Never miss an update

Globe Empire Mens Wine Suede Suede Empire & Canvas Globe Trainers d052854

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Globe
Lining: Textile Product Style: Empire
Fastening: Lace Up Style: Trainers
Sole: Rubber MPN: GBEMPIRE-16282
Colour: Wine Gender: Mens
Main Colour: Red Material: Suede & Canvas
Never miss an update

Globe Empire Mens Wine Suede Suede Empire & Canvas Globe Trainers d052854 -

    Globe Empire Mens Wine Suede Suede Empire & Canvas Globe Trainers d052854
    Globe Empire Mens Wine Suede Suede Empire & Canvas Globe Trainers d052854
    Converse Chuck Taylor Allstar Ox Unisex Trainers Black White Branded FootwearNew Nike T-Lite Xi Mens White Cross Trainers Sport Shoes SneakersBoxfresh Stern Navy White Waxed Canvas Mens Trainers Shoes , Diesel Mens E-Klubb Hi Y01166 P1053 T8013 Leather Trainers Black , Adidas Mens Boston Marathon Supernova 11" Running Night Sky , Mr/Ms Yeezy Adidas Boost Oxford Tan Customer first Bright colors Known for its excellent quality , Converse Star Player Ox Mens Trainers Beige Branded FootwearNW1 London Buffalo Derby Mens Black Leather Shoes , Diesel Mens DRAAGS94 Y01032 PR012 H4247 Cotton Trainers Red , Base London Mens Ankle Boot Waxy Brown Leather (LEO) Sizes X 12 (R15B)CONVERSE CT BAND MID Grey Textile Trainers 143961F , Converse Star Player Ox Mens Gold White Canvas TrainersVans Sk8 Hi Reissue Retro Sport Unisex Trainers Ginger New Shoes , Diadora DA7AMO5596 Blue Orange Black Men Outdoors Hiking Trail Running ShoesConverse Chuck Taylor Allstar Sneakers Black & White Branded Footwear , TEPA SPORT MAN SPORTS FOOTBALL SOCCER CLEATS SHOES RUBBER 600007-001 RUDYANO , Etnies Dory Mens Trainers Forest New Shoes , Vans Old Skool Lite Unisex Rock Suede & Mesh TrainersMan's/Woman's Fila COMET RETRO White mod. comet Queensland Various types and styles a lot of varieties , New Balance 574 Classic Triple Black Suede 2018 ORIGINAL 574 991 996 530Men's/Women's Asics Rush33 Men's Shoes Size Complete specification Fast delivery Breathable shoesNike Roshe One HYP BR GPX 'Hyper Cobalt' New (Size US11) Ultra air 90 plus max , Merrell Kaibab J276144C EB Men's Otter Ebony Running Outdoor Shoes Sneakers.Converse Chuck Taylor Allstar Unisex Trainers White Branded Footwear , Hi-Tec Safehike Mens Mid Safety Boots (KM646)Vans Skate Shoes no. Skool 2 Lipstick Red vn-of6y2ouNike Air Max Infuriate II PRM 2 White Blue Men Basketball Sneakers AJ1933-140KangaRoos Adults Unisex K-Tech 8007 Trainers (FS3227) , adidas Golflite Mens Golf Shoes US 10 REF 2761 ,
    Globe Empire Mens Wine Suede Suede Empire & Canvas Globe Trainers d052854 ->Globe Empire Mens Wine Suede Suede Empire & Canvas Globe Trainers d052854 -
    Lucchese Womens N4536 4/4 BootM- Pick SZ/Color.Man/Woman Air max 97 Wool Grey "mushroom" for you to choose Year-end sale Export , Gentlemen/Ladies Wittner Ladies Shoes Beige Leather Boots Clearance price Settlement Price Non-slipGIUSEPPE ZANOTTI women shoes Harmony black patent leather stiletto sandal zipLucky Brand Womens LK-Acaciah Suede Closed Toe Loafers, Moroccan Blue, Size 8.0Klogs Monita Women's Leather Clogs Display Model Shoes Black 8 M , Neon Light Up Platform Stiletto Clear Ankle Strap High Heels Shoes Adult WomenJessica Simpson Kingston Womens Suede Platforms Heels New in Box Size 9.5 , Stuart Weitzman Black Satin Pointy Toe 4" Heel W/Crystals Size 9 M. B2JESSICA SIMPSON Womens CLAUDETTE D'Orsay Gray Gunmetal Metallic Suede Heels 7 M , Man's/Woman's Gioseppo Ladies White Fabric Leather Shoes Great variety Strong value Selling new productsSteve Madden Womens Treasure High Heel Sandal ShoesNew ADIDAS MENS 12 Matchcourt White F37382 Canvas Trainers Shoes SNEAKERS , NIKE KOBE X MID EXT METALLIC GOLD BLACK 802366-700 Basketball Shoes Men's SZ 10 , Reebok Men's Walk Ultra 6 DMX MAX 4E Sneaker - Choose SZ/Color , Nike Free Trainer V7 SG Oregon Ducks Black Green 898049 301 DS Size SZ 8.5 10.5Mens DC Crisis High WNT Black White Suede Leather Fleece Lined Trainers Shu Siz , 1802 adidas Terrex Tracerocker GTX Men's Trail Running Shoes CM7594 , Nike Mens Air Force 1 Ultra Force RKK Patriots Black/Cllg Navy 904803-001 Size 8 , 100% Authentic Valentino Rockstud Sneakers Black KY0S0830 VGV , Vince Camuto Quort Men’s Brown Suede Fashion Sneakers US 11 M Shoes C512ALEXANDER McQUEEN Monk Strap Ankle Boots, Black 42 US 9 $1,080 MSRPEastland Mens Adventure MLB Square Toe Boat Shoes Navy Size 8.5Vintage Pedwin Black Leather Tassle Loafers Slip On Shoes Men's Size 10 MDavid Eden "Fangio" Ostrich Penny Loafer, Exotic Leather Men's Shoes, Wine , Donald J. Pliner Mens Ferbin0623 Slip-on Shoe, Black/Black, US 10.5 , NIKE WMNS NIKE AIR HUARACHE RUN RACER BLUE GREY HYPER TURQUOISE 634835 404 6.5Kenneth Cole Reaction Women's Smashing Strappy Sandal Gold Multi Fabric Sandals , Man/Woman Bordello Women's Tempt 125 Black PU online sale Reliable performance Contrary to the same paragraph , womens caroline purple western leather cowboy boots rodeo cowgirl ladies riding
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Globe Empire Mens Wine Suede Suede Empire & Canvas Globe Trainers d052854 -

    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.

    Globe Empire Mens Wine Suede Suede Empire & Canvas Globe Trainers d052854 -

    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
    Globe Empire Mens Wine Suede Suede Empire & Canvas Globe Trainers d052854
    Athletic Shoes