Never miss an update

Born Brown Oil Tanned Born Leather Men's Oxfords Toe Cap 11.5 Oil Fashion Dress Shoes Sz 11.5 4fb13f1

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Pattern: Solid
Width: Medium (D, M) Style: Oxfords
Color: Brown Material: Leather
Brand: Born US Shoe Size (Men's): 11.5
Never miss an update

Born Brown Oil Tanned Born Leather Men's Oxfords Toe Cap 11.5 Oil Fashion Dress Shoes Sz 11.5 4fb13f1 -

    Born Brown Oil Tanned Born Leather Men's Oxfords Toe Cap 11.5 Oil Fashion Dress Shoes Sz 11.5 4fb13f1
    Born Brown Oil Tanned Born Leather Men's Oxfords Toe Cap 11.5 Oil Fashion Dress Shoes Sz 11.5 4fb13f1
    Vintage British Walkers Custom 10.5 Brown Leather Wingtip Oxford Shoes USAAllen Edmonds Mens Size 8 Derby Shoes Bike Toe Wendell Brown Leather Made In USA , Cole Haan City Mens Pinch Buckle Loafer Burgundy Monk Strap Kiltie Sz 10.5 VGUC , Sandro Moscoloni Men Light Brown Tan Leather Dress Oxford Size 11D Cap Toe ShoesNEW Mason Oxford Dress Shoes BLK Size 9.5 D New Old Stock Leather Oil Resistant , Vintage LL Bean Men’s Leather Loafers Lacing Oxfords Sz 7.5 B Brown Vibram SoleG.H. Bass & Co. Proctor Casual Shoe - Men's Size 11D Dark BeigeNunn Bush Men's Cam Slip-on Loafer, Brown, 12 W US , Emilio Franco Mens Oxford Shoes Brown Genuine Italian Leather Weave Size 9 , Men's Allen Edmonds 70777 Penny Loafers Shoes Size 10.5D Black Leather Dress U1Florsheim Lexington Men's 9.5 Black Leather Cap Toe Oxford Dress Shoes 17067 EUC , NEW Hanover Slip-on Loafer Tassel Dress Shoes Black Size 9.5 New Old StockALLEN EDMONDS Men’s Oxfords Hillcrest Black Leather Bicycle Dress Shoes 11 DAllen Edmonds Road Warriors ORD Bicycle Toe Shoes 10 I/2 M (a1)ALDO Men's (Sz 12) Frenassa Oxford Shoes, BlackALLEN EDMONDS "HILLSBORO" BLK LEATHER MONK STRAP CAPTOE SHOES (10.5B) , Men's GRAVITY DEFYER Rubber Sole Brown Woven Leather Loafers Size 10M , Johnston & Murphy Mens Brown Ostrich leg Tassel Loafers Dress Shoes Italy 11 MPair of Allen Edmonds Leeds shoes black oxford size 11 B narrowBally Cordovan Burgundy Leather Tasseled Wing Tip Loafer 9 D Vintage Mens Dress , Cole Haan Center Seam Blucher Dress Shoes Chestnut Leather Sz 10M Fits 10.5M , Mens Cole Haan C12914 Cambridge Wing Oxford Black Shoes Size 10 , Rockport Mens City Stride Cap Toe OxfordW US- Pick SZ/Color.Fashion Luxury Classic Suede Leather Oxfords Design Waterproof Shoes For MenPaul Stuart Brown Leather Wingtip Woven Made in England Men's Shoes Size 9.5 M , Derby BOWEN Cuir Noir T 7.5 soit 41 FR TBENEW Giorgio Brutini Shoes Slip On Loafers Velvet Black Size 10 M 176273 , COLE HAAN MENS NAVY BLUE WING TIP BROGUE NUBUCK LEATHER OXFORD SIZE 11 M 10801 , COLE HAAN Size 10 Brown Leather Medallion Toe Oxfords Shoes
    Born Brown Oil Tanned Born Leather Men's Oxfords Toe Cap 11.5 Oil Fashion Dress Shoes Sz 11.5 4fb13f1 ->Born Brown Oil Tanned Born Leather Men's Oxfords Toe Cap 11.5 Oil Fashion Dress Shoes Sz 11.5 4fb13f1 -
    Arche Fuebus High Heels Amande, Nubuck Fauve - Size 6ISABEL MARANT Deyissa Python Embossed Leather Ankle Boots Red / Black Size 37 , BIKE IT ROAD BOOTS / PULSE MIDI TOURER / UK6.5 / EUR40 / US7.5 BOTRDC40 , Man/Woman Knee High Boots Reputation first Pleasant appearance Current shapeChristian Louboutin Toundra Booty 140 Calf Fur Boots 38.5 BNWBTOD'S women shoes Hematite grey suede pointed toe ankle boot elasticated insetsMan's/Woman's NEW AN.GI WOMENS BALLET FLATS Aesthetic appearance Quality First Excellent function , Montana Size 6 M ROSALINDA Gray Leather Mary Janes Loafers New Womens Shoes , Born Marit Womens Light Brown Golden Sand Leather Casual Shoe Size 11Valentino flat ballerinas shoes in lined black leather with studs made in ItalyCarlos by Carlos Santana Women's Bates Ankle Bootie , Cole Haan Amela 85MM Pump Black Point Toe Leather New Sz 8.5 B NEW $150 , NEW HALSTON HERITAGE WOMENS MADISON LEATHER SUEDE COMBINED SHOETIE - BLUECALL IT SPRING (ROUNKLES BLOCK HEEL SANDAL) WOMENS SIZE 7 BRAND NEW!rebecca minkoff Kade Blue Sandals Shoes Sz 8Nike Air Max 90 Ultra 2.0 Essential Mens 875695-102 White Grey Shoes Size 8 , Adidas yeezy boost 350 V2 Bred CP9652 size 12 100% authenticRocky Men's Alpha Tac Waterproof Duty Boot - Round Toe - RKD0040Columbia Men's Peakfreak Venture LT Hiking Boot - Choose SZ/Color , NEW Mens CATERPILLAR CAT Rangler MR 6" Black P73853 SLIP RESISTANT Boots ShoesDr. Martens Oakford Black Men's Leather Chelsea Boot 21095001Invicta Mens Pro Diver Automatic Stainless Steel Diving Watch, Color:Two ToneGenuine Leather Men Moccasins Driving Oxfords Casual Loafers Boat Shoes , Men Genuine Leather Pointy Toe Slip On Business Casual Brogue Shoes Oxford , Nike Womens Free Focus Flyknit 2 Training Shoes Pink Hyper Punch 880630-600 , Converse Chuck Taylor Allstar Gemma Hi Grey Athletic Shoes Women's 6REEBOK CLASSIC MOTORING CLOSURE LO WOMEN SHOES KHAKI/BLUE 32-151174 SIZE 5.5 NEW , adidas Performance Womens ASMC Barricade 2015 Tennis Shoe- Pick SZ/Color.WOMENS NEW BALANCE W990AF4 MADE IN THE USA ARTIC FOXD0 NEW GIUSEPPE ZANOTTI Hyden Black Suede Golden Metal Plate Shoes Sz 36.5 $695 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Born Brown Oil Tanned Born Leather Men's Oxfords Toe Cap 11.5 Oil Fashion Dress Shoes Sz 11.5 4fb13f1 -

    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.

    Born Brown Oil Tanned Born Leather Men's Oxfords Toe Cap 11.5 Oil Fashion Dress Shoes Sz 11.5 4fb13f1 -

    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
    Born Brown Oil Tanned Born Leather Men's Oxfords Toe Cap 11.5 Oil Fashion Dress Shoes Sz 11.5 4fb13f1
    Dress Shoes