Never miss an update

VTG 70s Leather Brown Mod Italian Leather Alta Slip-Ons Slip-Ons Loafers Driving Alta Moda Sz 7.5 40.5 edf7f1b




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Country/Region of Manufacture: Italy
Upper Material: Leather Style: Loafers & Slip Ons
Color: Brown Width: Medium (D, M)
Brand: Alta Moda Baldan US Shoe Size (Men's): 7.5
Never miss an update

VTG 70s Leather Brown Mod Italian Leather Alta Slip-Ons Slip-Ons Loafers Driving Alta Moda Sz 7.5 40.5 edf7f1b - blurrypron.com

    VTG 70s Leather Brown Mod Italian Leather Alta Slip-Ons Slip-Ons Loafers Driving Alta Moda Sz 7.5 40.5 edf7f1b
    VTG 70s Leather Brown Mod Italian Leather Alta Slip-Ons Slip-Ons Loafers Driving Alta Moda Sz 7.5 40.5 edf7f1b
    Sperry Gold Cup Bellingham Wingtip ASV Black Mens Oxfords Sz 11.5M 2032OXBLOOD RANDOLF ALLEN EDMONDS USA BUSINESS CASUAL SHOES 9 DGentleman/Lady Mens Salvatorre Ferragamo Shoes High security Online export store AmoyBRUNO MAGLI Partie Men's Suede CASUAL Dress SHOES US8 - US9 BLUERoberto Serpentini Men's Black/Blue Leather Moccasin M-30 - NewAllen Edmonds Ashton Orthotic Collection Brown Leather Oxford Men's Shoes 9.5 M , Man/Woman Mens Loake Shoes 250B Comfortable feeling a variety of General productMagnanni 'Dante' Oxford - Black Patent- Size 9 M $325 (S6) , Mens Brogues Formal Dress wedding shoes Wing tips Carved shoes Leather oxfords @Mens Pointy Toe Leather Casual shoes Low Heels Dress Formal Slip On New LoafersStacy Baldwin Wingtip Oxford Black and Grey Patent Leather Tuxedo Shoes , MENS VERRI BLACK LEATHER SPLIT TOE OXFORD DRESS SHOES SZ 43 USA 9.5~1/2 D , NEW!! John Varvatos 'Dearborn' Cap Toe Oxford- Black- Size 7 M $298 (B20) , Mens MAGNANNI Black Leather Oxford Shoes Sz. 9 , Andrew Charles 7013 WASH T MORO Classic Shoes Men's Brown US , Allen Edmonds Positano Black Woven Loafer Shoe 8.5 D , Stacy Baldwin Wingtip Oxford Grey and White Patent Leather Tuxedo ShoesAB927 DI MELLA shoes blue leather men elegant , BALLY Men's Shoes Oxford Brogues Size 10EUR , Caporicci Size 8.5 M Brown Cap Toe Tassel Slip On dress Shoes Made In Italy , Men's Los Altos Genuine Eel Skin Boots With Deer 3x Toe HandcraftedNavy Blue Moccasin Leather Shoes, Men Formal Shoes, Men Two Tone ShoesAllen Edmonds "Bainbridge' Cap Toe Derby Shoes Oxfords 8.5 , Black Handmade Monk Strap Italian Leather Dress Shoes/ Oxford Shoes / Size 40Handcrafted Men Leathe Black & Gray Wingtip Brogue Formal Shoe Tuxedo Dress Shoe , 3 Color Mens Rivet Loafers 100% Real Leather Handmade Shoes Punk Rivet Slip On , British Style Business Retro Dress Mens Pointy Toe Shoes Wedding Oxfords Driving , DAVID AUGUST Antique Brown Leather Loafers US 10 $600 Celeb Fav , New 1st Quality Allen Edmonds Eugene 14 B black
    VTG 70s Leather Brown Mod Italian Leather Alta Slip-Ons Slip-Ons Loafers Driving Alta Moda Sz 7.5 40.5 edf7f1b - blurrypron.com>VTG 70s Leather Brown Mod Italian Leather Alta Slip-Ons Slip-Ons Loafers Driving Alta Moda Sz 7.5 40.5 edf7f1b - blurrypron.com
    FABIO RUSCONI Shoes 706161 Black 36Gentleman/Lady Birkenstock Boston BS wool grey Practical and economical Elegant style Very good classification , Wmns Nike Air Zoom Elite 8 Orange Black Pink Womens Running Shoes 748589-805Gabor Womens Espadrilles, Beige 12 Silk, 8 UK , RIEKER WOMENS LADIES BROWN SLIP ON LOW WEDGE LEATHER LOAFERS CASUAL SHOES 53783 , Man's/Woman's Keen PTC Oxford Black Diverse new design Modern and stylish fashion Easy life , Sanita Women's Smart Step Professional Sophia Mule - Choose SZ/Color , Wolky Black Leather Embossed Snakeskin Print Slip On Ballet Flat size 6- 6.5TOD'S Womens Suede Leather Tie Driving Loafers Sneaker Shoes Blue Sz 38.5 , Womens Metal Buckle Board Ridding Camo High Heel Platform Ankle Boots StilettosNWOB Aquazzura Amazon Heel Sandals size 39 - worn twice excellent condition!!! , Men's/Women's Salvatore ferragamo Elinda pumps size 7.5 Attractive and durable Online export store Rich on-time deliveryInkkas JR'S Spectrum Hightop Size 8 Women 6-Boys Shoes Sneakers Handmade In PeruNIKE ZOOM MERCURIAL XI FK FC SIZE 11 UNIVERSITY RED/BLACK $200 RETAIL , ADIDAS ORIGINALS EQT CUSHION ADV SZ 13 COLLEGIATE ROYAL WHITE KNIT CQ2380MENS THE NORTH FACE ENDURUS TR TRAIL HIKE RUNNING SHOE SIZE 10 NWB , Nike Foamposite Electric Blue Mens Size 11.5. Jordan Retro Lebron 1 2 3 4 5 6 7 , Nike SB Stefan Janoski Max Mens 631303-662 University Red Skate Shoes Size 10.5MERRELL MENS BARE ACCESS FLEX SHIELD HYPERNATURE SIZE 10 , Packer Shoes x Stash x Reebok Instapump Fury 8 Fieg Atmos Concepts Bodega Kith , Nike SFB Field 8" Mens Size Tactical Boots British Khaki Brown 631371 220Lugz Strutt LX MSTULXK-716 Golden Wheat Gum Slip Resistant Boots Medium MenNIKE AIR JORDAN XI 11 RETRO PREMIUM PRM PINNACLE SUEDE 914433-003Olukai 'ohana Sneaker - Twill - Men Black / Black - 8.5PUMA Men's Classic Tropicali Round Toe SneakerNEW GREEN MENS SUEDE CASUAL SLIP ON BOAT DECK LOAFERS CASUAL DRESS DRIVING SHOES , $110 Women's Size 7 Brooks Ravenna 8 Running ShoesNIKE WOMENS AIR MAX 1 ULTRA FLYKNIT PHOTO BLUE DEEP ROYAL PINK 843387 400 , Easy Spirit Women's Nami3 Slipper - Choose SZ/color , KHOMBU SNOW BOOTS Canyon Waterproof Black Rubber Duck Boot Tall Faux Fur 6 New
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    VTG 70s Leather Brown Mod Italian Leather Alta Slip-Ons Slip-Ons Loafers Driving Alta Moda Sz 7.5 40.5 edf7f1b - 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.

    VTG 70s Leather Brown Mod Italian Leather Alta Slip-Ons Slip-Ons Loafers Driving Alta Moda Sz 7.5 40.5 edf7f1b - 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
    VTG 70s Leather Brown Mod Italian Leather Alta Slip-Ons Slip-Ons Loafers Driving Alta Moda Sz 7.5 40.5 edf7f1b
    Dress Shoes
    >
    ;