Never miss an update

CARLO MORANDI men dress shoes dress heels loafers & slip on men leather brown heels size 6m. 4831f23

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
Style: Loafers & Slip Ons
US Shoe Size (Men's): 6 Material: Leather
Color: Brown Width: Medium (D, M)
Never miss an update

CARLO MORANDI men dress shoes dress heels loafers & slip on men leather brown heels size 6m. 4831f23 -

    CARLO MORANDI men dress shoes dress heels loafers & slip on men leather brown heels size 6m. 4831f23
    CARLO MORANDI men dress shoes dress heels loafers & slip on men leather brown heels size 6m. 4831f23
    Carlo Morandi men's shoe's loafers & slip on heels leather black size 6 EEE .Allen Edmonds Nashua Black Brown Leather Tassel Slip On Loafers Men's 8.5 3EFlorsheim Nowles black leather penny loafers men's size 9.5 D NIBAllen Edmonds Woodstock Brown Double Kiltie Braided Tassel Tie Loafers 11 D USA , Salvatore Ferragamo Apron Toe Leather Black Oxfords 7.5 D Dress ShoesAllen Edmonds 9C USA Byron Chili Brown Leather Cap Toe Oxford Dress Shoes , Johnston & Murphy Mens Domani Woven Loafers 8 M Black Leather Italy Shoe Moc Toe , Cole Haan Resort Brown Leather Pinch Penny Loafers Mens 9.5M , Florsheim Men's Size 12 (3E) Cognac Medfield Plain Oxford Dress Shoes X14-752Cole Haan Crocodile Print Loafers Men Size 11Rockport Men's Classic Tradition Apron Toe OxfordVANGELO/ TUX-1 Dress Tuxedo For Wedding Prom Wrinkle Free Black Patent Size 13W , NIB Calvin Klein Men's Brennan Loafer Black Leather 13 M US , Clarks Men's Tilden Way Penny Loafers Black Leather Moc Toe Slip On Size 8Havana Joe Leather and Suede Shoes EUR Size 43 DH 05 (US Size 9 1/2 - 10)Florsheim Men's Shoes Dress Size 10 3E Berkley Slip On Penny Loafer Burgandy e25 , Clarks Men's Tilden Way Penny Loafers Brown Leather Moc Toe Slip On Size 12 WideJean Baptiste Rautureau Men's Oxford Wingtip Leather Dress Shoes EU Size 43SZ 10 HAND MADE GORDON RUSH BROWN LEATHER WINGTIP OXFORD WORN A FEW TIMES ECBolano Shoes Size 11 Mens Gold Chains Formal Wedding Party Prom Dance Church NewAllen Edmonds Carlyle Oxford Dress Shoes Sz 11 D Black Fast Ship , Florsheim Comfortech LIDO Moc Toe Slip On Brown Loafers Shoes Size 11 EEE WideALLEN EDMONDS Men's GEORGETOWN Black Leather Penny Loafers Shoes Size 11 , VANGELO/ TUX-3 Men Tuxedo Dress Shoe Formal Event Moc Toe Wrinkle Free White , FABI mens black Leather loafer dress shoes 10 42 , Johnston & Murphy Kilted Loafers Size 8M 020-8234 Brown Leather Slip On ShoesMason Plain Toe Oxford 9 1/2 EE Leather Eez Good Year Sole Leather Upper BrownNWOB G.H. Bass & Co. Weejuns Black Moc Dress Penny Loafers Men's US 12DVtg ET Wright Leather Buckle Front Monk Fashion Loafers Size US 11.5 B KK6A ,
    CARLO MORANDI men dress shoes dress heels loafers & slip on men leather brown heels size 6m. 4831f23 ->CARLO MORANDI men dress shoes dress heels loafers & slip on men leather brown heels size 6m. 4831f23 -
    Propet Women's Tory Ankle Bootie Brown 8 M USShellys London Elliot Filigree Velvet Booties Boots Size 8.5 39 Black NEW In Box , Ladies Gabor Warm Lined Boots Label 93733-WNina Armando Candice – Navy Mid Low Heels , 39654 auth PRADA sea foam green leather BOW Ballet Flats Shoes 38 , NEW 8.5 38.5 Alexander McQueen Shoes Black Suede Skimmer Ballet Flats Sleek , Pleaser - DELIGHT-609/B/SCH Womens Delight-609 Platform Sandal , Gentlemen/Ladies Pleaser FLAMINGO-887FH Easy to clean surface Lush design TRUENWB b.o.c Black leather Verona booties sandals, SZ 8 , Imagine Vince Camuto Womens Daisi Open Toe Special Occasion Strappy SandalsEarth Daylily Taupe Nubuck Size 7.0 , Nike Zoom PV II Pole Vault Spikes Shoes Black Atomic Red 317404-060 Mens 12.5Nike Metcon 3 Training Shoes Size 10.5 Mens Black Volt Hyper Crimson 852928 012 , 897998-010 Air Jordan Ultra.Fly 2 Black/Anthracite-White Sizes 8-12 NIB , Adidas USSH1603065580 Zx Flux Mens Running Shoes SZ US 10, Regular Width, Color , AIR JORDAN 12 RETRO COOL GREY/WHITE-ORANGE SIZE 8.5 130690-012 W/ BOXNike Zoom All Out Low Mens 878670-011 Black Aura Grey Running Shoes Size 9 , Nike Air Max Plus VT Black White 10.5 Tn Tuned 505819 003 Tiger Hyper Ultra LabDC Men's Pure High-top Wc Tx Se Skate Shoe - Choose SZ/Color , Mens Pointed toe Buckle strap Motorcycle combat Rding Knee High boots zip ShoesNEW SANTONI Dress Leather Shoes Monk Strap SIZE Eu 43 Us 10 (30R)Denver Broncos Men's Women's Casual Canvas Sneaker Trainer Shoes Limited EditionSKECHERS PERFORMANCE On The Go Element Skechers Mens the GO- Choose SZ/Color.Men Hugo Boss Shoes Timeout_Slip_rb Slip-ons Black Size 9Sexy Womens Pointy Toe Bling Sequin Floral High Heel Stiletto Ankle Boots ShoesENCORE "DOORS" WOMEN'S SIZE 6 FRINGED SUEDE WEDGE HEEL BOOTS MID CALF SIDE ZIP , WOMENS SAM EDELMAN Boots Varona Thigh High Stretch Black over the knee 6 $199 , Sanita Boots Size 39 (8-8.5) Cognac Brown BLISS-BEVERLY Genuine Leather Booties , naturalizer Haley Comfort Ankle Boots, Black, 5 US / 35 EU , Womens Buckle Side Zip Ankle Boot Leather Vintage Roma Motor Low Heel Shoes US9
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    CARLO MORANDI men dress shoes dress heels loafers & slip on men leather brown heels size 6m. 4831f23 -

    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.

    CARLO MORANDI men dress shoes dress heels loafers & slip on men leather brown heels size 6m. 4831f23 -

    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
    CARLO MORANDI men dress shoes dress heels loafers & slip on men leather brown heels size 6m. 4831f23
    Dress Shoes