Never miss an update

Mezlan Men's CONCERTO 3802 Tuxedo 28872 Cap Toe Shoes Oxford BLACK Shoes 3802 Size 7-1/2 b76ba1f

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Modified Item: No
US Shoe Size (Men's): 7.5 Style: Dress/Formal
Country/Region of Manufacture: Spain Brand: Mezlan
Never miss an update

Mezlan Men's CONCERTO 3802 Tuxedo 28872 Cap Toe Shoes Oxford BLACK Shoes 3802 Size 7-1/2 b76ba1f -

    Mezlan Men's CONCERTO 3802 Tuxedo 28872 Cap Toe Shoes Oxford BLACK Shoes 3802 Size 7-1/2 b76ba1f
    Mezlan Men's CONCERTO 3802 Tuxedo 28872 Cap Toe Shoes Oxford BLACK Shoes 3802 Size 7-1/2 b76ba1f
    Shoes Daniele Alessandrini Shoes -60% DERBY Man's Black F373KL1743621-1 , New 1st Quality Allen Edmonds Walden 14 B black , Men's Allen Edmonds Black 'Clifton' Blucher Men's Oxfords 10 D $350 , $475.00 Aquatalia Carson Weatherproof Wingtip Derby 9 / 42 NEWCole Haan Benton Men's British Tan Cap Toe Oxford II Sz 9.5 1580 , New Neil M Shoes 13 B NM121518 Premier Slip On Black Shoes , Handmade Black Button Boot, Men ankle Leather button Boot, Men Black Formal Boot , Mens Ecco Black Leather Plain Toe Tie Dress Shoes - Size 43 Or 9 / 9.5Clubwear Men Metal Punk Shoes Snake Pattern Oxfords Pointy Toe Ankle Boots shoes , Handmade Men's Two Tone Chelsea Boots Men Black And Gray Leather Boots , Mens Anatomic & Co Formal Slip On Shoes BarbosaMens TOD'S black leather dress / loafers shoes sz. 7.5 , Florsheim Men's Danforth Moc Toe Bit Loafer Red Shoes 13093-600 , Fiesso Mens Green Suede Gold Tassel Stepper Entertainer Jazzy Dress Loafer ShoeMens Anatomic & Co Formal Shoes - Tapajos , Mens COLE HAAN burgundy patent leather oxfords shoes sz. 11 DFlorsheim Men's Danforth Moc Toe Bit Loafer Light Gray Shoes 13093-050 , Handmade Men Dark Brown Dress Shoe Men Leather Monk Shoe Men Formal Leather Shoe , Mens Leather Height Heels Formal Dress Shoes-2.8" Taller JD150 , Mens Genuine Leather Shoes Formal Business Handmade Brown Tassel Buckle fashionAllen Edmonds Byron Leather Oxford Black Men Sz 10 A 1074New 1st Quality Allen Edmonds Devonshire 11.5 B black pebbleMen Navy Blue Suede Moccasin Shoe Men Dress Shoe Men Genuine Suede Formal ShoeFlorsheim Men's Dancer Cognac Softy Kid Classic Dress ShoesGentlemen/Ladies Mens Anatomic Smart Leather Shoes Anapolis Clever and practical Pleasant appearance Selling new productsTo Boot New York 'Brandon' Cap Toe Oxford- Cognac-Size 7.5 M- $375 /w Topy Sole , New in Box Roberto Serpentini Black Leather Loafer 1053 , BRAGANO Men's 7 - BROWN LEATHER BASKET WEAVE WOVEN TASSEL LOAFERS Slip On Shoes , Frye Mens Luke Oxfords Shoes Black Leather 7 NEW IN BOX
    Mezlan Men's CONCERTO 3802 Tuxedo 28872 Cap Toe Shoes Oxford BLACK Shoes 3802 Size 7-1/2 b76ba1f ->Mezlan Men's CONCERTO 3802 Tuxedo 28872 Cap Toe Shoes Oxford BLACK Shoes 3802 Size 7-1/2 b76ba1f -
    Franco Sarto US Shoe Size Women Leather Comfort Knee High Equestrian Riding BootMen's/Women's Ariat Women's Vaquera Western Boot elegant Brand Direct businessAuthentique botte en cuir tissu 39,5 Giuseppe Zanotti I08061 valeur *NEUF* , BZ357 FDF SHOES shoes green leather men elegant EBlundstone Men's/Women's Leather Elastic Side Plain Toe Work Boots 510--Special , Womens Air Max LD-Zero Running Trainers 896495 Sneakers Shoes 001 , Ladies Van Dal Ankle Boots Style Juliette -W , Gentlemen/Ladies nicholas kirkwood Various styles Comfortable touch Sales online storeAquatalia Women's Perla Metallic Ballet Flat, Black, Size 6.5 US / 4.5 UK , Women's Shoes Bernie Mev Bella Me Casual Slip On Cap Toe Flat Black Metallic NewSANUK PICK POCKET PLAID WOMEN LOAFER RED PLAID VEST US 9 //Attilio Giusti Leombruni 'Circle' Black Leather Wedge Pumps sz: 38.5 | US 8-8.5 , Womens Patent Leather Printed Pointy Toe Slingback Pumps Beads Cuban Heel ShoesMan/Woman ADORE-710GT Easy to use Highly praised and appreciated by the consumer audience Popular tide shoes , Zhou8 Womens Point Toe Rhinestones Ankle Boots Stilettos Zip Bling Crystal ShoesAuthentic STUART WEITZMAN Taupe Leather CLOSED TOE SLIP ON Shoes HEELS Size 37 , RRP $200.00 ADIDAS J Wall 2 BHM Mens Basketball Shoes sizes US 9,10,11 , NIB MENS SIZE 11 JORDAN TRUE FLIGHT BASKETBALL SNEAKERS BORDEAUX 342964-625Nike Air Jordan VII 7 Retro 304775-142 White/University Red-Black Sweater SZ 12Air Jordan 14 (XIV) Retro LS Light Graphite Chartreuse Black Size 11 311832 031Ariat Mens Harvester Steel Toe Work Boots Size 8 8.5 D 12 EE NEW NIB 10022512Caiman Grand Canyon Cowboy Boots 11.5 - 12Lanvin Paris ZIPPED Hi-Top Leather Sneakers Shoes Scarpe 42(8)Made in Italy 990$ , Luxor Jump 75 Usa Shoes Men Black Size 8Men/Women Naturalizer Women's Morrison Sneaker Grey Leather Various goods discount Authentic guarantee , Roman Bohimian Tassel Strappy Zip Knee High Boots Zip Round Toe Shoes US4-10.5 , Womens ladies Fashion Chic Patent Tweed Pointed Toe Wedge Heel Ankle Boots ShoesNIB Womens Steven by Steve Madden Black "Gina" Suede Wedge Booties Sz 10 M , Man/Woman XOXO Katniss Booties Taupe 7M Fine processing discount buy onlineWomens Real Leather Multi Color Buckle Knee High Boots Shoes Flat Plus Size ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mezlan Men's CONCERTO 3802 Tuxedo 28872 Cap Toe Shoes Oxford BLACK Shoes 3802 Size 7-1/2 b76ba1f -

    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.

    Mezlan Men's CONCERTO 3802 Tuxedo 28872 Cap Toe Shoes Oxford BLACK Shoes 3802 Size 7-1/2 b76ba1f -

    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
    Mezlan Men's CONCERTO 3802 Tuxedo 28872 Cap Toe Shoes Oxford BLACK Shoes 3802 Size 7-1/2 b76ba1f
    Dress Shoes