Never miss an update

Hanover 11 Black Leather Wing tips Dress Shoes Men's Leather Size Shoes 11 E/ C f331fa4




Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: " Very good with a normal wear on the outsoles as seen on the pictures "
Brand: Hanover Material: Leather
US Shoe Size (Men's): 11 Color: Black
Width: Narrow (C, A) Country/Region of Manufacture: United States
Style: Wing Tip Pattern: Wing tips
UPC: Does not apply
Never miss an update

Hanover 11 Black Leather Wing tips Dress Shoes Men's Leather Size Shoes 11 E/ C f331fa4 - blurrypron.com

    Hanover 11 Black Leather Wing tips Dress Shoes Men's Leather Size Shoes 11 E/ C f331fa4
    Hanover 11 Black Leather Wing tips Dress Shoes Men's Leather Size Shoes 11 E/ C f331fa4
    J. D MIZRACHI Mens Black Snakeskin Leather/Fur MONKSTRAP Dress Shoes Sz 43 US 10 , men's shoes J. BREITLIN 11 () elegant black leather BX208-44ECCO Helsinki Men's Black Leather Loafers Bicycle Toe Dress Comfort Shoes 11M 44 , Authentic Florsheim Men's dress leather shoes US 14Stafford Gosford Mens Oxford Shoes Black Size 10.5Mmen's shoes J. BREITLIN 11 () elegant black leather BX179-44Soft Stags Kentech Comport Mens Flat brown leather shoes slip-on - 11EEE (NEW)Iramo Men's Black Leather Oxfords Loafers Made In Italy Size-43NEW PRONTO UOMO FIRENZE ITALY LEATHER WOVEN HAVANA RESORT SANDALS SHOES BROWN 11 , men's shoes J. BREITLIN 11 () elegant brown leather BX162-44 , Stacy Adams Men's Lex Moc toe slip-on driver Tan Shoes 24909-240Kenneth Cole Reaction Black Leather Monkstrap Buckle Slip On Men's Shoes Size 10 , men's shoes J. BREITLIN 12 () elegant black leather BX219-45 , Mens Used Johnston Murphy Brown Saddle Shoes Italy M 207350 15967 10.5JOHNSTON & MURPHY TIDWELL WOVEN LEATHER LOAFERS SHOES, BROWN, SIZE 8 1/2 W 8.5W , Drew® nib new $199 Drew Lincoln Therapeutic Shoes For Men - Oxfords comford shoemen's shoes J. BREITLIN 11 () elegant brown leather BX207-44 , Mercanti Fiorentini Mens 12D Brown Leather Casual Oxford Shoes ItalyBX509 CESARE MAURIZI shoes gray leather men elegantmen's shoes TRIVER FLIGHT 7 () elegant black leather BX569-40men's shoes J. BREITLIN 11 () elegant gray leather BX218-44 , Florsheim Men's Loafer Wingtip Slip On Dress Shoe Leather Dark Maroon 8men's shoes TRIVER FLIGHT 8 () loafers brown suede BX561-41 , men's shoes TRIVER FLIGHT 9 () elegant brown leather BX558-42Men's JOHNSTON & MURPHY Brown Oxford Dress Shoe Sz 11.5 M F8 Pre-Owned , MENS CLARKS BLACK SLIP ON SHOES "ASTON TOP"Allen Edmonds Tribeca Black Apron Oxford Shoes 3 eyeGordon Rush Men's Leather Black Loafers Slip Ons Apron Toe Heels Dress Shoes 11M , Junhong Prestige 275 - Men's Dress Shoes - Blue/Black Iridescent Oxford - READ ,
    Hanover 11 Black Leather Wing tips Dress Shoes Men's Leather Size Shoes 11 E/ C f331fa4 - blurrypron.com>Hanover 11 Black Leather Wing tips Dress Shoes Men's Leather Size Shoes 11 E/ C f331fa4 - blurrypron.com
    Harley-Davidson Women's DARTON Black Full leather Boots D84195 , Frye Jackie Zip Size 9 Spice NewNike Air Women's Goadome Waterproof Leather Hiking Boots Black MSRP $195 NEWARMANI Knee High Boots /~US 10/10.5 Black Leather Made in ItalyNike Air Jordan 1 Retro High Premium Basketball Shoes Wolf Grey AA3993-027 , Alexander Wang Boots 38.5 (Size 7 or 8) Black leather pre-loved condition , Shoes, Italian Vicini, multi coloured high heels, brand new, size 8 or 39. , 7W Nordstrom Navy Blue All Leather + Snake Moc Toe Unique Loafer Flat , 24 HOUR COMFORT Bobbi Women Wide Width Classic Cushioned Leather Slip On ShoesSkechers Relaxed Fit Bikers Ballet Kicks Women's Shoes Black WIDE Sizes NIB1. State Women's Saffy Suede Leather Point-Toe Block-Heel Pumps BlackLady Couture Women's Glamour Strappy Heels Floor Model Silver SizeTed Baker Ilyey Women's Patent Leather Pump Dressy Open Toe Heels Shoes BlackNIB Valentino Rockstud Native Couture Orange Leather TStrap Heel Pump 39.5 $1195 , Bogs Women's Memphis Strap Leather Flat Sandals Shoes Black OR Cinnamon $120 , NEW Nike Dunk Free Mens Noble Red 599466 600 $120Mens Air Jordan 7 Retro MCS 684942-010 Black/White Brand New Size 13Yacht Club Vans Old Skool VN0A38G1R1Q Blue Green Yellow MenUnder Armour Curry 1 one Away Taxi size 11 DS NEW NEVER WORN Dub Nations ringsASICS T7E2N.9090 Mens Gel-Quantum 360 Shift Running-Shoes- Choose SZ/Color.LUCCHESE HANDMADE MENS 9.5 D BLACK LEATHER CLASSIC WESTERN COWBOY BOOTS ROPERSWomens Nike Air Max 1 PRM Shoes Sz 8 Blur Gold Fish Scale $130 NIB 454746 900 ~Gentlemen/Ladies Bates mens Lites Closed Toe Oxfords Special price Win the praise of customers Simple , Flexus by Spring Step Women's Pennelopie SlipperECCO Biom Performance Train Women's Shoes Size 40 USASICS Gel-Quantum 360 CM Womens Size: 7.5M Color: Carbon / White / Silver RETURN , Womens Adidas Pharrell Williams Tennis HU Ash Pearl Linen DB2564 , G.H. Bass Insulated Rain Low Duck Snow Rain Shoes Womens Size 9 , PAUL GREEN US 5.5 Black Leather Tall Bronze Buckle Soft Calf BootsWomens High Heels Suede Black Studded Ankle Boots High Top Shoes Pumps New ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Hanover 11 Black Leather Wing tips Dress Shoes Men's Leather Size Shoes 11 E/ C f331fa4 - blurrypron.com

    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.

    Hanover 11 Black Leather Wing tips Dress Shoes Men's Leather Size Shoes 11 E/ C f331fa4 - blurrypron.com

    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.

    Conclusion

    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
    Hanover 11 Black Leather Wing tips Dress Shoes Men's Leather Size Shoes 11 E/ C f331fa4
    Dress Shoes
    >
    ;