Never miss an update

Tommy Bahama Men's Paradise Around Loafer, Dark Dark Brown, 13 Paradise 13 D US e673989

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
UPC: 882976823810
Weight: 2.4 lbs EAN: 0882976823810
Dimensions: L 14.21 x W 8.11 x H 5.2 inches Brand: Tommy Bahama
PartNumber: PARADISE AROUND-TB7F000141-02B-13 D MPN: TB7F000141
ProductGroup: Shoes Binding: Apparel
ISBN: Not Applicable Color: Dark Brown
Style: Not Applicable Department: mens
US Shoe Size (Men's): 13 M US
Never miss an update

Tommy Bahama Men's Paradise Around Loafer, Dark Dark Brown, 13 Paradise 13 D US e673989 -

    Tommy Bahama Men's Paradise Around Loafer, Dark Dark Brown, 13 Paradise 13 D US e673989
    Tommy Bahama Men's Paradise Around Loafer, Dark Dark Brown, 13 Paradise 13 D US e673989
    Dr. Scholl's Shoes Men's Rush Oxford - Choose SZ/Color , CLARKS Men's Tunsil Step Shoe, Black mesh, 090 M US , Cole Haan Men's Tucker Venetian Slip-on Loafer - Choose SZ/Color , Marc Joseph NY Men's Fashion Shoes Broadway Navy Suede Venetian Loafer Size 9Forsake Freestyle - Men's Casual Leather Slip-On Sneakerboot 9 NavyWolverine Men's Fletcher Low Work Shoe - Choose SZ/Color , Margaritaville Men's Flow Boat Shoe - Choose SZ/ColorRockport Men's Kingstin Waterproof Blucher Fashion Sneaker - Choose SZ/ColorReebok Work Men's Trainex RB6765 Sport Work BootMerrell Men's Jungle Moc Nubuck Slip On Shoe - Choose SZ/Color , Propet Men's Lucas Oxford Brown 11 3E US , Etnies Helix Skate Shoe - Choose SZ/ColorSTICO WSS-100 Orange Mens Non-Slip Safety Shoes Comfortable Breathable KOREA_ARMerrell Men's Jungle Moc AC+ Fashion Sneaker - Choose SZ/ColorClarks Unstructured Mens Un.Ravel Casual Oxford,Brown,10 M USSkechers USA Men's Venick Perlo Slip-on LoaferDark Brown9.5 M US , Handmade Men Black Leather Slippers Flat Banquet Loafers Dress Shoes with Bowtie , Sanuk Men's Rounder Hobo Hemp Slip On - Choose SZ/ColorMargaritaville Footwear Men's Marina Canvas Boat Shoe Khaki 10 D USPolo Ralph Lauren Men's Faxon Low-Canvas/Corduroy Sneaker - Choose SZ/ColorKenneth Cole New York Men's Prem-Ier League Fashion SneakerECCO Men's Jack Fashion Sneaker, Bright White, 44 EU/10-10.5 US , Gentlemen/Ladies Kenneth Cole REACTION Men's Sitch-uation Oxford Excellent craft Low price Known for its beautiful qualityFlorsheim Men's Tuscany Bit Slip-On Loafer,Navy,11.5 D US , Skechers for Work Men's Blais Steel-Toe Hiking Shoe Black 12 D(M) USSoludos Men's Convertible Original Loafer, Midnight Blue/Beige, 11 M USSkechers Diameter Henson Mens Oxfords Dark Brown 9.5Cedar Elements Little Wholesale Program - Cedar Shoe Tree - 6 Pairs Large , Sperry Top-Sider Men's Convoy 3-Eye Boat Shoe, tan, 10 Medium US
    Tommy Bahama Men's Paradise Around Loafer, Dark Dark Brown, 13 Paradise 13 D US e673989 ->Tommy Bahama Men's Paradise Around Loafer, Dark Dark Brown, 13 Paradise 13 D US e673989 -
    Dolce Vita Neely Over Knee Women's Light Brown Boot Sz 8 2808 * , POUR LA VICTOIRE BLACK SUEDE PATENT LEATHER WEDGE BOOTS 8.5 $295 4.25" high , Chloé Boots (Black Knee Boots- size 40- worn 5 times) , Adidas Originals EQT Cushion ADV [AQ0960] Men Casual Shoes Cargo/BlackSlatters Kestrel Mens Comfortable Leather Slide SandalsDemonia Voltage-08 Black Studded Lightning Bolt Chrome Heels - Gothic,Goth,Punk,Womens Chic Mixed Color Sandals Super High Stiletto Heels Pumps Peep Toes ShoesImagine Vince Camuto Women's Im-OVA Dress PumpCole Haan Women's Chelsea Black Leather Suede Flared Block Heels 1256 Sz 6 B , Christian Louboutin Maggie 140 Glitter Mini/Ayers Lamin Gold Pumps Sz 39.5 , Boutique 9 Violanda Womens Espadrille Ankle Strap Sandals Shoe SZ 8.5 M Black 4" , Havaianas Slim Metal Mesh Flip Flop Thong Sandal - Womens , Tory Burch Landon Wedge 55mm Espadrille Sandal Navy Size 8.5NIKE Big High Air Force Style Retro Mens Sz 10.5 Shoes White 336608 118Nike 9 Dunk SB High Top Premium Brown Cigar Suede Leather Sneakers White Gum , VANS VAULT 106 LX SZ 8.5 LEATHER BLACK WHITE VN 0IH3BLK , Nike Vapor Speed Turf Football Trainer Green Black White 833408-373 Mens Size 13 , adidas ultra boost uncaged Triple Black 11Mizuno Wave Running Shoes J1GA1734 yellow US9 , 5.11 Tactical Men's XPRT 2.0 8" Boot Dark Coyote Work Boots , Allen Edmonds Burnt Orange Leather Moccasin Driving Shoes Size 13.5 D , Allen Edmonds McAllister 14 A Men's Wingtip Oxford Dress Shoes Cordovan BrownPaul Fredrick two toned shoes - ghillie - all leather made in Italy size 11.5 MSTACY ADAMS Stacy Adams Mens Bancroft Oxford D (M)- Pick SZ/Color.Man's/Woman's Women's Asics Gel-Nimbus 19 Running Shoe Promotion Good market Breathable shoes , adidas AH2156 Womens Adizero Club 2 Tennis Shoe- Choose SZ/Color.Womens Black Thigh High Boots Sexy Pointed Toe Stretchy Pull On Side Zip Shoes TUnlisted Rest My Case Black Zip Up Stiletto Ankle Boots Womens Shoes Size 7.5 MWinter Female Thick Heels Riding Round Toe Zip Motorcycle Leather Platform ShoesSam Edelman Black Petty Boot Brahma Calf Hair Chelsea US sz 7.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Tommy Bahama Men's Paradise Around Loafer, Dark Dark Brown, 13 Paradise 13 D US e673989 -

    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.

    Tommy Bahama Men's Paradise Around Loafer, Dark Dark Brown, 13 Paradise 13 D US e673989 -

    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
    Tommy Bahama Men's Paradise Around Loafer, Dark Dark Brown, 13 Paradise 13 D US e673989
    Casual Shoes