Never miss an update

NEW 11.5 Cole Haan Men Size Venetian 11.5 M Haan Black Loafer Tucker Venetian Slip On C03557 SR3 3390960

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
EAN: 0718746309591
PartNumber: C03557 Modified Item: No
ProductGroup: Shoes Style: C03557
ISBN: Not Applicable Product Line: Tucker Venetian
US Shoe Size (Men's): 11.5 Width: Medium (D, M)
UPC: 718746309591 Department: mens
Color: Black Material: Leather
MPN: Tucker Venetian Dimensions: L 14 x W 8.3 x H 5.1 inches
Brand: Cole Haan NumberOfItems: 1
Upper Material: Leather
Never miss an update

NEW 11.5 Cole Haan Men Size Venetian 11.5 M Haan Black Loafer Tucker Venetian Slip On C03557 SR3 3390960 -

    NEW 11.5 Cole Haan Men Size Venetian 11.5 M Haan Black Loafer Tucker Venetian Slip On C03557 SR3 3390960
    NEW 11.5 Cole Haan Men Size Venetian 11.5 M Haan Black Loafer Tucker Venetian Slip On C03557 SR3 3390960
    Skechers for Work Men's Watab Wide Shoe - Choose SZ/ColorAsics Men's GEL-Blast 6 Green/White Tennis Indoor Court Shoes E413Y.7001 NEW!FUBU, 5349-66 BROWN F-G MEN'S CASUAL SHOES, SIZE 8.5MNIKE KOBE BRYANT AD LOW BASKETBALL SHOES SIZE 8 MEN NIB $150.00 , Red Wing Steel Toe 7.5" Boots Brown Leather 2406 Mens Sz 13D Oil Slip Resistant , SIZE 14 KEEN Utility Men's Flint Mid Camo Soft Toe Work Boots Mossy Oaknative Men's Apollo Rain Shoe - Choose SZ/Color , Fashion Men's Punk High Top Sneaker Classic Leather Rivets Design Shoes 39-44 , kenneth Cole Double Up II High-Top Suede Sneaker, Rust, Size 7 Med, MSRP $175Skechers Watches SR6093 Womens Quartz Metal and Silicone Casual Watch,Invicta Men's 'Pro Diver' Quartz Stainless Steel Casual Watch, Color:Two...Sperry Top-Sider Men's Harbor Wingtip Oxford Shoe , FRED PERRY MAN SNEAKER SHOES CASUAL FREE TIME SUEDE WOOL CODE B1051 DEFECTPuma Disc Blaze LTWT 'Raspberry Rose / Team Orange' (Size 9US) New Retro max air , adidas Originals Men's Superstar, Cbrown,cbrown,coppmt, Size 12.5Skechers 54532 Mens Go Drive 2 Relaxed Fit Golf-Shoes- Choose SZ/Color.Clarks Originals Padmore Navy Blue Suede White Mens Casual Shoes 65921 1704-95 * , Sperry Top Sider Gold Cup Sport Casual Nubuck Sneaker Mens Size 11 STS17173 , DIADORA MAN SNEAKER SHOES CASUAL FREE TIME CODE 501.170476 01 V7000 WEAVENWB Mens Clarks Desert Boot Mustard , NIKE DUNKS OLIVE TAN WHITE MENS SIZE 10 RELEASED 2001 DEADSTOCKSkechers USA Men's Caswell Lander Slip-on LoaferBlack11.5 2W US , Converse Chuck Taylor 70 HI in Barely Rose/Gym Red/Navy/Pink Floral 160492C BNIB , New Metal Pointed Toe Patent Leather Slip On Womens Casual Dress Shoes Size E-09PUMA Men's EL Ace Textured Fashion Sneakers Black/White 4 D US , Gentlemen/Ladies NEW MEN'S JORDAN F2F 11 467685-011 Many styles product quality British temperamentPOLO RALPH LAUREN MEN'S BARROTT DARK BROWN WAXY LEATHER BOOTS Size 7.5 , Brand New Frye Men's Lewis Leather Penny Tan Shoes Sz 8MMerrell Men's Encore Bypass Slip-On ShoeGunsmoke10 M US ,
    NEW 11.5 Cole Haan Men Size Venetian 11.5 M Haan Black Loafer Tucker Venetian Slip On C03557 SR3 3390960 ->NEW 11.5 Cole Haan Men Size Venetian 11.5 M Haan Black Loafer Tucker Venetian Slip On C03557 SR3 3390960 -
    Sz35-44 Sexy Ladies Men's Winter Party Thigh High Boot With Belt Stilettos Shoes , Womens Fly London Scop Rug Wedge Heel Leather Winter Biker Ankle Boots US 5-11JOHN FLUEVOG Time Era Blue Leather Velvet Ribbon Flat Shoes Sz 7 EUC , New Women suede Black Bowknot Platform Wedges Heels Mary Jane Shoes US Size , Nine West Scheila 7 Patent Dress Pumps Block Heel Nude Beige Natural Neutral New , MIU MIU by Prada Black Leather Wood Stacked High Heel Loafer Womans ITALYMOT-CLe 6447 Black Grey Leather Sparkly Wedge Platform Pumps 37.5 / US 7.5 , DOLCE & GABBANA Black Glitter Sandal Heels Sz 39 $500 , Skechers 12420 Air Cooled Memory Foam Slip On Walking Shoes Choose Sz/ColorAdidas ZX 8000 Shoes (B24858) Running Athletic Sneakers Trainers UnisexGentleman/Lady adidas Women's Alphabounce 1 W Wear resistant Excellent performance negotiation , Gentleman/Lady Pacific Trail Sequoia Men's Shoes for you to choose Moderate cost Shopping promotionGentlemen/Ladies DC Shoes Tonic Black Mens Trainers Innovative design fashionable Excellent stretchingNike Fleet Center Size 11.5 308443-171 Retro Cool , Nike Zoom Kobe 4 FTB "Fade to Black" - 869450 005MBT Tariki Walnut Brown Leather Rocker Walking Toning Men's Size 41 US 8 , Polo By Ralph Lauren Men's Kenneth Dress Penny Leather Loafter Size 9.5DHOGAN MEN'S SHOES LEATHER TRAINERS SNEAKERS NEW H365 WHITE 728 , Stacy Adams Madison Ii Mens Oxford- Choose SZ/Color.Red Boston Terrier Sneakers For Women- Free Shipping , Skechers Sport Women's Burst City Scene Fashion Sneaker - Choose SZ/Color , Mr/Ms White Mountain Women's Carly Pink Suede New varieties are launched Modern design buy online , Nina Women's Farlyn Pump Silver Luna Shine Evening ShoesPuma X Hello Kitty Women's Suede Classic Bright Red Limited Edition Size 8Dansko Women's Loralie Mary Jane Wine Burnished Calf Comfort ShoesNIB Ladies Dusty Eggplant Booties from Colin Stuart Size 10 , New Top Line Womens Sothis Cognac Fashion Boots Size 7.5 (27857) , Louise et Cie Women's Zalia Ankle Pecan Leather Boot 5.5MNaughty Monkey Women's Sweet Jackie Ankle Bootie, Light Taupe, 6.5 M USCORRAL WOMEN 8 M STUDDED FLORAL EMBROIDERY BROWN LEATHER SQUARE TOE COWBOY BOOTS
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NEW 11.5 Cole Haan Men Size Venetian 11.5 M Haan Black Loafer Tucker Venetian Slip On C03557 SR3 3390960 -

    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 11.5 Cole Haan Men Size Venetian 11.5 M Haan Black Loafer Tucker Venetian Slip On C03557 SR3 3390960 -

    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 11.5 Cole Haan Men Size Venetian 11.5 M Haan Black Loafer Tucker Venetian Slip On C03557 SR3 3390960
    Casual Shoes