Never miss an update

Steve 16744 Madden US CARR01S1 Womens Black Carrie Slouch Boot, Black Suede, 5.5 M US 92be9c1

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
UPC: 0829105039452
Size: 5.5 B(M) US Brand: Steve Madden
Style: Causal Model: CARR01S1
US Shoe Size (Women's): 5.5 MPN: CARR01S1
Size Type: Regular Color: Black Suede
Material Type: Suede upper material EAN: 0829105039452
Never miss an update

Steve 16744 Madden US CARR01S1 Womens Black Carrie Slouch Boot, Black Suede, 5.5 M US 92be9c1 -

    Steve 16744 Madden US CARR01S1 Womens Black Carrie Slouch Boot, Black Suede, 5.5 M US 92be9c1
    Steve 16744 Madden US CARR01S1 Womens Black Carrie Slouch Boot, Black Suede, 5.5 M US 92be9c1
    Bed Stu Women's Isla Brown Driftwood Boot 9M REI7663 , Crocs Women's Winter Puff Boot Female Bootie Shoes Quality Female Bootie Shoes , El Naturalista Women's Nido N758 Winter Boot - Choose SZ/ColorDolce Vita Women's Morey Fashion Boot Onyx Patent Stella 8 M USMan's/Woman's Roper Women's Crossed Out Western Boot Elegant appearance Make full use of materials Recommended todayFRYE Women's Renee Seam Short Boot Brown-72064 8 M US , J SHOES Women's Bays Water Block Heel Ankle Boot with Strap Ochre Dream/JavaNine West 25029562 Womens Jatoba Leather Fashion Boot- Choose SZ/Color.Splendid Women's Ravi Ankle Boot Tan 8 M US , Merrell Women's Emma Tall LTR Snow Boot - Choose SZ/ColorU-lite Womens Fall Winter Wing-Tip Comfortable Brogue Leather Chelsea Ankle...Spring Step Women's Smore Ankle Bootie - Choose SZ/Color , Men's/Women's FRYE Women's Melissa Harness InSide-Zip Boot New varieties are launched buy Seasonal promotionTommy Hilfiger Women's Julie Ankle Bootie - Choose SZ/Color , Bed Stu Women's Manchester Teak Glaze Boot 8.5MILSE JACOBSEN Women's Rub 61 Rain Boot, Atmosphere, 37 EU/7 M USFranco Sarto Women's Mystic Knee High Boot, Pastoral Green Suede, Size 6.5 MKaitlyn Pan Microsuede High Heel Over The Knee Thigh Boots , Dingo Women's Hang Low Boot Brown 8 M US , Merrell Women's Murren Mid Waterproof-W Snow Boot - Choose SZ/ColorSam Edelman Karen Womens Boot- Choose SZ/Color.T.U.K. A9106L Womens Burnout Platform Ankle Bootie- Choose SZ/Color. , Long Life Indiana Cats Paw Heel Dark Brown Boots eur 40 US 9.5Columbia LOVELAND SHORTY OMNI-HEAT PRINT-W Womens Loveland Shorty Omni-Heat , H By Hudson Women's Apisi Boot Beige 7 M US / 38 EU , Sam Edelman Women's Portman Knee High Boot - Choose SZ/Color , El Naturalista Womens Ankle Boot N472 Colibri Land 8.5 US , Men/Women NEW DOLCE VITA WOMENS SIYA BOOTIES Clearance price Year-end sale Exquisite (processing) processingDr. Martens Women's Pascal 8 Eye Boot Combat - Choose SZ/Color
    Steve 16744 Madden US CARR01S1 Womens Black Carrie Slouch Boot, Black Suede, 5.5 M US 92be9c1 ->Steve 16744 Madden US CARR01S1 Womens Black Carrie Slouch Boot, Black Suede, 5.5 M US 92be9c1 -
    24 Under Armour Brow Tine 800 Camo GTX Gore-Tex Insulated Women's Boots 6.5 - 10 , Old Gringo Jesa Chocolate and Golden Boots L1208-2JORDAN MENS RETRO 1 HIGH OG HYPER ROYAL SAIL SHOES **FREE POST AUSTRALIA , Mustang Womens Schnrhalbschuh Low-Top Sneakers, Blue Dunkelblau 800, 5.5 UKNavy Blue Giada Gabrielli open toe low heeled sandals with red trimming size 38Man/Woman Fabulicious CHIC-42 Various styles Cheaper than the price professional designLArtiste Spring Step Burbank Black Leather Clogs Women’s 38 US 7.5-8Escada Womens Shoes Size 39 9 Brown Leather Closed Toe Heels Pumps , NIB ANYI LU Woven Sand Metallic Leather/Patent 3" Wedge Slide Sandal 39.5/US 9.5Escarpins model 101319 Zoki - Matter - ShoesTory Burch Sz 11 NATANYA Leather Wedge Espadrille Sandals Shoes Gold Honey WheatPikolinos Womens Tamarit Heel Navy Sandal,41,new W/box , INC International Concepts NWOB Black Cage Sandals Shoes 6 MED NEW , Diadora N-92 Mens 170477-C6109 Alaska Grey Corsician Running Shoes Size 10.5315122-001 Nike Men Air Force 1 07 Low ( black / black ) AF1Nike Air Flight Huarache Qs Red SZ 10 Max 1 90 95 93 97 trainer run FREE SHIPMan/Woman Nike Kick Around Good world reputation Lush design Full range of specifications , Allen Edmonds Urbino $180 Men's Dress Loafers Shoes Size 10 Tassle Leather BlackAllen Edmonds Grayson Loafers Tassel Black Leather Mens Shoes Size 13C , NIKE WOMEN FLYKNIT MAX BLACK-HYPER ORANGE-SUNSET GLOW 620659-008 Sz 8 , Roman Mens Spike Rivet Leather Open Toe Shoes Summer Beach Slipper Slide SandalsAllen Edmonds "LAKE BLUFF" Loafers 8 D Chili (349)Ryka Womens Dash 3 Walking Shoe Frost Grey/Steel Grey/Athena Pink/Cool Mist Grey , Womens Adidas Damian Lillard 3 Basketball Shoes Black White BW0536 7, 8, 9.5Asics Gt 2000 6 Size US 8 2A NARROW Women's Running Shoes Blue T858N(2A)NIB Ash muse beade sneaker size 392015 WMNS Nike Air Max 90 Anniversary SZ 7 Cork Bronze Infrared OG 726485-700New Womens Aldo Black Leather Pointed Toe Heeled Booties Sz 10M Sexy Date Night , TEVA DE LA VINA BLACK WATERPROOF LEATHER TALL BOOTS SIZE US 5.5 WOMENSWomens Show Sexy Shiny Over Knee Boots Shoes Plus Sz Pointed Toe Nighclub Party ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Steve 16744 Madden US CARR01S1 Womens Black Carrie Slouch Boot, Black Suede, 5.5 M US 92be9c1 -

    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.

    Steve 16744 Madden US CARR01S1 Womens Black Carrie Slouch Boot, Black Suede, 5.5 M US 92be9c1 -

    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
    Steve 16744 Madden US CARR01S1 Womens Black Carrie Slouch Boot, Black Suede, 5.5 M US 92be9c1