Never miss an update

Birkenstock 28893 Birko Flor Nubuck 044051 RAMSES - Stone BNIB - BNIB 044051 50d3fdf

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
Modified Item: No
Shoe Type: Sandals Colour: Grey
Material: Birko Flor MPN: 044051
Brand: Birkenstock
Never miss an update

Birkenstock 28893 Birko Flor Nubuck 044051 RAMSES - Stone BNIB - BNIB 044051 50d3fdf -

    Birkenstock 28893 Birko Flor Nubuck 044051 RAMSES - Stone BNIB - BNIB 044051 50d3fdf
    Birkenstock 28893 Birko Flor Nubuck 044051 RAMSES - Stone BNIB - BNIB 044051 50d3fdf
    Nike Benassi Solarsoft NBA Cleveland Cavaliers Red Gold Men Sandal 917551-601Nike Jordan Hydro 7 VII Grey White Men Sports Sandal Slides Slippers AA2517-002 , Orthaheel Scholl Orthotic Adjustable Mens Crescent Sandal Brown , Nike Jordan Hydro V Retro [555501-601] Men Sandals Slides University Red/BlackBirkenstock Arizona Birko-Flor Soft-Fußbett Male Sandals Birko-Flor Dessert Soil , Nike Jordan Hydro 7 VII Slide Sandals Black/University Red-Black AA2517-062Men's Shoes Slipper ROBERTO SERPENTINI 1968 Leather Cocco Brown Made Italy NewAdidas Originals Adilette 2.0 Sandals Yellow Grey CQ2672 CQ2673 SZ 4-12OOFOS OOriginal Sport Cloud Thongs/Shoes Arch Support/Waterproof - Size US M5 W7 , New Polo Ralph Lauren Jacque Scuff Mens Shoes Casual Sandals Sandals Flat , New Spiaggia Libera Edmondo Mens Shoes Casual Sandals Sandals FlatNew Spiaggia Libera Egidio Mens Shoes Casual Sandals Sandals Flat , Crocs Bistro Graphic Clog Unisex Clogs Synthetic Black BlackBirkenstock Gizeh Flip - Birko-Flor Graceful - Color ToffeeBirkenstock Milano Sandals Birko-Flor | regular narrow | white brown black blue , Birkenstock Florida Sandals Birko-Flor - narrow regular - white blue black brown , Birkenstock Zürich Veloursleder Soft-Fußbett Unisex Slides Suede Leather Mocca BJOE N JOYCE Amsterdam oiled leather Soft-footbed - Habana - Mules , Crocs Bistro Graphic Clog Unisex Clogs CrosLite Black/Parrot Green Green , Crocs Bistro Peppers Clog Unisex Clogs Synthetic Gold BlackBirkenstock Zürich Nubukleder Soft-Fußbett Unisex Slides Nubuck Leather Steer Ta , Birkenstock Gizeh Birko-flor Thong Flip-Flops Sandals Mens Womens Unisex Shoes , Birkenstock Zürich Veloursleder Soft-Fußbett Unisex Slides Suede Leather Mink Br , Birkenstock Yara Sandals natural leather | regular or narrow | brown , Birkenstock Milano Birko-Flor Unisex Shoes Sandals Slides SlingBack , Birkenstock Milano Birko-Flor Nubuck Unisex Shoes Sandals Slides footbed - NEW , Crocs Classic Blitzen III Clog Unisex Clogs CrosLite Navy/Oatmeal Blue , Birkenstock Rio Sandals Birko-Flor - white black silver - regular or narrow , Crocs Bistro Pro Clog - Color White ,
    Birkenstock 28893 Birko Flor Nubuck 044051 RAMSES - Stone BNIB - BNIB 044051 50d3fdf ->Birkenstock 28893 Birko Flor Nubuck 044051 RAMSES - Stone BNIB - BNIB 044051 50d3fdf -
    NIKE MENS KAWA SHOWER SLIDE BLACK WHITE SANDALS 2018 **ALL SIZES BEST SELLERMens Hard Yakka Blizzard Lo Action Nubuck Safety Toe Work Memory Foam Y60084 , Ladies Unstructured by Clarks Bow Slip On Flat Shoes Label -Freckle IceSTICO Womens WHITE Non-Slip Safety Chef Kitchen Shoes Elastic EVA Insole_V , Anne Klein Nilli Slip On Wedge Sandals, Black, 7.5 US , NEW Alias Mae Alias Mae EVITA MID HEEL SHOES BLACKWomen's Shoes MOMA 83501-8E Specchio Antracite Top Vintage Handmade In Italy NewSkechers BOBS Womens Plush Lite-Geometric Flat- Select SZ/Color. , Womens Round Toe Hollow Out Shoes High Heels Shiny Suede Zip Punk Sandals size , YSL Purple Suede Loafer Pumps (SIZE 37)Auth JIMMY CHOO Espadrille Slip on Shoes Denim Blue 35 Ladies 90039039PRADA A/W 2013 Burgundy Red Spazzolato Leather Pointed Toe Platform Oxford ShoeSaint Laurent Gray Suede Pointed D'Orsay Pumps SZ 39.5 , DONALD J PLINER Western Couture Collection Distressed Red Slides Mule Boots 9M , Women Roman Gladiator Metallic Buckle Ankle Strappy Wedge Sandals OpenToe Shoes , Skechers Womens Go Run 400-Motivate Multisport Running gym Training Comfy shoesNike Mens Size 7.5 Train Speed 4 Camo White Grey Athletic Running Shoes $100 , Nike Kobe Bryant KB Menatality Mens Size 11 Fiberglass Mint Basketball Shoes NEWNIKE AIR ICARUS EXTRA QS OREWOOD BROWN BLACK SAIL PERF SUEDE 882019 100 sz 10.5 , 2016 Nike Air Jordan 12 XII Retro Wool Size 8 Black Grey 852627-003 1 2 3 4 5 6NIB Rapdom Tactical Crusher 6 Inch Boots, 10 , Tommy Hilfiger Mens Boat shoe,Coffe Bean, -Select SZ/COLOR.Stacy Adams Madigan Dress Men's Sandal 24864 001Klogs Akland Men's Clog Shoes Display Model Mahogany 9 MMephisto Air Relax Mens Brown Pebbled Checked Leather Derby Shoes Sz US 8 L3BNike Wmn Dunk High Skinny PRM Metallic Luster/Sail 472488-005 , Men's/Women's Topo W-FLI-LYTE-2 Running Shoes fashion Online Modern and elegant , NEW Women's Worx by Red Wing Size 9 Medium Steel Toe Black Leather OxfordMen/Women Justin’s women’s brown/red cowboy boots flagship store Sales Italy Known for its excellent qualityChic Women Platform High Wedge Heel Zip Retro Knee Boot Shoe Round Toe British ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Birkenstock 28893 Birko Flor Nubuck 044051 RAMSES - Stone BNIB - BNIB 044051 50d3fdf -

    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.

    Birkenstock 28893 Birko Flor Nubuck 044051 RAMSES - Stone BNIB - BNIB 044051 50d3fdf -

    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
    Birkenstock 28893 Birko Flor Nubuck 044051 RAMSES - Stone BNIB - BNIB 044051 50d3fdf