Never miss an update

Stacy Adams Men's 25168 Rodrigo Stacy Men's Cap Toe Oxford 25168 Mustard Leather 584fd17

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
Brand: Stacy Adams
Color: Mustard Leather Style: 832796_1826210
Never miss an update

Stacy Adams Men's 25168 Rodrigo Stacy Men's Cap Toe Oxford 25168 Mustard Leather 584fd17 -

    Stacy Adams Men's 25168 Rodrigo Stacy Men's Cap Toe Oxford 25168 Mustard Leather 584fd17
    Stacy Adams Men's 25168 Rodrigo Stacy Men's Cap Toe Oxford 25168 Mustard Leather 584fd17
    adidas Originals Pharrell Williams Tennis HU Footwear White/Chalk B41793 WHTMuck Boot's Mens Chore Cool Mid Boot Brown - Size 9 , New Balance Fresh Foam Zante V3 Men's Energy Red/Black/White ZANTRG3 , Cole Haan GrandPro Tennis Stitchlite Sneaker Iced Coffee/Brazilian Sand TextileMuck Boot Mens Chore Cool Mid Brown Size-11 Classic Work Boots BRAND NEW!Stacy Adams Men's Seneca Fisherman Sandal 25169 Cognac Leather , Muck Boot's Mens Chore Cool Mid Boot Brown - Size 13Muck Boot's Mens Chore Cool Mid Boot Brown - Size 16 , ADIDAS TUBULAR NOVA PRIMEKNIT ORIGINAL S74822 MEN SIZE 9 , Men's adidas I-5923 Runner Casual Shoes Core Black/Footwear White/Gum BY9727 BLK , Man's/Woman's ASICS SonicSprint Men's Pearl White/Silver/Graphite 601Y0093 Excellent value Pleasant appearance Popular recommendation , Adidas Superstar MI Sneaker Athletic White Orange Gray Sz 14 EUCMuck Boot's Mens Chore Cool Mid Boot Brown - Size 14 , New Balance Men's MW813H Walking Shoe Silver Mink/Lead , New Balance Fresh Foam Zante V4 Men's Scarlet/Phantom/Maldives Blue ZANTRW4 , ASICS fuzeX Rush Adapt Men's Dark Forest/Abyss/Black 8358210NIKE AIR MAX 90 ULTRA 2.0 SE BLACK-BLACK-ANTHRACITE Mens Sz 7 876005-003New Balance Fuelcore Sonic Men's Thunder/Energy Red/Black SONIGR2 , Dansko Men's Vince Fisherman Sandal Slate Milled Nubuck Water Resistant , 2015 Mens Nike Air Jordan V 5 OG Metallic Silver White Size 12 Used NDS Rare , Vlado Men's Atlas 2 Ankle Boot NS Tiger Camo CanvasStacy Adams Men's Seneca Fisherman Sandal 25169 White Leather , Stacy Adams Golato Cap Toe Double Monk Strap 25117 Olive Hornback Print LeatherStacy Adams Men's Forte Cap Toe Oxford 25180 Brown/Cognac Leather , Men's adidas Originals Pro Model Casual Shoes BLK S85957 BLKStacy Adams Men's Rodrigo Cap Toe Oxford 25168 Misty Rose LeatherMr/Ms Original S.W.A.T. Men's Chase Low Black Big clearance sale Lush design Outstanding function , Stacy Adams Golato Cap Toe Double Monk Strap 25117 Grey Hornback Print LeatherVANS ERA "monkey time" v95cl-mt snake Size 9
    Stacy Adams Men's 25168 Rodrigo Stacy Men's Cap Toe Oxford 25168 Mustard Leather 584fd17 ->Stacy Adams Men's 25168 Rodrigo Stacy Men's Cap Toe Oxford 25168 Mustard Leather 584fd17 -
    Onitsuka Tiger Mexico 66 Man Sneaker BlackAsics GT-1000 6 VI Black Orange Women Gear Road Running Shoe Sneakers T7A9N-9030 , Gentleman/Lady ASPIRE-609 White Complete specification range High-quality materials German OutletsNEW Roger Vivier Slipper 5RJ Pony Hair Shoes Loafers Pink Black White 5/35 $895!Propet Olivia - Stretchable - Women's - All Colors - All Sizes , Sanita Women's Original Olivia Clog, Black, 40EUR, 9.5USvt19627 Adolfo Carli woman's black classic low shoes , Sanita Burgundy Leather Mary Jane Double Buckle Casual Clog Shoe Women's 41 / 10 , DIOR Sz 37 Natural Wood w/ Braided Leather Ankle Strap Heels SandalsStella McCartney Elyse Platform Brogues Shoes UK5.5 EU38.5 Heels New , Donald Pliner Couture 8.5 M Crystal Peace Blue Tie Dye Slide Heels Italy , NEW Ferragamo White Leather Wedge Sandals w/ Logo Accent and Sculpted Heel - 10B , Nike Dunk Low 6.0 Rave Pink/White-Mean Green 314141-611 Women's SZ 12 , Vasque Men's Mantra 2.0 Hiking Shoe,Dark Earth/Chili Pepper,11US , Nike SB Dunk Low BIC Size 11 , Nike Magista Orden II FG 2 men soccer cleats football NEW white volt 843812-109MAISON MARTIN MARGIELA FUTURE HIGH TOP SNEAKERS RED SOLE , Solovair NPS Hand Made in England Cherry Red Steel Toe Boots Punk Skinhead BikerPUMA Men's Future Cat LS Sf Fashion Sneaker , JD FISK MEN'S VIRAGO CASUAL OXFORDS NATURAL SUEDE US SIZE 11.5 MEDIUM (D, M)US Shoe Size Men Oxfords Fashion Sneakers Comfort Casual Lightweight White, Tan , Gentleman/Lady Nautilus Soft Toe SD Work Oxford Fine processing Trendy Good qualitySkechers Sport Womens Empire Connections Fashion Sneaker- Pick SZ/Color. , Skechers Women's Go Walk Sport - Devote Casual Shoe, Navy/Blue, Size 11.0NEW New Balance 510v4 Size 7.5 M US Women's Black Trail Running ShoesAdidas Originals Prophere W [B37635] Women Casual Shoes Black/White-Shock Lime , Nike Air Max 90 Ultra 2.0 Womens 881106-101 White Platinum Running Shoes Size 9Women's Drew Shoe Paradise II Sneakers, Black, 8.5 US, WNike Air Max 90/1 Womens AQ1273-100 White University Red Running Shoes Size 9New In Box! $125 Jacobies Women's Transparent Mid-Calf Boots US9 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Stacy Adams Men's 25168 Rodrigo Stacy Men's Cap Toe Oxford 25168 Mustard Leather 584fd17 -

    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.

    Stacy Adams Men's 25168 Rodrigo Stacy Men's Cap Toe Oxford 25168 Mustard Leather 584fd17 -

    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
    Stacy Adams Men's 25168 Rodrigo Stacy Men's Cap Toe Oxford 25168 Mustard Leather 584fd17
    Athletic Shoes