Never miss an update

Men's 6446 Shoes Men's Classic LA MARTINA L3025206 Opus Blue Opus Blue Perla Leather Italy New 91ef043

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
Shoe Type: Formal
Material: Leather Brand: LA MARTINA
MPN: LaMartinaL3025206OpusBlueOpusPerla Colour: Ivory and Blue
Never miss an update

Men's 6446 Shoes Men's Classic LA MARTINA L3025206 Opus Blue Opus Blue Perla Leather Italy New 91ef043 -

    Men's 6446 Shoes Men's Classic LA MARTINA L3025206 Opus Blue Opus Blue Perla Leather Italy New 91ef043
    Men's 6446 Shoes Men's Classic LA MARTINA L3025206 Opus Blue Opus Blue Perla Leather Italy New 91ef043
    New Genuine Leather Men's Casual Formal Shoes Loafers Slip On OM30-1Mens Punk Buckle Rivet Slip on formal Business Dress Leather Party Shoes plus szAC821 MBT shoes brown nabuk men slip onRoberto Serpentini Brown Woven Leather Shoe 16915Men's/Women's Mens Clarks Smart Brogues 'Gatley Limit' Customer first Low price Elegant and stable packaging , Men's Classic Shoes MOMA 68703-R2 Pelle Brown Suede Vintage Made In Italy New , 2016 Mens pointy toe British Stylish punk chunky heels dress shoes Crack boots , AD539 TODAY by CALPIERRE shoes brown leather men elegant EUap321 FRATELLI FERRANTE shoes brown leather men elegantMan's/Woman's Mens Bugatti Formal Brogues "312" economic King of quantity Full range of specifications , Base London Purcell Washed Brown Leather Mens Brogues Formal ShoesBZ655 RUE 51 shoes black shiny leather men elegant , AD521 CALPIERRE shoes brown suede men elegantAD534 CALPIERRE SPORT shoes gray leather men elegant8X(British Fashion Wedding Flats Shoes Luxury Oxfords Leather Casual Men's O9P1) , Man/Woman Mens Loake Black Shoe 747B Easy to clean surface Wholesale trade Known for its beautiful quality , BZ420 BASE LONDON shoes burgundy shiny leather men elegant EUNew Mens Dress Shoe Gallery Brown Leather Brogue , AD261 EVOLUZION shoes brown suede men elegant , Camel Active Shoes Business Suit Genuine Leather Brown Cognac 427.11 01 ComoAB810 THOMAS VALMAIN shoes black leather men elegant , AJ375 CALPIERRE shoes brown leather men elegantAB809 THOMAS VALMAIN shoes brown leather men elegantBZ354 FDF SHOES shoes black leather men elegantzx967 ALTO LIVELLO shoes gray shiny leather men elegantAE924 WILLY ADAMS shoes black leather men elegantHandmade Men Real Leather Monk Shoe Men Brown Formal Leather Shoe Men Dress ShoeAE923 WILLY ADAMS shoes black leather men elegant , as965 PAOLO DA PONTE shoes blue leather men elegant ,
    Men's 6446 Shoes Men's Classic LA MARTINA L3025206 Opus Blue Opus Blue Perla Leather Italy New 91ef043 ->Men's 6446 Shoes Men's Classic LA MARTINA L3025206 Opus Blue Opus Blue Perla Leather Italy New 91ef043 -
    Nine West Women's Val Leather Mule - Choose SZ/color , Vintage Vasque Hiking Boots Sundowner Gore-Tex Womens Size 8 made In Italy 7536 , SERGIO ROSSI Bottines boots tout cuir daim marron gold 38.5 EXCELLENT ETAT , Calvin Klein Women's Melinda Patent Ankle Boot Black 8 M US , Merrell Kaibab J276144C EB Men's Otter Ebony Running Outdoor Shoes Sneakers.Women Boots Suede model ARRIETTE by HGilliane Design Us 3.5 to 12 , ORIGINAL Guiseppe Zanotti Design Used LADIES SHOES VINTAGE SIZE 39 HeelsGentleman/Lady CELINE Shoes 898604 BrownxMulticolor 36 service Medium cost Various , Cole Haan Womens Shoes Size 6 Green Textured Satin Ballet Flats Casual , Fashion Roman Hollow Out Bandage Ladies Pointy Toe Slingbacks Dress Shoes HeelsSexy Pleaser 7 1/2" ankle strap exotic dancer sandalsEasy Spirit Redefine black leather pump 2 1/2 inch heels sz 9.5 Med NEW , Aetrex Apex XV821 MW12 Men's Therapeutic Diabetic New SneakerMEN'S BROOKS ADDICTION 13 size 8 !RUN!WORN LESS THAN 2 MILES! WITHOUT INSOLES!!Nike Flex Experience RN [881802-012] Men Running Shoes Black/Chrome-PurpleNEW Nike Dunk Low Premium SB STARBUCKS MUDSLIDE COFFEE Mens Shoes SZ 9.5 11.5 12Merrell Men's Moab 2 Mid GTX Hiking Bootantique / vintage leather athletic shoes ,spikes ,running shoes with iron spikes , Men's Air Jordan Retro 1 Mid Retro Basketball Gym Red/White/Black 554724 605Nike Kyrie Irving 2 men's basketball shoe Christmas color SZ 9.5PUMA Men's Evopower Vigor 3D 1 FG Soccer Shoe, - Choose SZ/ColorBaffin Mens Hunter-M Green Knee Boots Size 9 (273783) , New Balance MT580XCO - New Balance x La MJC x Colette x UNDFTD - US9vtg 1960's Red Wing Irish Setter Boots sz. 12AA . dog tag matches vtg. year. , Brand New Nike Air Force 1 '07 Mid Seasonal Womens Fashion Sneakers [818596 300]Nike Women's Air More Uptempo Pippen Black/Hot Punch/Volt (917593-002) Sz. 7.5Nike Wmns Air Zoom Fearless FK Lux Flyknit Light Blue Women Training 922872-004 , Gentlemen/Ladies vt16909 Moncler woman's sand slip on superior Modern and stylish fashion Tide shoes list , High Heel Power By Taryn Rose Heel Boots. NIB. Brown. Size 8.5. , Man's/Woman's emu Shoes 051479 Brown 24cm online sale Order welcome List of explosions
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men's 6446 Shoes Men's Classic LA MARTINA L3025206 Opus Blue Opus Blue Perla Leather Italy New 91ef043 -

    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.

    Men's 6446 Shoes Men's Classic LA MARTINA L3025206 Opus Blue Opus Blue Perla Leather Italy New 91ef043 -

    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
    Men's 6446 Shoes Men's Classic LA MARTINA L3025206 Opus Blue Opus Blue Perla Leather Italy New 91ef043
    Dress Shoes