Never miss an update

Men's Ecco Gore 11 Tex Track Shoes Size Men's 44 mogochinese-29997 US 11 eb323e3

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: Wear on shoes and writing on soles (see pics). Still life left on them
Brand: ECCO US Shoe Size (Men's): 11
Style: Oxfords Euro Size: EUR 44
UPC: Does not apply
Never miss an update

Men's Ecco Gore 11 Tex Track Shoes Size Men's 44 mogochinese-29997 US 11 eb323e3 -

    Men's Ecco Gore 11 Tex Track Shoes Size Men's 44 mogochinese-29997 US 11 eb323e3
    Men's Ecco Gore 11 Tex Track Shoes Size Men's 44 mogochinese-29997 US 11 eb323e3
    Brand New! Men’s Comfort White Sneakers Size 11.5 Extra Wide Apex G7200 , Merrell World Vue Moc Slip On Shoes - Men's Size 9 - NEW!Nike Men's Blazer Chukka CS TC Size 11.5 , Skechers USA Men's Walson Morado Slip-on Loafer,Black,11 M USStacy Adams Mens Santoro Dress Shoe Black Woven Print Men's Sz 10M US , Allen Edmonds Men 8.5 D M Wilbert Split Toe Oxfords Brown Leather USA Made 1930Deer Stags Men's Highland Oxford Black Simulated Leather Business Shoes , Dunham Men's Gavin-Dun Chukka Boot,Black,8 D US , Sperry Top-Sider Gold Cup Mens Size 8 Wingtip , 2018 Men's Fashion Strip Pattern Flash Casual Shoes Sport Run White ShoesPUMA Men's Shoes 073591 Grey 27.5cm , Stylish ALLEN EDMONDS Black/Brown, "Nashua", Tassled Mocassins w/Kilties 9.5DCole Haan City Dark Red Brown Distressed Leather Oxfords Dress Shoes Mens 10.5 DDomani Ballard Brown Croc Penny Loafers 9Grabbers Men's Friction G1120-M, Black, 10 M USOff-road motorcycle racing shatter-resistant clothing 719 Honda HRV winter* , Cole Haan C08959 Plain Toe Oxfords, Vintage Leather Upper, Charcoal, 8.5 D, New , Red Wing Mens Brown Leather Work Safety Shoe Oxford Aluminum Toe Sz 10.5 DDIADORA 172354-C2100 FIELD Mn's (M) Black/Grey Suede Lifestyle ShoesNIB Lacoste Sevrin Low Top Leather Suede Men's Sneaker Boat Shoe NATURAL Sz 8.5 , J SHOES MEN'S CHARLIE PLUS RAISIN LEATHER DRESS BROGUE OXFORD SHOES SIZE 8.5Minnetonka Double Bottom Hardsole Lariat 768 Men's Brown Leather Loafer shoes , Lot Of 3 Converse Andy Warhol Campbell's Soup & Bean Men's Size 10.5 SneakersDonald J. Pliner Men's Distressed Dark Brown/Purple Penny Loafers - Size 9.5M , Allen Solly penny loafer Sz 9.5 D leather brown slip on shoesVans Authentic Unisex Slip-On Pro Fashion Sneaker , Men's Sperry Band of Outsiders Mustard High Top Shoes size 10 , NIB Converse 157556C CTAS OX Medium Olive Low Top Sneakers - M8.5 / W10.5 , Hush Puppies Men's Glitch Parkview Oxford Tan Leather Perforated 7 M US ,
    Men's Ecco Gore 11 Tex Track Shoes Size Men's 44 mogochinese-29997 US 11 eb323e3 ->Men's Ecco Gore 11 Tex Track Shoes Size Men's 44 mogochinese-29997 US 11 eb323e3 -
    Steve Madden Women's Kolina Ankle Bootie, Stone Nubuck, 7.5 M USBIVIEL WOMEN'S BV2132 RIDING BOOT BLACK LEATHER EUR SZ 40 US SZ 10 MEDIUM (B, M) , Valentino Garavani Black And Brown Tall Leather Boots Size 36.5La Canadienne Women's Carolina Brown Oil Waterproof Suede - size 8.5 - was $465 , Nike Kobe AD EP Bryant Black Gold Mens Basketball Shoes Sneakers AO9050-009 , DIADORA WOMEN'S SHOES LEATHER TRAINERS SNEAKERS NEW GAME BLACK F99Ladies Clarks Pointed Low Heel Leather Court Shoes The Style - Linvale Jerica , Tory Burch Caroline Naplak/Elastic Black Patent Leather 001 Size 5 New In BoxJ Crew Figue Flats Women's Pom Pom Mules 6 Pink G4540 $298 NEWAlfani Womens Aleaa Almond Toe Ballet Flats , US4-12 Women Pointed Toe Plaid Rainbow Colors Low Top Stilettos Shoes Pump PartyMan's/Woman's Pleaser ADORE-701UVG Quality queen Let our goods go to the world uniqueRockport Women's Ridge Button Slide Sandal, White, 7.5 M US , Gladiator Women's Rhinestone Flip Flops Hollow Out Sandals Shoes Slingbacks SizeWomens Embroidery Floral Stilettos Leater Ankle Strap Peep Toe Party Sandals New , Saucony Women's Kinvara 7 Runshield Ankle-High Running Shoe , adidas Originals Womens Shoes | Superstar Glossy Toe Fashion SneakersAdidas Consortium x Shoe Gallery Men Clima Cool 1 (black / core black) BB3303Men's/Women's Nike KD 7 VII Aunt Pearl elegant Lush design valueNew Balance Running Mens Shoes Black MS574SBKRockport Men's Storm Surge Water Proof Plain Toe Boot Black Color 11.5 M SizeNEW SANTONI Dress Leather Shoes SIZE Eu 45 Us 12 Made in Italy FI 14Mens Loafers Slip on Belgian Dress Shoes Suede Slippers Flats With Bowtie NewAuthentic TOM FORD J0368T Suede slippon 10 Brownnike womens internationalist KJCRD trainers 718671 002 sneakers shoes CLEARANCENike Air Zoom Spiridon Women Running Shoe (Size 7.5) Grey Silver Red 905221-001ASICS HYPER ROCKET GIRL SP 4 WOMEN TRACK SIZE 9.0 NEW LIGHTNINGNaturalizer Women's Natalie Pump Gold Leather PumpsHOGAN REBEL WOMEN'S SHOES HIGH TOP LEATHER TRAINERS SNEAKERS R182 REBEL VINT 750Nine West Leather Woman's Boots side zipper Size 7.5 beautiful condition
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men's Ecco Gore 11 Tex Track Shoes Size Men's 44 mogochinese-29997 US 11 eb323e3 -

    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 Ecco Gore 11 Tex Track Shoes Size Men's 44 mogochinese-29997 US 11 eb323e3 -

    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 Ecco Gore 11 Tex Track Shoes Size Men's 44 mogochinese-29997 US 11 eb323e3
    Casual Shoes