Never miss an update

Roberto Serpentini 1979 Slip On/Loafers Shoes Roberto Black Slip On/Loafers 45/11 ME 11502 1bda073

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Roberto Serpentini
Pattern: Solid Modified Item: No
Euro Size: EUR 45 Upper Material: Leather
Width: Narrow (C, B) Style: Loafers & Slip Ons
Color: Black US Shoe Size (Men's): 11
Features: Lightweight, Slip Resistant Country/Region of Manufacture: Italy
UPC: Does not apply
Never miss an update

Roberto Serpentini 1979 Slip On/Loafers Shoes Roberto Black Slip On/Loafers 45/11 ME 11502 1bda073 -

    Roberto Serpentini 1979 Slip On/Loafers Shoes Roberto Black Slip On/Loafers 45/11 ME 11502 1bda073
    Roberto Serpentini 1979 Slip On/Loafers Shoes Roberto Black Slip On/Loafers 45/11 ME 11502 1bda073
    British Youth Mens Metal Head Pointy Toe Oxford Shoes Chic Party Business Shoes , 122))Mezlan San Marco()Caramel /Brown Leather Casual Loafer/Shoe Men Sz 11.5 M , Propet Vista Strap - Men's A5500 Diabetic Casual Brown - 14 XX-WideGEOX Symbol D sneakers sale u34a5d smooth leather black , SPERRY PINNACLE CAPTAIN'S MOCCASIN STS17738 BROWN (US.8.5 - BROWN)STICO WSS-150 Green Mens Non Slip Safety MESH Shoes Comfort BreathableKOREA_Ic , Wolky 8 Brown Leather Men's Walking ShoesROCKPORT MARGIN CHOCOLATE MENS OXFORDS Size 10 M , DIADORA MAN CASUAL SNEAKER SHOES CODE B.ELITE WNT BRIGHT 501.170954 WITHOUT BOX , NIKE ROSHERUN PREMIUM SAFARI PACK BLITZ BLUE Sz 8.5-12 BLACK 525234-400 roshe , Vince Men's Gray Suede Shoes Slip On 11 MPropet Vista Strap - Men's A5500 Diabetic Casual S Black - 15 MediumNIKE MAN SNEAKER SHOES CASUAL FREE TIME CODE 918227 400 NIKE DUALTONE RACERMen's Outdoor Height Elevator Tennis Black Shoe 2.4 Inch Tall, TC562NEW adidas EQT Equipment Support ADV BB1295 Mens Shoes Trainers Sneakers SALENEW NICE BORN Men's Casual 2 Tone Leather Shoe, US 9M, Euro 40.5Propet Vista Strap - Men's A5500 Diabetic Casual S Black - 14 X-Wide , Comfort Men's Leather Moccasins Shoes Driving Shoes Business Low Top CasualPropet Vista Strap - Men's A5500 Diabetic Casual S Black - 15 X-Wide , Pre-Owned (Other) Bed Stu Men's Richmond Driftwood Shoes Size 10 B0243Propet Vista Strap - Men's A5500 Diabetic Casual Brown - 8.5 XX-Wide , Mens Suede Genuine Moccasin Gommino Shoes Slip On Loafers Tassels Breathable Sz , $199 PW Minor Hiker Mens 11.5 3E Extra Wide Brown Oxford Vibram NOS EUC 18-14 , ASICS GEL-LYTE EVO NT Casual Shoes Trainers H623N 2396 Unisex Men SneakerPropet Vista Strap - Men's A5500 Diabetic Casual S Brown - 15 X-WideCRIME MAN SNEAKER SHOES CASUAL FREE TIME CANVAS CODE 11006S17BPropet Vista Strap - Men's A5500 Diabetic Casual Black - 11.5 Medium , Donald J Pliner Zarro Espresso Nubuc Cap Toe Loafer - Size 7 MPropet Vista Strap - Men's A5500 Diabetic Casual S Brown - 16 Medium
    Roberto Serpentini 1979 Slip On/Loafers Shoes Roberto Black Slip On/Loafers 45/11 ME 11502 1bda073 ->Roberto Serpentini 1979 Slip On/Loafers Shoes Roberto Black Slip On/Loafers 45/11 ME 11502 1bda073 -
    Via Spiga Womens Black Leather Knee/Over The Knee Boots 7 MAriat Women's 9" Juanita Cowgirl Boot - Red , Mou - Ankle boots - 320964 - BlackNike Air Max 270 Black Hot Punch Men Running Shoes Sneakers AH8050-010Ladies Clarks 'Macay Holly' Boots The Style ~ KREEBOK CLASSIC LEATHER LIFESTYLE WOMENS BLACK SHOES **FREE POST AUSTRALIACarmela Suede Leather Flat Knee Riding Boots Style Low Heel High Shoes , Nina Venetia Ankle Strap Dress Sandals, Berry, 8 US / 38 EU , Hot Womens OL Pumps Slippers Pointy Toe Ankle Strap Dress Casual Heels Shoes AU , Chloe Womens Ballet Flats Size 38.5 Nude Leather Scalloped Round ToeOrth Feet Women's Leather Shoes Size 7 D Black , Hale Bob Paris LA Striped Platform Leather Flower Heels Shoes Size 6.5 @ cLOSeT , Easy Spirit Frisia mary jane wedge brown 10 Md NEW , Womens Bling bling Platform Stilettos High heel Rhinestones Wedding shoes 01 , Dolce & Gabbana Black Eel Skin Heels Pumps Loafer Look Shoes US 6 EXC! , Andre Assous Womens Wedges Size 8.5 Navy Blue Beige Peep Toe Espadrilles , Rainbow Women's Sandal Wide Strap Single Layer 301 ALTS Sierra BrownSam Edelman Trina Leather Sandal, Women's Size 8 M, Black DAMAGEDHelly Hansen Women's Seasand HP Flip-Flop Navy/Aqua Blue/Shell Pink/Off White , Naot Women's Mystery Wedge Sandal Blue 38 EU/7 M USConverse CONS BREAK POINT SUEDE SKATE Shoes Size 12 153988CNike Air Jordan 5 Retro Stealth sz 8.5 Blue Sport Royal whiteNew Balance 928 Mens Athletic Walking Training Shoes Size 9.5 2E WIDE BlackNike Kobe AD A.D. Mid Rise Obsidian White Mega Blue Orange Size 12 922482 401Adidas NMD_R2 PrimeKnit Men's Shoes Running White/Core Black by9410DS 2003 Nike Dunk Low SB Jersey Gold Red Mahagony Hemp USms. 9MBT Physiological 700808-954Y Mens ZeeRunning Shoe- Choose SZ/Color. , Sperry STS41072 Flex Deck Grey Men's Boat Shoes 11 M US NEW , Mezlan Tyson II Leather Dress Oxfords, Men's Size 12 M, BlackVery Volatile Womens fier Almond Toe Ankle Cowboy Boots, Charcoal, Size 6.0 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Roberto Serpentini 1979 Slip On/Loafers Shoes Roberto Black Slip On/Loafers 45/11 ME 11502 1bda073 -

    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.

    Roberto Serpentini 1979 Slip On/Loafers Shoes Roberto Black Slip On/Loafers 45/11 ME 11502 1bda073 -

    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
    Roberto Serpentini 1979 Slip On/Loafers Shoes Roberto Black Slip On/Loafers 45/11 ME 11502 1bda073
    Casual Shoes