Never miss an update

Stacy Cognac Cap Adams Men's Barris Cap Toe Oxford Oxford Shoes Cognac 25190-221 5317285

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Brand: Stacy Adams
Style: Oxfords
Never miss an update

Stacy Cognac Cap Adams Men's Barris Cap Toe Oxford Oxford Shoes Cognac 25190-221 5317285 -

    Stacy Cognac Cap Adams Men's Barris Cap Toe Oxford Oxford Shoes Cognac 25190-221 5317285
    Stacy Cognac Cap Adams Men's Barris Cap Toe Oxford Oxford Shoes Cognac 25190-221 5317285
    MEZLAN OXFORDS DARK BROWN LEATHER SHOES SIZE 10½ M MADE IN SPAIN , Men's Bacco Bucci Derby Oxford DK Brown Leather SZ 8.5 MSRP 275$ Made in ITALYWedding Mens Nightclub Pointy Toe Cuban Heel Dress Slip On Leather Loafers ShoesMens pointed toe Real Leather ankle boot buckle motorcycle Dress Formal shoes , Mens Suede Leather Metal Pointy Toe Cuban Heels Slip On Printed Formal Shoes sz , runway british style pointy toe steel toe slip on punk metal leather rivet shoes , NEW Date Shoes Formal Men Pointy Toe Business Metal Decor Wedding Dinner Slip OnBritish New Pointed Toe Leather Mens Formal Business Dress Loafer Slip On ShoesAlfredo Men's Black Leather Slip On Dress Shoes Made in Brazil Size 44 37905Men's Pointy Toe Cuban Heel Patent Leather Dress Formal Oxfords Wedding Shoes , Hush Puppies Men's H102823 Quatro Plain Black Leather Slip-On Shoe Size 8.5 Wide , Men's Shoes Leopard Smooth Leather Slip On Shoes Printing Loafers Board Shoes SzEurope Style Leather Leisure Snakeskin Pattern British Pointy toe Mid Heel SHoesStacy Adams Men's Barstow Oxford Brown Leather Shoes 24982-200 , US10.5 Mens Pointy Toe Black Print Ankle Boots Chic Show Side Zip Dress Shoes SzMens Metal Pointy Toe Leather British Casual Shoes British Bead Dress Boot 38-46CALTO G65701 - 2.8 Inches Elevator Height Increase Black Slip On Loafers , Men's Bacco Bucci Derby Oxford DK Brown Leather SZ 8 MSRP 275$ Made in ITALYKenneth Cole New York Men's North Shore Slip-On Loafers,Shoes,Cognac/Brown,US 9M , British Slip On Brogues Formal Casual Wedding Shoes Mens Oxfords Pointy Toe HotStacy Adams Men's SIDNEY WINGTIP SLIP ON Cognac leather Shoes 25138-221Cole Haan Shoes Mens Brown Calfskin Leather Plain Toe Oxfords size 8.5 D , Ecco Chicago 9 to 9.5 Black Slip On Dress Shoes Men's , British Mens fashion Trend pointed toe Personality Shoes Stylist Oxfords Plus SZFlorsheim Mens Shoes Sz 10 B Burgundy Wing Tips Leather Dress Oxfords 30831 , Gentleman/Lady Adidas N-5923 Shoe - Men's Special price a variety of Recommended today , Florsheim Men Dress Formal Casual Shoes Navigator Wingtip Oxford Shoes Black NEW , Men's genuine Leather Dress Flower Embroidery Formal Loafer Shoes oxfordMens Fashion color rhinestone Leather party Loafers shoes Dress Formal 36-47 New
    Stacy Cognac Cap Adams Men's Barris Cap Toe Oxford Oxford Shoes Cognac 25190-221 5317285 ->Stacy Cognac Cap Adams Men's Barris Cap Toe Oxford Oxford Shoes Cognac 25190-221 5317285 -
    $548.00. FRYE Women's Riding Chelsea Boots Shoes Cognac 6 NEWMen/Women Dune London Women's Pollo Western Boot Queensland Comfortable touch Elegant and solemnNEW $398+ Cole Haan CARLYLE Chestnut Brown Tall Dress Leather Boots Sz 10 ShoeSARTORE WOMEN BUCKLED BELTED RIDING BIKER BLACK LEATHER BOOTS US 9.5Men's/Women's Jimmy Choo Leather Platform Boots Customer first First grade in its class Fashion versatile shoesWomen shoes boots leather model JOELLE by HGilliane Design Us size 3.5 to 12ARMANI JEANS MAN SNEAKER SHOES CASUAL FREE TIME CODE B6510 WITHOUT BOXTory Burch Black Glitter Eddie Ballet Flat Shoe 9.5 Retail $198SOLD OUT NDC N.D.C. Alithia Red Suede Boat Shoes 37 - La Garconne $280V-Italia Kiki Cap Toe Trainers Hi Top Fashion Sneakers Women's EURO 39 (US 8.5)Max&Co oxford patent leather shoes with applique size EU37/US7El Naturalista Womens Pleasant Stella Slipper 39EU ( US)- Select SZ/Color. , NIB Women's $1390 KITON Red Suede Wingtip Tassel Loafer US 10 (Eu 41) ShoesSPERRY WOMENS CREST VIBE PAINTERLY STRIPE RED SIZE 7British Womens Formal Leather Loafers Pointy Toes Slip On Low Block Heels Shoes , Dee Keller Metallic Silver Leather Wedges Size 38NEW! Nine West Women's Freewill Platform Sandal 9.5 MChristian Louboutin Simple Pumps 100 - Nude - Patent Leather - Size 39.5 , Men's Nike Flex 2017 Run Running Shoes NEW Grey/Blue/White , MSRP $85[190962-03] MEN'S PUMA IGNITE LIMITLESS SR NETFIT , UNDER ARMOUR UA TEMPO SPORT 2 GOLF SHOES BLACK SIZE 9 NEW W/BOX (3000215-001) , Nike Air Python PRM [705066-600] NSW Casual Red/Black , New DS Nike Lebron James 12 Cleveland retro vtg vintage OG rare authentic size , NEW Mens MERRELL Novica Coast Moc J255061C Boulder Grey Slip On Sneakers ShoesRockport Luxury Cruise Venetian Mens 11(D)- Choose SZ/Color.Men Pointy Point Toe Leather Dress Wedding Shoes Stripe British Loafer HOT 38-45 , R - Men's MEPHISTO 'Baduard' Brown Leather Nubuck Loafers Size US 11.5Merrell Agility Summit Flex Women's All Terrain Trail Running Shoes Only , Nike Air Max 90 Premium Safari Shoes Wolf Grey CROC 443817 011 Women’s Size 7.5Zigi Soho Brock Women's black textile fabric over the knee boots sz. 9.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Stacy Cognac Cap Adams Men's Barris Cap Toe Oxford Oxford Shoes Cognac 25190-221 5317285 -

    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.

    Stacy Cognac Cap Adams Men's Barris Cap Toe Oxford Oxford Shoes Cognac 25190-221 5317285 -

    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
    Stacy Cognac Cap Adams Men's Barris Cap Toe Oxford Oxford Shoes Cognac 25190-221 5317285
    Dress Shoes