Never miss an update

Converse Chuck Taylor All Star Star II Canvas 6845 Deep 150150C Bordeaux Shoes 150150C + 8e14e9b

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: Converse Chuck Taylor All Star II
Material: Canvas Style: Walking
Country/Region of Manufacture: China US Shoe Size (Men's): 3.5 to 11
UPC: Does not apply Width: Medium (D, M)
Never miss an update

Converse Chuck Taylor All Star Star II Canvas 6845 Deep 150150C Bordeaux Shoes 150150C + 8e14e9b -

    Converse Chuck Taylor All Star Star II Canvas 6845 Deep 150150C Bordeaux Shoes 150150C + 8e14e9b
    Converse Chuck Taylor All Star Star II Canvas 6845 Deep 150150C Bordeaux Shoes 150150C + 8e14e9b
    Nike Mercurial Veloce III NJR FG Neymar Soccer Mens Shoes Cleats Blue 921505-407 , Nike Cortez Basic Leather OG FORREST GUMP White Red (882254-164) Size 10.5 MensNike Free Run Commuter 2017 Gyakusou Black Sail New Mens Sz 15 904732-001NIKE FREE TRAIN INSTINCT WHITE / BLACK MENS SIZE 9.5 TRAINING ATHLETIC SHOE , SUPER SPECIAL || Brooks Pure Grit 2 Mens Running Shoes (D) (044)Adidas Adizero Men Size 12 Ubersonic 2 Clay Black Yellow Tennis-Shoes CG3085Adidas NMD_C2S Prime Knit CQ2372 DS Men’s Sizes 8.5 USAdidas NEO Advantage Clean VS [F99253] Men Casual Shoes Black/Black , ADIDAS ORIGINALS TENNIS HU SZ 8 PHARRELL CLOUD WHITE CHALK WHITE YELLOW B41806NIB ADIDAS ORIGINALS NMD R2 FUTURE HARVEST MEN'S 10.5 r1 pharrell yeezy 350 , *New* Nike Air Flight Classic Men’s Size 9 Blue Basketball Shoes 414967-400 , **LATEST RELEASE** Nike Downshifter 8 Mens Running Shoes (D) (001) , New Balance ML574 Nubuck Textile Classic Low-Top Running Sneakers Mens TrainersNike Air Max Lebron XI 11 Low $170 LAVA Magnet Grey Orange 642849 002 mango fla , Adidas Originals EQT Support 93/17 Boost Off White Cream BZ0586 Black Yellow , NIKE ZOOM FLYKNIT STREAK SZ 12 BLACK DARK GREY WHITE 835994 010NIKE FREE TRAIN FORCE FLYKNIT Shoes Size 9.5 $150 833275 300 NEW , ASICS GEL MAI SZ 11 PROVINCIAL BLUE DARK BLUE H812L 4249NEW Nike AIR JORDAN FLIGHT REMIX Men's Basketball Shoes Size US 9 , Mens NIKE AIR MAX 1 C2.0 Black Textile Trainers 631738 001 , Inov-8 All Train 215 Mens Cross Training Shoes Running Sneakers Inov-8 NEW , AIR JORDAN II 2 RETRO DECON SZ 12 SUEDE THUNDER BLUE 897521 402 , NIKE AIR MAX MOTION Photo Blue Grey Volt Black 631767 401 Running Men sz 7 mens , Air Jordan Trunner LX Black Gum Men Sz 8 - 12 , Nike Internationalist Utility Mens Shoes 857937-300 Olive Flak/Black Sz 12.5 NEWUnder Armour Speedform Slingride MSWR Black/Stealth Grey 1297429-001 SZ 11.5 , Mens NIKE AIR PRESTO ESSENTIAL Black Trainers 848187 002Puma Smash SD Suede Shoes Men's Sneakers Leather Gray Gym Shoe NEW 361730 24NEW Nike Air Lebron 13 XII size 11.5 DS w/ Box
    Converse Chuck Taylor All Star Star II Canvas 6845 Deep 150150C Bordeaux Shoes 150150C + 8e14e9b ->Converse Chuck Taylor All Star Star II Canvas 6845 Deep 150150C Bordeaux Shoes 150150C + 8e14e9b -
    Women's Western Cowgirl Cowboy Boot | Red Reno Snip Toe by Silver CanyonKenneth Cole New York Women's Sparta Western Boot , Hello Asics Gel Cumulus 19 Mens Shoes (2E) (9690) , Gentlemen/Ladies ZIPPYBOOT COLOR IS BLACK UK6/EURO39/US8 fashion Strong value Characteristics , Kangaroos Womens K-Rick Trainers, Black Jet Black 5001, 9 UK , COUNTRY ROAD [CR LOVE] NEW! SZ 40,41 NEVE ANKLE BOOT LEATHER IN TAN 9,10Funtasma Pupil-24 SOFT LEOPARD Microfiber Animal Print 3" Heels Open Toe Pumps , PLEASER Sexy Stripper Shoes Neon Rainbow UV Blacklight Platform 6" High HeelsLadys Luxury Pearl Bridal Pumps Alice's Birdcage Floral Shoes Royal Drama LolitaNEW Free People x Jeffrey Campbell Cyndi Suede Block Heels Size 10 , Vintage Velvet And Satin Emporio Armani Heels Size 40LifeStride Women's Invest Dress Sandal - Choose SZ/Color , Women's Peep Toe Transparent upper Beads Slip on stilettos Heel Sandals ShoesAD869 SUSIMODA shoes brown leather women sneakers , VIONIC WOMENS SLIPPERS RELAX NAVY SIZE 7NEW MEN'S ADIDAS ORIGINALS TUBULAR RUNNER [AQ5404] BLACK/ONIX-LEGACY WHITE , MEN`S NIKE FREE RN 2017 ATHLETIC SNEAKERS SIZE 11.5M NEW REDNew! Mens New Balance 3040 Running Sneakers Shoes 4E Wide - 9.5NIKE MEN AIR MAX 1 GPX WHITE-BLACK SZ 10.5 [684174-100]Nike Free SB QS 'Camo' Fortress Green/Gym Red - Size 10 - 749677 360 - NIB DS , Nike Jordans Men's Jordan Why Not Zero.1 Low Lt Smoke Grey/Black Iron Grey , Nike Air Max 1 Retro Atmos Elephant / Jordan 3 Safari Pack 923098-900 New , New Air Jordan Golden Moment Pack White Black Gold Size 10.5 (535357-935) VI VIIMen BOTTINO Genuine OSTRICH SKIN LOAFERS SIZE 9 MBorn Brown / Black Leather Casual Oxford Shoes, Men's 10 / 44 , Ferragamo Men's loafers size 8 1/2- a classic , MERCANTI FIORENTINI 6788 Brown Leather Monk Strap Dress Shoes Men's Size US 9 MChristian Louboutin Beige Leather Nono Strap Mens Size 43.5 Chukkas Shoes BootWomens fashion patent leather block heel buckle back zipper ankle boots shoes , New Cole Haan Black Luxe Leather Elinor Tall Knee Boots D42517 $368 NWD 6 6.5 7 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Converse Chuck Taylor All Star Star II Canvas 6845 Deep 150150C Bordeaux Shoes 150150C + 8e14e9b -

    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.

    Converse Chuck Taylor All Star Star II Canvas 6845 Deep 150150C Bordeaux Shoes 150150C + 8e14e9b -

    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
    Converse Chuck Taylor All Star Star II Canvas 6845 Deep 150150C Bordeaux Shoes 150150C + 8e14e9b
    Athletic Shoes