUBOUTIN Egoutina Black Leather Spiked 38 Knee High Size Boots Size 38 bfa2434
    CHRISTIAN Spiked LOUBOUTIN Egoutina Black Leather Spiked 38 Knee High Size Boots Size 38 bfa2434
    sz 9.5 / 40 Valentino Genuine Calf Hair Pointy Toe Ankle Boot Twisted Heel ShoesStunning Lanvin Two Tone Python Snakeskin Resin Heel Knee High Boots 39.5 , $1,150 Christian DIOR Graphic BLACK Leather Buckle Strapped Ankle Boot Shoe 40.5Valentino Bow Over the Knee Boot Size 36 US , NIB Christian Louboutin Moulamax 100 Nude Red Velvet Floral Heel Bootie Boot 39Christian Louboutin Boteboot 100 Calf 36 & 38 $1195MARNI dark taupe suede Tall pull on Platform Boots sz 40 $829NIB Christian Louboutin Moulin Noir 120 Nude Sequin Thigh High Heel Boot 40.5Alexander McQueen HIGH HEEL BUCKLED BLACK LEATHER ANKLE BOOTS US 6SPECTACULAR $5K RARE MANOLO BLAHNIK SUEDE OTK BOOTS WITH FOX FUR TRIM WORN ONCE!S-697478 New Saint Laurent Fringe kitten heel boot shoes Size US 6.5 Marked 36.5New sz 7 / 37 Prada Runnway Brown Leather Genuine Python Boot Womens Shoessz 6.5 36.5 Jimmy Choo Youth Taupe Suede Short Buckle Biker Ankle Boot Shoes , Womens PRADA brown suede urban slouchy boots sz. 36.5 NEW! , $1395 Jimmy Choo Blyss Studded Mink Suede Boots Motorcycle Ankle Booties 37 , Old Gringo Women's Kally Leather Fringe Western Boots Cafero L1127-8Jimmy Choo Leopard-Print Calf Hair And Nappa Leather Buckle Ankle Boots 40.5 , Celine CÉLINE Black Leather Pull-On Wood Heel Chelsea Boot Short 36.5 , STUART WEITZMAN ALLJENN BLACK NAPPA LEATHER KNEE CLASSIC RIDING 5050 SZ 6 NEWChristian Louboutin 37 Leopard Print Knee High BootsCHLOE Black Leather Over Knee High Boots Size 6.5 US 36.5YSL YVES SAINT LAURENT Tribtoo 105 Degrade GRAY ANKLE BOOTS US 10RALPH LAUREN COLLECTION Purple Label PARRAH DISTRESSED Cowboy Western Boots 9BSee by Chlo Womens Jane Fashion Boot- Select SZ/Color. , BURBERRY GRANTVILLE BLACK LEATHER CHECK CANVAS GOLD BELTED BUCKLE BOOTS 39.5 9.5Giuseppe Zanotti MAIDA Black stretch fabric boot with chunky heel , NB Christian Louboutin Classe Velvet 100 Black Stretch Thigh High Heel Boot 37.5$7500 NEW MANOLO BLAHNIK Black Shiny ALLIGATOR Crocodile Mid Calf BOOTS SHOES 37 , A1923 ADICIANNOVEVENTITRE OILED CAVALLO SNEAKERS POELL GUIDI (MINT 37 38 39) ,
    CHRISTIAN Spiked LOUBOUTIN Egoutina Black Leather Spiked 38 Knee High Size Boots Size 38 bfa2434 ->CHRISTIAN Spiked LOUBOUTIN Egoutina Black Leather Spiked 38 Knee High Size Boots Size 38 bfa2434 -
    Lauren Lorraine Women's Renni Over the Knee BootAriat Western Boots Womens Paragon Goat Leather Chai Wicker 10016354 NIB , Adidas Originals Tobacco Gazelle Shoes 9 / 9.5 NEW , ARMANI JEANS MAN SNEAKER SHOES OR CODE 935565Brand New Nike Air Trainer 1 Mid SP Fragment Nikelab Us10 , Marc Fisher Ellena Peep Toe Fashion Ankle Boots 508, Black Multi, 8 USLadies Gabor Warm Lined Ankle Boot The Style 32.781 -W , Easy Street Feature Wedge Slide Sandals, White, 10 W USStuart Weitzman Gray Platform Peep Toe Heels Pumps Size 8.5 Party SexyBurberry Prorsum Black Leather Ankle Boot Stiletto Motorcycle Pump 38.56.5M Anne Klein ULEMA Beige Gold Lthr Formal Open Toe Slingback Career Pump Heel , Men's/Women's Fabulicious LOVELY-450 We have won praise from our customers. Strong value German Outlets , VERSANI WOMEN'S "2321" ANKLE-BOOTIE PUMPS BROWN NAPPA LEATHER US SIZE 9.5 MEDIUMBHLDN 8 FLATS ESPADRILLES CRYSTALS FABRIC UPPER IVORY SATIN SOLD OUT $165Ivanka Trump Women's Kuriel Dress Sandal - Choose SZ/ColorSF06-S096 Montana West Fun Novelty Embroidered Collection Flip Flops , Men's Skechers 58355/ WNV Haniger Training Sneaker White / Navy Brand New , RARE Nike Air Max 2002 Running Tubular Air size 9.5 EUCMens Palladium Ax Eon Army Runner Sneakers Major Brown/Beluga/Black [05682-973] , Nike Kobe A.D. Black Mamba Mens AQ5164-001 Black Gold Basketball Shoes Size 12.5 , Nike Air - White - 10.5 Mens , Nike Total Air Foamposite Max - 472498 040 , Men's Anderson Bean Full Quill Ostrich Boots-Black, Sz 8Mr/Ms Dr. Martens 13 Brown Men's excellent quality Won highly appreciated and widely trusted at home and abroad ExportMargaritaville Men's Flow Boat Shoe, Charcoal, 10.5 M US , R - Men's PRADA 'Punta Ala' Red Leather Sneakers Size US 9.5 PRADA 8.5 , new balance 574 Womens Sz 8 - Blue Used LeatherNIB Asics Women's T751N.9701 Gel-Nimbus 19 (D) Neutral Running Grey Size 7 Wide , Mr/Ms NEW ALBERTO MORETTI WOMENS ANKLE BOOTS Strong heat and wear resistance Win the praise of customers wonderfulGcny Good Choice Womens Ruby Fashion Riding Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    CHRISTIAN Spiked LOUBOUTIN Egoutina Black Leather Spiked 38 Knee High Size Boots Size 38 bfa2434 -

    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.

    CHRISTIAN Spiked LOUBOUTIN Egoutina Black Leather Spiked 38 Knee High Size Boots Size 38 bfa2434 -

    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
    CHRISTIAN Spiked LOUBOUTIN Egoutina Black Leather Spiked 38 Knee High Size Boots Size 38 bfa2434