Never miss an update

Kenneth Slip Cole Hot Coil SU Reaction 7768 Slip On Shoes Shoes Men's US 13 M Tan Casual Leather 20ed8b9

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
US Shoe Size (Men's): 13
Material: Leather Color: Brown
Country/Region of Manufacture: China Brand: Kenneth Cole Reaction
Width: M Style: Loafers & Slip Ons
Pattern: Solid UPC: Does not apply
Never miss an update

Kenneth Slip Cole Hot Coil SU Reaction 7768 Slip On Shoes Shoes Men's US 13 M Tan Casual Leather 20ed8b9 -

    Kenneth Slip Cole Hot Coil SU Reaction 7768 Slip On Shoes Shoes Men's US 13 M Tan Casual Leather 20ed8b9
    Kenneth Slip Cole Hot Coil SU Reaction 7768 Slip On Shoes Shoes Men's US 13 M Tan Casual Leather 20ed8b9
    Boy Men Punk Spike Revit Shoes Loafter Driving moccasin Studded Suede Shoe77040 Wide Work Width Black Skechers Shoe Men Memory Foam Slip Resistant Leather , Cole Haan Men's Taupe Leather Slip On Casual Moccasin Penny Loafers Sz 10M ShoesALLEN EDMONDS Men's Maxfield Tassel Chili Slip-On Loafer Dress Shoes Sz 9.5 ABucketFeet Men's Well Being Canvas Slip-On 9 , Sperry Top-Sider Leather Chukka Ankle Boots Shoes Men's 9.5M STS11573Doc Martens Oxford Leather Shoes Size 12 UK / 13 US , Harry’s Of London Navy/White Suede/Canvas Sneaker 10/43 *Sole in great shape*Allen Edmonds Men's 9.5 D Georgetown Leather Loafers Shoes Black Reg $200 , MENS MERRELL BASEFOOT SHOES IN SIZE 13 NICE USED SHAPECole Haan Men's C09997 loafers slip on tan leather gorgeous color sz10.5 @CNordstrom Men's Brown Buck Suede Made In BrazilMen's Klogs Sierra Slip On Shoes Display Model Chestnut 13 M , Rockport Men's Get Your Kicks Blucher Casual Walking Shoes Leather Brown M79269 , Avenger Men's Oxford Work Shoes - Composite Toe A7113W Size 9W 9 Wide NEWNEW STEVE MADDEN ROTOR BOAT SHOES MENS 11.5 LOAFERS BLUE FREE SHIP52745 Black Skechers Shoes Men's Memory Foam Slipon Casual Soft Mesh Sneaker MocBucketFeet Mens Windy City Canvas Slip-On 11 , Converse CTAS Ox Natural Basket-Powder White- Men's 9 NWOBNEW! Mango Men's Zapatos Jerry7 Leather Loafers - Size: 8 , Express Shoes WHITE casual mens Size 11 , Sanuk Men's You Got My Back II Closed Toe Sandal , VANS ERA DECK CLUB TRUE WHITE MENS SIZE 9 NEW SKATE SHOES , Man's/Woman's Klogs Dusty - Blue - Mens Big clearance sale Stylish and fun General productMen's sz 10.5 M black/brown Johnston & Murphy tassel loafers casual shoes 1/7 , Hey Dude Men's Chan Stretch Casual Slip On Loafer SteelNEW W/Tags ClearWeather Men's Shoes Blue/Black Suede 10M LIST$155 , NIKE Lunarlon Hyperrev Gray Suede Basketball Sneakers 14 NEW 802557-002Saucony Shadow Original Men's Running Shoes Size US 9 M (D) S2108-560
    Kenneth Slip Cole Hot Coil SU Reaction 7768 Slip On Shoes Shoes Men's US 13 M Tan Casual Leather 20ed8b9 ->Kenneth Slip Cole Hot Coil SU Reaction 7768 Slip On Shoes Shoes Men's US 13 M Tan Casual Leather 20ed8b9 -
    Corral boots for women size 7M color brownEric Michael Women's Elijah Ankle Bootie, Black, 39 EU/8.5-9 M USSaucony Men's Shadow Original Vintage Trainers, BlueAquatalia by Marvin K. Women's Filomena Suede Ankle BootieYves Saint Laurent Babies 70 Fringe Zip Ankle Boots Booties 37 7 , Adidas Superstar 80's BAPE B-sides UK10  (US 10.5) , Puma Tsugi Apex Evoknit Low-Top Sneakers White, 5 UKAdidas Superstar Glitter Studs Vintage [Product Customized] Shoes ORIGINAL , Man/Woman Gabor navy leather/suede trainers, G/G, BNWB for you to choose Moderate cost List of explosions , SERGIO ROSSI ITALY Slingback Stiletto Heels Size 36.5 Pink Leather 40s style , Nine West Women's 'Avagh' Flat (6M, Ivory)Europe Womens Fashion Loafers Suede Shoes Rhinestones Sequins Round Toe Pull OnsVera Wang Lavendar Jeweled Flats Womens 9.5 US Black Leather Slip On Shoes , Skechers 48487 Womens Cleo Wham Ballet Flat, Black/White, 6.5 M US , Handmade Women Princess White Floral Bridal Wedding High Heels Shoe oUSrManolo Blahnik Womens Pumps Size 37.5 7.5 Pink Leather SlingbacksGiuseppi Zanotti High Heel Open Toe Sandals in Metallic Silver and light GoldNew $198 CYNTHIA ROWLEY Blue Suede w Feathers Sandals 7Puma Suede Maze Womens Aqua Suede Slip On , Victoria's Secret Pink Double Strap Sport Slide Sandals Color Pink Medium NWT , NIKE Payaa Premium - Orange - WomensBabolat Vibrakill Michelin Performance Mens Tennis Shoes Sz 6 Black/Red , Nike Air Max Modern SE Grey Flyknit Running Trainers Free Yeezy Jordan Sz 7.5Asics Gel-Saga Navy/Navy H137K 5151 Men's SZ 12 , Adidas VARIAL II MID- Men's Sneakers Size 9.5- Black and GreyWomens NEW BALANCE Dark Navy Casual Trainers WL574TSY , Adidas Swift Run PK Mens CG4128 Grey White Primeknit Running Shoes Size 12 , All Star Chuck Taylor Converse X John Varvatos Burnished Slip On Beluga 7.5 (C4) , American Classic DeLa Rentis Black Leather Loafers Size 11M - Extreme ComfortFila 5SC60533 Womens Rosazza 3 Walking-Shoes- Choose SZ/Color. ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Kenneth Slip Cole Hot Coil SU Reaction 7768 Slip On Shoes Shoes Men's US 13 M Tan Casual Leather 20ed8b9 -

    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.

    Kenneth Slip Cole Hot Coil SU Reaction 7768 Slip On Shoes Shoes Men's US 13 M Tan Casual Leather 20ed8b9 -

    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
    Kenneth Slip Cole Hot Coil SU Reaction 7768 Slip On Shoes Shoes Men's US 13 M Tan Casual Leather 20ed8b9
    Casual Shoes