Never miss an update

Sperry Top-Sider Mens Sperry Dark Intrepid 2- Eye Dark mogochinese-9131 Tan Boat Shoe 11 M D 7473e5e

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: 044211596389
Dimensions: L 12.8 x W 8.2 x H 4.8 inches EAN: 0044211596389
Label: SPERRY Brand: Sperry Top-Sider
NumberOfItems: 1 MPN: 276308
PartNumber: 0276308 Binding: Shoes
ISBN: Not Applicable Color: Tan
Style: Not Applicable Department: mens
US Shoe Size (Men's): 11 M US Weight: 2.75 lbs
Never miss an update

Sperry Top-Sider Mens Sperry Dark Intrepid 2- Eye Dark mogochinese-9131 Tan Boat Shoe 11 M D 7473e5e -

    Sperry Top-Sider Mens Sperry Dark Intrepid 2- Eye Dark mogochinese-9131 Tan Boat Shoe 11 M D 7473e5e
    Sperry Top-Sider Mens Sperry Dark Intrepid 2- Eye Dark mogochinese-9131 Tan Boat Shoe 11 M D 7473e5e
    STICO WSS-100 Orange Mens Non-Slip Safety Shoes Comfortable Breathable KOREA_ARMerrell Men's Jungle Moc AC+ Fashion Sneaker - Choose SZ/ColorClarks Unstructured Mens Un.Ravel Casual Oxford,Brown,10 M US , Skechers USA Men's Venick Perlo Slip-on LoaferDark Brown9.5 M US , Handmade Men Black Leather Slippers Flat Banquet Loafers Dress Shoes with Bowtie , Sanuk Men's Rounder Hobo Hemp Slip On - Choose SZ/ColorMargaritaville Footwear Men's Marina Canvas Boat Shoe Khaki 10 D USPolo Ralph Lauren Men's Faxon Low-Canvas/Corduroy Sneaker - Choose SZ/Color , Kenneth Cole New York Men's Prem-Ier League Fashion Sneaker , ECCO Men's Jack Fashion Sneaker, Bright White, 44 EU/10-10.5 USGentlemen/Ladies Kenneth Cole REACTION Men's Sitch-uation Oxford Excellent craft Low price Known for its beautiful quality , Florsheim Men's Tuscany Bit Slip-On Loafer,Navy,11.5 D USSkechers for Work Men's Blais Steel-Toe Hiking Shoe Black 12 D(M) US , Soludos Men's Convertible Original Loafer, Midnight Blue/Beige, 11 M US , Skechers Diameter Henson Mens Oxfords Dark Brown 9.5Cedar Elements Little Wholesale Program - Cedar Shoe Tree - 6 Pairs LargeSperry Top-Sider Men's Convoy 3-Eye Boat Shoe, tan, 10 Medium US , Skechers USA Men's Bursen Ellken Slip-On Loafer - Choose SZ/Color , Cedar Elements Little Wholesale Program - Cedar Shoe Trees - 6 Pairs L USperry Top-Sider Men's Espradrille 2 Eye Boat Shoe,Navy,10.5 M US , Sperry Top-Sider Men's Convoy 3-Eye Boat Shoe, tan, 11 Medium USCole Haan Men's Branson Driver Penny Loafer, British Tan, 12 Medium US , Oliver Sweeney Interlock Men's Made in Italy Tan Leather Shoes , CLARKS Un Aldric Slip Mens Loafers Black Leather 13 , Soludos Men's MPH Smoking Slipper Loafer - Choose SZ/Color , Rockport Charlesroad Slip On Shoe Leather Mens Dress Shoes Low HeelSperry Top-Sider Men's Convoy 3-Eye Boat Shoe, tan, 8 Medium US , Andrew Marc Men's Empire Slip-On Loafer, Earth Brown/Black Leather, 8 D USCLARKS Men's Cotrell Free Loafer Tobacco Leather 12 M US
    Sperry Top-Sider Mens Sperry Dark Intrepid 2- Eye Dark mogochinese-9131 Tan Boat Shoe 11 M D 7473e5e ->Sperry Top-Sider Mens Sperry Dark Intrepid 2- Eye Dark mogochinese-9131 Tan Boat Shoe 11 M D 7473e5e -
    NEW Chloe Boots with Buckle in Camel Size 37FRYE WOMENS MELISSA BUTTON VINTAGE LEATHER TALL RIDING BOOTS BLACK SZ 9 NEW $368Dr. Brinkmann Men s 600140 Clogs Blue Blau Ozean , Men's/Women's Naughty Monkey Women's Labonge Ballet Flat New varieties are launched discount price Exquisite (processing) processingNIB Dansko Professional XP Leather Clog in Night Rose PatentBeautiful MARC JACOBS High Heel Sandals Classic Black Pink Hem sz 8 , Enzo Angiolini New Womens Slendor Black Open Toe Heels 9.5M Shoes NWBNine West size 8 Fields Black Patent Heels , TORY BURCH Women’s Shoe Black All Leather Platform Slip On Heels Pumps Size 8.5 , Men's/Women's NEW F.LLI BRUGLIA WOMENS PUMP Aesthetic appearance Settlement Price wonderful , Handmade] Women Leather Almond Toe Cube Lamb Skin Sheep Pumps Mildred V Neck**DR. MARTENS** MADE IN ENGLAND WOMEN'S SANDALS SIZE UK6, USA 7 EUC*Womens PEDRO GARCIA black / perforated suede slingback sandals sz. 40.5 NEW!Man's/Woman's 8.5Nike Jordan AJ1 Mid 8.5US Adequate supply and timely delivery Sufficient supply Elegant and solemn , Brand New Supreme x VANS Black "Corduroy Croc" S/S 2018 Size 9.5 DSADIDAS ORIGINALS INIKI RUNNER I-5923 BY9729 Size 11, 11.5 or 12 US , Nike Air Max 2017 <849559-400> Men's Sizes US 6 ~ 9 / Brand New in Box! , Air Jordan OVO Retro 10 Size 12LUCCHESE MAN WESTERN COWBOY BOOTS OSTRICH CHERRY BLACK SIZE 8.5 M 1883 CLASSICS , Ostrich/Deerskin handmade in Spain men 11 medium shoes , Mens Sports Running Casual Shoes Sneakers red size 10CESARE PACIOTTI men shoes sz 10 Europe 44 black leather Made in Italy S7151 , New In Box Dolce Vita Womens Size 8 US Blush Pink Velvet Xaria Hi Top Sneakers , PUMA Womens Enzo Colorshift Wn- Pick SZ/Color. , MIU MIU 5IP169 Black Patent Designer Pumps Platforms 10.0 MHOGAN INTERACTIVE WOMAN CASUAL FREE TIME SNEAKER SHOES CODE HXW00N032420GH0351Merrell Women Sz 7.5 Thinsulate Polartec Tundra Waterproof boots~ Biege/white2019 Womens Korean Block High Heels Fashion Nightclub Winter Shoes Ankle BootsNine West Oreyan Knee High Riding Boots 439, Black Leather, 5 USMarc Fisher Idle Black Suede & Stretch Over the Knee Boots NEW
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Sperry Top-Sider Mens Sperry Dark Intrepid 2- Eye Dark mogochinese-9131 Tan Boat Shoe 11 M D 7473e5e -

    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.

    Sperry Top-Sider Mens Sperry Dark Intrepid 2- Eye Dark mogochinese-9131 Tan Boat Shoe 11 M D 7473e5e -

    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
    Sperry Top-Sider Mens Sperry Dark Intrepid 2- Eye Dark mogochinese-9131 Tan Boat Shoe 11 M D 7473e5e
    Casual Shoes