Never miss an update

Calvin Klein Leather Mens Loafers 29923 Black Black Leather Henry Slip On Shoes size 11 M ac86fab

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: Minor marks on top front of right shoe. Please see photos.
Brand: Calvin Klein Color: Black
US Shoe Size (Men's): 11 Width: Medium (D, M)
Material: Leather Style name: Henry
Style: Loafers & Slip Ons UPC: Does not apply
Never miss an update

Calvin Klein Leather Mens Loafers 29923 Black Black Leather Henry Slip On Shoes size 11 M ac86fab -

    Calvin Klein Leather Mens Loafers 29923 Black Black Leather Henry Slip On Shoes size 11 M ac86fab
    Calvin Klein Leather Mens Loafers 29923 Black Black Leather Henry Slip On Shoes size 11 M ac86fab
    NEW Converse Jack Purcell JP Ox Mens 11 Shoes Sneakers Sunset Glow White 155634C , New Premium Sperry Top Sider Boat Shoes Bahama Fabric Nautical Anchor Size 11Tempur-Pedic MARKIS Loafer Moccasin Slip-On Shoes - Mens 9.5 - Black LeatherDemonia Men's SNEEKER-201 250 252 255 256 266 270 Platform Creeper High Top , CREATIVE RECREATION Mens Forlano White Diamonds CR3170006 Shoes FASHION SNEAKERSL.B. Evans Men's Vernan Moc Toe Slipper , Cole Haan Mens Black Executive Dress Slip On Loafers Shoes Size 11.5 M ItalyMen's Converse CTAS Vintage Slip 150179C Size 7.5 , Vans VN-0EYEBLK: Classic Slip-on Black White Canvas Mens , Nike Air Jordans White 414588-01 Men's size 13 , Naturalizer Mens Saban Leather Closed Toe Penny LoaferNEW Converse CTAS Ox 7.5 9.5 Light Fawn Brown/White Fur Shoes Sneakers 157665CSkechers Men's Work Relaxed Fit Hobbes Frat SRPuma El Rey FUN Urban White Grey Men Casual Shoes Slip-On Sneakers 362371-04Cole Haan Men's Brown Leather Loafers Moc Toe Slip On Strap Driving Shoes 9.5 M , Brooks Men's Regent Sz US 10.5 M Multi Mesh & Synthetic Sneakers Shoes $125.00Clarks Allston Edge (Men's) Olive Nubuck Size 7.5M M95 , Mens 9.5 M Donald J Pliner Front Sneaker Sport Shoes Gray Leather Sneakers ItalyMerrell Realm Moc Loafers Chocolate Brown Leather Shoes 13 48 Slip OnNEW Converse CT Asylum Mid Midnight Blue Mens Size 11 Shoes Sneakers 147110C , MENS ADIDAS COLORVANTAGE ADICOLOR in colors HALBLU / HALBLU / HALBLU SIZE 11 , ROCKPORT CG8395 RYDLEY UP MEN'S CASUAL SHOES sz 9.5 W(WIDE) , RARE SAMPLE New Mens 9 NIKE SB "Eric Koston" Black Grey Suede Shoes 705325-001MENS ADIDAS COLORVANTAGE ADICOLOR in colors SCARLET / SCARLET / SCARLET SZ 10Stacy Adams Men's Baybridge Slip On Sandal 25024Florsheim Imperial Men's Sz 12 B Kenmoor Black Wingtip Derby Oxford Shoes EUCNunn Bush Men's Black Eathan Leather Slip On Loafer Shoes SIZES! NIB Ethan , New Puma Suede Classic+ LTH Black/White Size 13 $60 , Asics Men's Gel-Tactic Sz US 15 M White Synthetic w/Balck Sneakers Shoes $100.00
    Calvin Klein Leather Mens Loafers 29923 Black Black Leather Henry Slip On Shoes size 11 M ac86fab ->Calvin Klein Leather Mens Loafers 29923 Black Black Leather Henry Slip On Shoes size 11 M ac86fab -
    New Balance 410 Classic Trainers in Black Blue & Grey U410 CC , Blundstone SOFT TOE BOOTS 405 Brown Leather*AUS Brand- Size US 3, 4, 5, 5.5 Or 6Fitflop Womens Cha Open Toe Sandals, Purple Dusty Lilac, 8 EU , La Redoute Womens Ruffled Strap Ballet PumpsSky 308 Purple Chrome w/ Clear Ankle Strap Platform 7" Heel Size 11 Shoe , Dolce & Gabbana Red Velvet Crystal Embellishment Platform Sandals , Dolce Gabbana Grey Patent Leather Beatles Vernice Heels Womens Size 10Prada MIU MIU Heels (size UK7 US 9)Prada Cork Wedges, Size 10, Nude (Beige), Patent LeatherNike Flyknit Lunar 3 Concord Black Running Shoe Men's US 10.5 Eur 44.5 (D2,5) , Nike Air Zoom Mariah Flyknit Racer Men's Sz 10 Black Grey White 918264-008 NEW , 34 Under Armour Highlight Drive 2 Basketball Shoes Blue/Black Mens Sz 10-15 , Gentleman/Lady Adidas Men's Alphabounce Beyond Diverse new design First batch of customers buy onlineNEW MEN's NIKE SFB 6" NSW LEATHER SNEAKERBOOT BOOTS OATMEAL size 10.5 Military , NIKE AIR JORDAN RETRO BLACK SHOES AQ7924-001Adidas x KITH Aspen Ultra Boost Mid DS Size 9.5 (BY2592) With ReceiptNew Nike Air Jordan 4 Raptors 9.5 NRG Drake Purple Travis Cactus Rare NBANocona boots 9.5 M off white with blue stitch and ostrich bottom , Sanuk Guide Plus Suede Men's Shoes Dark Charcoal 11.5 , Under Armour Men's Raider Hunting Shoe, Maverick Brown/Anthracite/Anthracite , Cesare Paciotti 47430 High Top Sneaker White Multi Leather Daggers 8.5 USCole Haan BLACk GIRALDO LX PENNY II Mens US Size 9 New With Box Display TFI , Women's Nike Metcon 2 AMP Sz 6-11 Blue Glow/Black/Volt 843972-400 FREE SHIPPINGReebok R CrossFit Nano 8.0 White Grey Silver Women Cross Training Shoes CN2983Nike Air Max 90 Premium Cedar/Cedar-Gum Yellow-White (WS) (896497 601) , Alfani Womens Novaa Black Over-The-Knee Boots Shoes 9.5 Medium (B,M) BHFO 7180Womens Over Knee Boots Point Toe Black Leather Thigh High Block Heels Black NEWFashion Womens Pointed Toe Stiletto Heel Over Knee High Boots Cross Strap Shoes , Earthies Beaumont - Women's High Wedge Boot Dusty Grey - 7.5 Medium , $500 Rag & Bone HARROW Black leather Ankle Boots 39.5 Belted Harness Booties
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Calvin Klein Leather Mens Loafers 29923 Black Black Leather Henry Slip On Shoes size 11 M ac86fab -

    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.

    Calvin Klein Leather Mens Loafers 29923 Black Black Leather Henry Slip On Shoes size 11 M ac86fab -

    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
    Calvin Klein Leather Mens Loafers 29923 Black Black Leather Henry Slip On Shoes size 11 M ac86fab
    Casual Shoes