Never miss an update

Ted Baker Rogrr 2 2 Dress Shoe Rogrr Baker - Men's Size 9 Brown 2403495




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Shoes were as store display. Bottoms of the shoes are in good condition and have very light dirt. Insoles of shoes are in good condition. Toe of the right shoe has a light scratch as shown in the pictures. Shoes have some light scuffs from being handled in the retail store.
Style: Dress Shoe Color: Brown
Width: 4" Occasion: Casual
US Shoe Size (Men's): 9 Brand: Ted Baker
UPC: 0885259766736
Never miss an update

Ted Baker Rogrr 2 2 Dress Shoe Rogrr Baker - Men's Size 9 Brown 2403495 - blurrypron.com

    Ted Baker Rogrr 2 2 Dress Shoe Rogrr Baker - Men's Size 9 Brown 2403495
    Ted Baker Rogrr 2 2 Dress Shoe Rogrr Baker - Men's Size 9 Brown 2403495
    Men's Genuine Crocodile Gino Brutini loafers size 10.5 m , Gentlemen/Ladies CHURCH'S LOAFERS shoes durability online shop The first batch of customers' comprehensive specificationsAllen Edmonds Madison Avenue Black Leather Cap Toe Dress Oxfords Mens Shoes 14 D , Authentic Mezlan Custom Quarton Brown Leather Loafers Shoes, Size 9.5 , New Cole Haan Benton II Wingtip Oxfords Dress Shoes Black C24117 Mens Size 11 , $200 Cole Haan Mens Warren Wingtip Oxford Shoes, British Tan, US 14 Wide , Cole Haan Men's Gray Leather Wingtip Oxford Shoes Size 10.5M C11142L12 EUC!Salvatore Ferragamo oxford shoe olive green leather 9.5 D plain toe derby ItalyRockport Men's Essential Details Waterproof Wingtip Oxford ShoeCole Haan Original Grand Men's Sz 10.5 Shortwing Java Leather/Ivory OxfordFlorsheim Men's Midtown Moc Toe Slip On Cognac 12137-221Florsheim Shoes Estabrook Plain Toe Oxford Black Leather Casual 14195-001 , Man/Woman Propét Men's Marv Oxford Cheap Sales Italy Great choice , Mens Square Toe Formal Wedding Buckle Shoes Business Casual Dress Low Heels ShoeDavid Eden Men Exotic Black Genuine Crocodile Lizard Dress Oxford Shoes Sz 11.5$280 Cole Haan GrandEvolution Wingtip Ox Navy Blue lunar grand evolution 11 , Allen Edmonds Wakefield Oxford sz 11C w/JM wooden shoe trees pre-owned Brown USAMerlutti Blue Velvet With Red Tassel FlatBritish Mens Fulinken Alligator Skin Square Toe Leather Formal Oxfords Shoes SYCOLE HAAN ORIG MEN'S LUNARGRAND WING TIP OXFORD CANVASS PEACOAT C20999 Sz 8.5Florsheim CASTELLANO WGOX Mens MEDIUM and EXTRA WIDE Black Wingtip Dress ShoesSuede Leather Mens Slip On Loafer Metal Velvet Party Formal Dress Casual ShoesGrenson Archie Tan Leather Brogue Wingtip Shoes Men’s 11 uk / 12 us , Florsheim Burgundy Noble Mens Leather Dress Casual Business Trendy Oxford Shoe , Cole Haan C25768 Mens New Harbor Venetian II Loafer- Choose SZ/Color. , ECCO Men's Helsinki Santiag Toe - Choose SZ/Color , "STACY BALDWIN "Regency" Brown and SIZE 8.5 Taupe Formal Shoes , Cole Haan Men's Jefferson Grand Tassel II Oxford - Choose SZ/ColorLeekee men snake skin hand made exell cond blk leather shoe size 9.5D
    Ted Baker Rogrr 2 2 Dress Shoe Rogrr Baker - Men's Size 9 Brown 2403495 - blurrypron.com>Ted Baker Rogrr 2 2 Dress Shoe Rogrr Baker - Men's Size 9 Brown 2403495 - blurrypron.com
    Gentlemen/Ladies womens frye boots size 8 High grade buy Fashion versatile shoes , * NEW * Asics Gel Lethal Tigreor 9 IT Football Boot (D) (9001) , New Arrival! Django&Juliette ANSON BLACK LEATHER loafer! RRP159! Comfy! SALE!BOUTIQUE 9 Women's Neekko Ballet Flat, BLACK, CALF HAIR, 6M, MSRP $150NEW! NIB! CORSO COMO Natural Raffia BALLO Wedge Comfort Platform Sandal 9.5 $165ONEX WOMEN'S CAMY WEDGE SLIDE COMFY SANDAL, MADE IN USA , LES TROPEZIENNES WOMEN PUMPS BURGUNDY SUEDE LEATHER SOLE AND LINING 8.5 M ITALYGiuseppe Zanotti HIGH HEEL Gold PRINT LEATHER PUMPS Size 36 US 6Anne Klein Women's Rosalie Patent Pump - Choose SZ/ColorVionic Orthaheel Pamplona Women's Black Slides Open toe Sandals Spain 9US, 40EURSneakers Femme basket montante Femme slim DC SHOES BRISTOL MID LE Estate Blue La , Antelope 829 Slingback River Women's Wedge Sandals 829-RIVERDr. Scholl's Shoes Women's Flyer Sneaker - Choose SZ/Color , MENS NEW BALANCE NUMERIC QUINCY 254 SKATEBOARDING SHOES NAVY GREY (MO) , Men's Nike Air Max 97 Future Tech Casual Shoes Sail/Black/White AR4259 100 , Black Brown Men's real leather Motorcycle Motor New Western Cowboy Mid Calf boot , Man/Woman Rocky Men's S2V 102 Easy to use Ranked first in its class Lightweight shoesGentlemen/Ladies SAINT LAURENT BROWN HUGO CHELSEA BOOTS The color is very eye-catching Bright colors Human border , Klogs Shark Men's Durable Comfort Clogs - Usa Made Denim - 14 Medium , Catskill Craftsmen Butcher Block Cart with Flat Doors , NEW ARTOLA BALTIMORE PREMIUM SUEDE SUEDE LEATHER DESIGNER OXFORD MENS SHOESNIB Womens Nike Free Balanza 599268 600 PINK sz 9.5-10 sneakers shoesRockport Men's Darwyn Thong Flip Flop - Choose SZ/ColorSkechers Performance Women's Go Walk 4 Kindle Slip-On Walking ShoeCONVERSE ALL STARS CHUCK TAYLOR SHOES GIRL'S SIZE 10 KNEE HIGHS CHOCOLATE RARE , Puma Women's Basket Fierce Fashion Sneakers Puma Black 365480-02 , NIKE W Nike Dualtone Racer 917682-004 LIGHT BONE Size 7.5L'Artiste by Spring Step Women's Porscha Sneaker Turquoise Leather Sneakers , Altra Footwear Women's Lone Peak 3.5 Trail Running Shoe Blue , Oscar Tiye Women's Giorgia Lurex Stocking Bootie Silver Lurex Ankle Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ted Baker Rogrr 2 2 Dress Shoe Rogrr Baker - Men's Size 9 Brown 2403495 - blurrypron.com

    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.

    Ted Baker Rogrr 2 2 Dress Shoe Rogrr Baker - Men's Size 9 Brown 2403495 - blurrypron.com

    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.

    Conclusion

    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
    Ted Baker Rogrr 2 2 Dress Shoe Rogrr Baker - Men's Size 9 Brown 2403495
    Dress Shoes
    >
    ;