Never miss an update

Mens ECCO burgundy leather sz. loafers shoes sz. 44 44 NEW Mens! 758cb02




Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: NEW WITHOUT BOX ( MINOR SCUFF ON TOP ) See Last Picture
Brand: ECCO Material: Leather
US Shoe Size (Men's): 44 Color: BURGUNDY
Width: Medium (D, M) UPC: Does not apply
Style: Loafers & Slip Ons
Never miss an update

Mens ECCO burgundy leather sz. loafers shoes sz. 44 44 NEW Mens! 758cb02 - blurrypron.com

    Mens ECCO burgundy leather sz. loafers shoes sz. 44 44 NEW Mens! 758cb02
    Mens ECCO burgundy leather sz. loafers shoes sz. 44 44 NEW Mens! 758cb02
    Men's Shoes Waterproof Dress Shoes Breathable Genuine Leather Low-top Shoes NewMens Chinese Floral Metal Toe Leather Shoes Dress Formal Wedding Show Korean New , Spring British Mens Slip On Business Formal Dress Square Toe Cow Leather Shoes , To Boot New York Warwick Size 82018 Mens Faux Leather Floral Buckle Shoes Pointy Toe Cuban Heel Dress Loafers , Johnston & Murphy Collins Cap Toe Oxford- Men's Size 8.5 M, Tan Calfskin , COLE HAAN BLACK LEATHER SLIP ON LOAFERS MENS 12 M DRESS SHOES AIR SOLES COMFORT1901 Merick Navy Blue Suede Men Derby Size 9M 3127 , Born Andes Men's Black Leather Penny Loafer Sz 14 1136Men's Pointed Toe Sliver Chunky Snakeskin Dress Formal Business Nightclub ShoesCeossny Men's Francis Tuxedo Dress Slip-On Loafer ,Black, 45 M EU / 12-12.5 D(M) , Stylish Mens Leather Pointy Toe Metal Spike 7CM Heels Slip On Dress Shoes SizeVogue Mens Pointed Toe Floral Block Heel Real Leather Breathable Nightclub Shoes , Comfy Loafer Gentlemen Shoes To Increase & Looking 3" Taller, KL602mens genuine leather slip on business dress shoes buckle crocodile print 13FORSTER BY LLOYD Men's shoes Size 11.5 US , New Donald J. Pliner Lance-08 8M black (346) , CALTO T52733 - 3.2 Inches Elevator Height Increase Black Slip On Oxford Shoe , US6-11 Mens Genuine Leather Sequins Pointed Toe Wingtips Multi-colors Shoes Ths0 , Punk Men Pull On Metal Tiger Toe Suede Velvet Loafer Dress Party Shoes Oxford z1 , Steve Madden pasage leather tan mens shoes size 132019 Embroidered Mens National Oxford Slip on Velvet Loafer Dress Suede Shoes US , CALTO T52734 - 3.2 Inches Elevator Height Increase Dark Brown Moc Toe Slip On , Punk GOthic Men Leather Shoes Brogue Oxfords Business Buckle Strap Shoes sStylish Mens Patent Leather Floral Shoes Metal Pointy toe Business Casual LoaferMagnanni 'Dante' Plain Toe Derby Patent Leather Black 9 BlackElegant Mens Bowknot Dress Shoes Oxfords Slip On Wedding Loafers Casual ShoesMEN'S SHOES PAOLO De MARCO, ALL LEATHER, BEIGE, BUMP TOE OXFORD SIZE 9 MEDIUMCHIC Men Slip On Black Pointed Toe British Oxfords H4 Dress Formal Brogues Shoes
    Mens ECCO burgundy leather sz. loafers shoes sz. 44 44 NEW Mens! 758cb02 - blurrypron.com>Mens ECCO burgundy leather sz. loafers shoes sz. 44 44 NEW Mens! 758cb02 - blurrypron.com
    Man/Woman Laredo Women's Bridget 51084 sell new Vintage tide shoes , JUNYA WATANABE Shoes 484868 Black M , New Womens Stratch Suede Boots Robert Clergerie ParisNew Lanvin Paris Brown Suede Hidden Wedge Knee-High Boots Size 35EU/5US $1150.00GP-PRO MX ENDURO BOOTS COMP SERIES 2.1 BLACK UK7 / EUR41 / US8 BOTMXD41OFF-WHITE x Air Jordan 1 Retro High OG , Asics Gel GT 2000 3 Womens Running Shoes (B) (2593) + FREE AUS DELIVERYNew Balance NB WL520CC B Classic Casual Lifestyle Sneakers White/Ivory/FloralClarks Women's Rockn Ankle Burgundy Leather Platform Oxford UK6/EU39.5 , Tommy Hilfiger Material Mix Rain Womens Black Chelsea Boots - 38 EU , Bella Vita Eden Pointed Toe Mule Pumps, Black Suede, 11 WW USSTICO Womens WINE Non-Slip Safety Chef Kitchen Shoes Elastic EVA Insole_RRRoyal Elastics Andy Warhol Slip-on Shoes Women's Size US 8 Extremely Rare! , Men/Women Crevo Kleo - Tan - Womens We have won praise from our customers. Pleasant appearance Popular tide shoesMr/Ms R Shoes 186313 PinkxMulticolor M online sale Trendy Different stylesAnne Klein Women's Fabrizia Patent Pointed Toe Pumps Size 6.5M, Grey 1007 , Women's Shoes Nine West NADYA Dress Pumps Heels Dark Red Suede Size 10 , Chic Womens Cow Leather Pointy Toe Mules Slipper Shoes Low Kitten Heel Formal , Summer Womens Slip On Open Toe Super Stiletto Heels Pumps Sandals Mules Platformadidas Originals BZ0637 Womens Promodel W Sneaker- Choose SZ/Color.Nike iD Flyknit Roshe One Black/White Speckle Men's Size 6 Roshe Run 718293 913 , NIKE FLYKNIT RACER WHITE-COOL GREY-GHOST GREEN SZ 13 [526628-103] , NEW Salewa Men's MS Firetail EVO Mid GTX Approach Shoe Deep Blue Davos Size 11.5Combat Mens Fashion PU Leather army boots British Round Toe Riding Boots ShoesPRE OWNED 2006 NIKE AIR JORDAN XI 11 RETRO DMP CONCORD DEFINING PACK VNDS SZ 12 , Retro Men Hairstylist Shoes Slip Ons Embroidery Loafers Flats Pointed Toe Hot szSkechers Women's YOU Ambiance Slip-On Sneaker , Valentine's Day Special-Cairn Terrier Print Running Shoes For Women-Free ShippinAsics Gel-Quantum 360 Knit Womens T890N-9609 Grey Orange Running Shoes Size 9.5NEW RAYE Tobi Perforated Black Suede Ankle Boot, Women Size 35.5 (5 US) $345 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mens ECCO burgundy leather sz. loafers shoes sz. 44 44 NEW Mens! 758cb02 - blurrypron.com

    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.

    Mens ECCO burgundy leather sz. loafers shoes sz. 44 44 NEW Mens! 758cb02 - blurrypron.com

    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.

    Conclusion

    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
    Mens ECCO burgundy leather sz. loafers shoes sz. 44 44 NEW Mens! 758cb02
    Dress Shoes
    >
    ;