Never miss an update

BERKSHIRE Leather SHOES CAPPED 2991 actionscreen-2991 Leather Oxfords MENS US Sz 8 7f0afb3

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 Scratches
Brand: Berkshire Pattern: Solid
Style: Oxfords Color: Black
Width: Medium (D, M) Material: Leather
US Shoe Size (Men's): 8 Country/Region of Manufacture: United Kingdom
UPC: Does not apply
Never miss an update

BERKSHIRE Leather SHOES CAPPED 2991 actionscreen-2991 Leather Oxfords MENS US Sz 8 7f0afb3 -

    BERKSHIRE Leather SHOES CAPPED 2991 actionscreen-2991 Leather Oxfords MENS US Sz 8 7f0afb3
    BERKSHIRE Leather SHOES CAPPED 2991 actionscreen-2991 Leather Oxfords MENS US Sz 8 7f0afb3
    Rockport Essential Details Captoe Shoe - Men's Size 9.5W - Black , Bruno Magli Mens Size 8 Dress Shoes Loafers Slip On Made In Italy Leather , MERCANTI FLORENTINI BROWN DRESS SLIP-ON LOAFER 6714 SHOES SIZE 8M $60.00 , NEW IN BOX MENS ALFANI DOUBLE LEATHER WINGTIP DERBY OXFORDS | NAVY | US 10 (M) , Allen Edmonds Maxfield Black Leather Moc Toe Tassel Loafer Shoes Men's Size 12 DECCO NEW Grey Leather Plain Toe Oxford Shoes Mens Size 10.5 M EU44FLORSHEIM Men's 12 D Brown Woven Leather Moc Toe Tassel Loafers 11473 , Cole Haan Wingtip Oxford Dusty Rose Shoes Men's 10 M , Florsheim Signature Slip On Loafers Burgundy Leather Mens 11.5 B Gold BuckleJourney West Mens Velvet Slip On Loafers Size 8.5 Black Dress Formal ShoeAllen Edmonds 'Park Avenue' 9.5 D Black Cap Toe Oxford Leather Dress ShoesMen's To Boot New York Adam Derrick Loafers Shoes Size 10M Brown Made Italy H5Allen Edmonds Mens Penny loafers slipon 9.5D "Vincent" Black Leather Dress Shoe , Walkabout Men's Casual Oxford, Brown, Size 10.5 T0pfFrye 80257 Men's Lewis Venetian Black Leather Loafers Boat Slip On Shoes Size 10 , Brown shoes soft suede man 11.5 made in Italy, custom madeVintage 9 B Florsheim 5 Nail Imperial 92604 Wingtip Mens Black ShoesVANGELO/TUX-5 Wrinkle Free Mens Dress Shoes Bicycle Toe Brown Matte Size 9.5WApt. 9 Men's Colton Cognac Oxford Dress Formal Shoes Sz.10.5MSperry Top Sider Decoy Duck Rain Boots Amaretto Black Mens Sz 9 Leather NEW!!!Dexter USA Full Brogue Long Wingtip Red Wine Brown Oxford Dress Shoes Size 9 NEWSHOES126) JOSEPH CHEANEY (NICKY) TBE CHAUSSURE /SHOES/MEN 44,5 10,5Mens To Boot New York Adam Derrick Brown Leather Oxfords Shoes Italy Size 9Magnanni Black Leather Cap Toe Oxford Shoes Mens Size 12 M , MENS 9 E FLORSHEIM GRAY LEATHER DRESS SLIP-ON LOAFER SHOES , Salvatore Ferragamo Mens Italian Bit Loafers Shoes Sz 11.5 D Black Leather , Footprints by Birkenstock Comfort GERMANY Black Leather Oxford Men's ~11 MAllen Edmonds Men's Leather Shoe Dress Monterey D Buckle Business US Size 9 , Nunn Bush Decker Wingtip Oxford - Men's Size 12M Brown
    BERKSHIRE Leather SHOES CAPPED 2991 actionscreen-2991 Leather Oxfords MENS US Sz 8 7f0afb3 ->BERKSHIRE Leather SHOES CAPPED 2991 actionscreen-2991 Leather Oxfords MENS US Sz 8 7f0afb3 -
    Man's/Woman's NEW PIERRE DARRÉ WOMENS ANKLE BOOTS Adequate supply and timely delivery Elegant style Various latest designs , Womens COLE HAAN 219892 black suede platform wedge ankle boots sz. 8 B $228New Colorado C Mills Mens Shoes Casual Boots Ankle , Man/Woman Canvas loafers-Espadrilles-Embroidered-Exotic High security Comfortable touch Modern modeMan/Woman Ladies Remonte Shoes R3431-W Beautiful design Online Excellent workmanshipcallisto Minna Comfort Wedge Sandals, Black, 7 USNEW WOMENS COLE HAAN TALI LOCK MOC SNAKE PRINT LEATHER SHOES GRAY $188+ 8.5 M , S-345988 New Saint Laurent Sugar Changy Black Moon Shoe Size US-9.5 Marked 39.5New! Womens Dr. Martens Industrial Ashbridge SD Saftey Boots (Sz- Ladies 5) K37Vince Camuto Women's Torlissi Loafer Flat Black Leather Embelished Slide Mule , CASADEI Purple Suede 6" Stiletto High Heel With Black Ankle Strap Size 9 (F5) , SAS Leather Triple Padded Women Sandals. Retail value new $160. , Skechers for Work Women's Maisto Slip Resistant Sl - Choose SZ/color , Adidas Stan Smith AdiColor Yellow S80247 Men's SZ 11 , Nike Roshe One Black/Anthracite-Sail Men's Running Shoes 511881-010 , Vintage ADIDAS Special Blue Suede NEON Stripes Shoes Made In West Germany sz 7.5Reebok Men's Ultra V Dmx Max 2E Walking ShoeSalomon Sense Link Running Sneaker Shoe - MensNike Roshe One NM Flyknit SE <816531-002> Men's Sizes US 9 & 9.5 / New in Box!NIKE AIR WILD MID BOOT BLACK/BLACK-ANTHRACITE SIZE MEN'S 11 [916819-001] , Nike Air Jordan XX2 22 CDP Sz 12 Countdown 2008 Retro 332298-011 , AIR JORDAN X OVO Black sz 9.5 All-StarNIB Christian Louboutin Roller Boat Lagune Blue Spike Suede Sneaker Flats 42Dr. Martens EH Pull-On Brown Leather Industrial Safety Toe Waterproof Boots 11 , Brooks Ravenna 8 Size US 8 M (B) Women's Running Shoes Silver 1202381B089 , NIKE Womens Hyperdunk 2017 Low Tb 897812-800 TEAM ORANGE Size 11.5Nike Air Max 1 Ultra QS GOLD SUPREME Wmn Sz 11 Men 9.5 (839475-081) , CAPE ROBBIN Women Mixed Media Pointy Toe Flame Pattern Cowboy Bootie HJ88 - Mix , Steve Madden Womens Batttle Knee High Fashion Boot Shoes, Cognac, US 8.5 , ILARIO FERUCCI - BOTTES CAVALIERES TOUT CUIR DAIM MARRON 40 - TRES BON ETAT ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BERKSHIRE Leather SHOES CAPPED 2991 actionscreen-2991 Leather Oxfords MENS US Sz 8 7f0afb3 -

    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.

    BERKSHIRE Leather SHOES CAPPED 2991 actionscreen-2991 Leather Oxfords MENS US Sz 8 7f0afb3 -

    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
    BERKSHIRE Leather SHOES CAPPED 2991 actionscreen-2991 Leather Oxfords MENS US Sz 8 7f0afb3
    Dress Shoes