Never miss an update

P - Men's COLE - HAAN 'Harrison' Brown - Leather 'Harrison' Wingtip Oxfords Size US 9 - D 71fdee4

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: Item has been and is in overall New condition, free from defects, tears and discoloration. Refer to actual pictures.
Style: Oxfords Brand: Cole Haan
Color: Brown Pattern: Solid
Product Line: Harrison Occasion: Formal
Material: Leather US Shoe Size (Men's): 9
Width: Medium (D, M) UPC: Does not apply
Never miss an update

P - Men's COLE - HAAN 'Harrison' Brown - Leather 'Harrison' Wingtip Oxfords Size US 9 - D 71fdee4 -

    P - Men's COLE - HAAN 'Harrison' Brown - Leather 'Harrison' Wingtip Oxfords Size US 9 - D 71fdee4
    P - Men's COLE - HAAN 'Harrison' Brown - Leather 'Harrison' Wingtip Oxfords Size US 9 - D 71fdee4
    Vince Men's Pryce Oxford - Choose SZ/Color , Handmade men two tone shoes, men wingtip jeans fabric shoes, dress leather shoesApron toe loafer genuine leather shoes for men stylish men's handmade shoesStacy Baldwin Wingtip Oxford Brown and White Patent Leather Tuxedo Shoes , Clarks Tilden Walk Mens Oxford- Choose SZ/Color.Fiesso Mens Royal Blue Suede Gold Metal Bling Point Toe SlipOn Party Loafer ShoeMen's/Women's Bally Men Leather Single Buckle Loafer Aesthetic appearance Known for its good quality cheaperAllen Edmonds 'Warwick' Oxford - Walnut- Size 8 D $385Burgundy BALLY CORNIOLO Leather Brogue Wingtip Oxfords Dress Shoes 11 D ITALYNew 1st Quality Allen Edmonds Rockland 9.5 B brown , Florsheim 14195 2223E 10- Mens Estabrook Plain Toe Oxford- Choose SZ/Color. , Handmade Wing Tip Oxford Shoes Navy Tan Formal Dress Tuxedo Leather Shoes MenMagnanni Berto Wingtip Cognac Brown Oxford Shoes Size 9.5 M $398+ , Calvin Klein Mens Norm Patent Tuxedo Loafer- Pick SZ/Color.SHOESA17) CHURCH'S DERBY (BURWOOD II) / 9,5 G / 43,5 FR CUSTOM GRADE CUIR VERNI , ECCO Men's Lisbon Black Leather Moc Toe Slip-On Loafer 622144 , Florsheim Men's Midtown Cap Toe Oxford Black Smooth Oxford 8.5 3E , Handmade Men Wingtip Spectator Brogue Leather Shoes, Men Black Formal ShoesHandmade Men Navy blue and white leather shoes, Men slip ons Men Spectator shoesALLEN EDMONDS 'Strand' Cap Toe Oxford (Mens 11C)Zota Unique Men's Studded Suede Casual-Formal Slip-On Loafer G3115-01 Black/GoldMagnanniI Cornado Plain Toe Cognac Brown Leather Oxford Size US 10 M $350 , Florsheim Men's Danforth Moc Toe Bit Loafer Sand Shoes 13093-269To Boot New York Men's Samuel Plain Toe Derby Brown Shoe Size 10 1/2 $350 RetailNew Handmade Men Black And White Wingtip Brogue Formal Shoes, Spectator Shoes , New Santoni Andrea 7 D brown (3422)NEW $700 DOLCE & GABBANA Shoes Blue Leather Formal Dress Derby s. EU44 / US11 , Mens PRADA Black Leather Oxford Shoe Size US 10. for sale $175 retail $675! , Tod's moccasin loafers, blue suede, men's shoe size US 11 $450 ,
    P - Men's COLE - HAAN 'Harrison' Brown - Leather 'Harrison' Wingtip Oxfords Size US 9 - D 71fdee4 ->P - Men's COLE - HAAN 'Harrison' Brown - Leather 'Harrison' Wingtip Oxfords Size US 9 - D 71fdee4 -
    Nelly Bernal Harmony Multi Green Snake Open Toe Strappy 4.5" Heel Ankle BootNEW Pikolinos Black Stitch Tassel Short Block Heeled Booties Sz 39 8.5Beige Authentic See By Chloe Eileen Platform High Heel Boots Size 8 US , AF243 MOMA shoes black leather women ankle bootsFRYE Women's Phillip Tall Harness Boot Cognac 8 M USMENS ADIDAS LEISTUNG 16 MEN'S WEIGHTLIFTING RUNNING/TRAINING/RUNNERS SHOESPHILIPPE MODEL WOMEN'S SHOES HIGH TOP LEATHER TRAINERS SNEAKERS PARIS H WHIT 449 , Adidas Originals Los Angeles Womens Sneakers BARGAIN - DEAD STOCK Size 9Salvatore Ferragamo Sport Women's Loafers Jacquard White Tan Logo Size 9 1/2 2ANEW Munro Sport Black 9.5 M Walking Loafer Womens Slip on Stretch Fabric X-LightSam Edelman Felicia Pink Purple Magenta Suede Leather Ballet Flats Shoes Sz 6Christian Louboutin Women Ares Flat Olona Toile Rose Pink Espadrilles Euro 36Seychelles Drum Kit Womens Dress Pump- Choose SZ/Color. , 5C8 Tory Burch Embellished Stiletto Ankle Strap Open Toe Women Shoe Sz 7.5M $395DOLCE & GABBANA Platform Sandals 38.5 , New Dolce & Gabbana embellished shoes heels,made in Italy,size 39 (Italy)NEW Old Friend Sheepskin Slippers Adjustable Closure Shock Reduction Ladies 8 9 , Women Patent Leather Pointed Toe Creeper Wedge Heels Side Zipper Walking Shoes , Men's Skechers 51591 Escape Plan Outdoor Activity ShoeMen's Jordan Galaxy 820255-003 - Dark Grey , New Balance Men's 574 Outdoor Boot Pack - Choose SZ/Color , Asics 190TR Mesh Mens Crosstraining Shoe (2E) (9645) + Free AUS Delivery! , NIKE LEBRON SOLDIER XII 12 SFG TEAM RED GUM LIGHT BROWN AO4054-600 MENSMens Round Toe Retro Ankle Boot Shoe Knight Combat Military Leather Shoe S Ths01 , Allen Edmonds Byron Cap Toe Oxford Black Mens 12 D Dress Shoes Brogue USASaucony Women's Guide 10 Running Shoe, Teal/Navy/Pink, 7.5 M US , women's shoes AGILE BY RUCOLINE 6 () sneakers platinum leather BT235-36JUSTIN L9903 Gypsy Leather Western Cowboy Cowgirl Boots Brown & Pink 6B Girls 4Y , ankle boots warm shoes black/brown slip on Women's rivet buckle platform S50Women's EMU Australia Waterfall Bootie Chestnut Size 7 #NJZ0B-558
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    P - Men's COLE - HAAN 'Harrison' Brown - Leather 'Harrison' Wingtip Oxfords Size US 9 - D 71fdee4 -

    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.

    P - Men's COLE - HAAN 'Harrison' Brown - Leather 'Harrison' Wingtip Oxfords Size US 9 - D 71fdee4 -

    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
    P - Men's COLE - HAAN 'Harrison' Brown - Leather 'Harrison' Wingtip Oxfords Size US 9 - D 71fdee4
    Dress Shoes