Never miss an update

Men British Vintage mogochinese-29966 British Slip On Real Leather Leather Korean moccasin-gommino Shoes Loafers c82f6e2

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: Unbranded
Occasion: Casual Style: Oxfords
Pattern: Solid Country/Region of Manufacture: China
Width: Medium (D, M) Euro Size: 38-43
Never miss an update

Men British Vintage mogochinese-29966 British Slip On Real Leather Leather Korean moccasin-gommino Shoes Loafers c82f6e2 -

    Men British Vintage mogochinese-29966 British Slip On Real Leather Leather Korean moccasin-gommino Shoes Loafers c82f6e2
    Men British Vintage mogochinese-29966 British Slip On Real Leather Leather Korean moccasin-gommino Shoes Loafers c82f6e2
    Men's Dress Shoes Slip On Pointy Toe Clubwear Formal Spike Punk Hiking ShinningStacy Adams Men's Gray Golato Cap Toe Double Buckle Slip On Shoe , Men Steve Madden Shoes Mallet Oxford Tan Size 12 , Mens Burgundy Vintage Cap Toe Dress Shoes Oxford 9Mens Driving Casual Suede Leisure Breathable Loafers Slip On Moccasin Shoes 47PIERGITAR New Men's Horse mane with Metal shark tooth decoration Loafers Shoes , Man's/Woman's ZELLI BLACK CROCODILE LOAFERS SIZE 10M Many styles Affordable best seller , Men Real Leather boots Pointed Toe Metal Buckle Strap Dress Shoes nightclub 13Men Patent Leather Wedding Dress Business Casual Formal Prom Party Outdoor Shooe , Allen Edmonds "DFW" Loafers 9 D Black (588)Bar III Men's Johnny Plain-Toe Oxfords Tan Leather Size 8.5 Mformal men's metal pointy toes slip on leather buckle party evening dress shoesBritish Shinny Leather Mens Formal Fashon Wedding Oxfords Brogue Shoes Round Toe , Men's Genuine Leather Woven Buckle Straps Formal Dress Shoes Business Pumps [email protected]@ , Mens nightclub pointed toe leather breathable dress formal shoes plus Muk15 , Mens Slip On Loafers moccasin Driving Shoes Real Leather Taeels Casual Shoes Sz , Stacy Adams Men's Cognac Dinsmore Plain Toe Monk Strap Slip On LoaferNAOT Success Slip on Leather Dress Loafer Black French Roast Brown US 8 Euro 41 , Salvatore Ferragamo Brown Italy Rare Vintage Slip-On Tassel Wingtip Gorgeous 8ERed British Men Pointy Toe Cuban Heel Wedding Shoes Leather Formal 2018 Shoes 01Alfredo Men's Black Leather Slip On Dress Shoes Made in Brazil 2700413 , Stacy Adams Mens Black Hillman Formal Dress Slip Leather Loafer Trendy Wide Shoe , ROCKPORT K74451 FW MOC FRONT MEN'S BLACK LEATHER OXFORD SHOES SZ 10 , Nancy Knox For Mr Sid Mens Size 10 Soft Leather Loafers Tassel Slip On Shoes , Magnanni Federico Black Leather Cap Toe Oxford 12654 Made in Spain Mens Sz 10 D , Retro Classic Leather pointy toe Buckle Formal Dress Shoes Loafers mens shoes szMen's European Leather Shoes Zota Formal Tuxedo Suede Checker HFD1-B1 Maroon , Mens Fashion Colorful Slip On Loafers Nightclub Shoes Snake Pattern Formal Dress , ALLEN EDMONDS Men's Brown Loafers 13M Fiesole USA Leather w/ Strap ,
    Men British Vintage mogochinese-29966 British Slip On Real Leather Leather Korean moccasin-gommino Shoes Loafers c82f6e2 ->Men British Vintage mogochinese-29966 British Slip On Real Leather Leather Korean moccasin-gommino Shoes Loafers c82f6e2 -
    Tony Lama Vaquero Brown Leather Pull On Mid Calf Cowboy Western Boot Women 6.5 B , Harley-Davidson D84235 Fenmore Womens Brown Motorcycle Leather Riding Boot 11.5" , SAUCONY MENS LITEFORM MILES BLUE BLACK SHOES 2018 **FREE POST AUSTRALIA , TOD'S women shoes Dark blue suede gommini driver loafer with origami fringe , Dansko Women's Professional Clog Motif Genuine Leather Eu 41 US 9 or 10 $179.00+NEW NIB Born Of Concept Lucille Shootie Leather Womens Shoe Boots Mid HeelAntonio Melani Size 10 M PATON Dark Sepia Brown Leather Heels New Womens Shoes , Rockport Women's Total Motion Audrina Sling Shootie Pump Pewter Size 9.5 , Salvatore Ferragamo Women's Red Leather Shoes w Tassels Size AA. Made in ItalyGentleman/Lady Giuseppe Armanio-Valentino Good world reputation Settlement Price International big name , New ALAIA Bombe Pom Pom Rose Metallic Studded Leather Heels Sandals Shoes 39Badgley Mischka Jewel Women's GANET Heeled Sandal - Choose SZ/ColorSTUART WEITZMAN HITURN BLACK SATIN us $325 , Reebok Womens Hexaffect Fire VTR MTM Running Shoe 7 M- Pick SZ/Color. , DC Men's Villain Skate Shoe White/Black Basic 10.5 D USNike KD VI Black/Metallic Clear-Light Lucid Green Night Vision Brazil KD 10.5 US , Adidas Originals ZX Flux Winter Core Black S82928 (All Size) Torsion Boots Tech , Mens Patent Leather Wing Tip Thick Fleece Lined High Top Shoes Brogue Ankle Boot , Men's/Women's Clarks Originals Wallabee camel suede online sale New in stock Reliable reputation , Sperry Gold Cup Gamesfish 3 EYE Brown Boat Shoe Mens Sz 10.5 Sts17152 H389 , Mens Base London Formal Shoes Style - Suit MTO , Adidas Edge Lux Bounce Women's Premium Running Shoes Fitness Gym Trainers PinkQOMOLANGMA Women's Suede Slip-Resistant Hiking Shoes Walking Sneakers Outdoor...Womens Nike Air Zoom Pegasus 33 Shield 849567-500 Multiple Sizes Water Resistant , Man's/Woman's Drew Women's Berlin Loafer Comfortable feeling Beautiful appearance Export , Melody Ehsani X Reebok Women's Love Snake Spike Sneakers Size 8Adidas NMD R2 Dusty Rose Custom Swarovski Crystal Shoes Size 7Men's/Women's Naturalizer Women's Trust Boot Adequate supply and timely delivery First batch of customers Sales online store , Johnny Ringo Women's Cowboy Boots size 9BCorso Como Black Leather Quilted Boots 9M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men British Vintage mogochinese-29966 British Slip On Real Leather Leather Korean moccasin-gommino Shoes Loafers c82f6e2 -

    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.

    Men British Vintage mogochinese-29966 British Slip On Real Leather Leather Korean moccasin-gommino Shoes Loafers c82f6e2 -

    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
    Men British Vintage mogochinese-29966 British Slip On Real Leather Leather Korean moccasin-gommino Shoes Loafers c82f6e2
    Dress Shoes