Never miss an update

G.H. Bass & Co. Men's Wyatt Driving Co. Driving Loafer Men's Dark Tan Leather f004034

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: G.H. Bass & Co.
Color: Dark Tan Leather Style: 803066_1733352
Never miss an update

G.H. Bass & Co. Men's Wyatt Driving Co. Driving Loafer Men's Dark Tan Leather f004034 -

    G.H. Bass & Co. Men's Wyatt Driving Co. Driving Loafer Men's Dark Tan Leather f004034
    G.H. Bass & Co. Men's Wyatt Driving Co. Driving Loafer Men's Dark Tan Leather f004034
    NIKE ZOOM HYPERREV 2016 / FRAGMENT 848556-371 electric Size 11 , New Balance 574 Classic Men's Burgundy ML574EGB , Jordan Eclipse Men's Light Bone/Light Bone 24010028 , Gentlemen/Ladies New Balance Men's MW577V Bone elegant Elegant and sturdy packaging British temperamentNike Flex RN 2017 Gunsmoke/Total Crimson/Atmosphere Grey/Black/White 98457014 , ASICS GT-1000 6 Men's Mid Grey/Peacoat/Directoire Blue 70N9658 , Rockport Men's Style Purpose Plain Toe Oxford New Dress Blues Suede , Man's/Woman's Brooks Revel Men's Black/Anthracite/Primer Grey 2601D002 Crazy price, Birmingham Orders are welcome Breathable shoesNike Zoom Forever Waffle 5 - Mens Flash Crimson/Oil Grey/Bright Crimson 04722600Reebok CL LTHR R12 "HANON" m44749 grey/snowgrey/basilgrn Size 11Under Armour Charged Bandit 3 Ombre Men's Black/White/Studio 20119002 , Man's/Woman's Funtasma Men's Clown 02 Black/White PU Economical and practical Carefully selected materials Famous store , Gentlemen/Ladies Merrell Men's Jungle Moc Slip-on Taupe New Listing auction Comfortable and natural , Under Armour Threadborne Fortis Men's Black/Stealth Grey/White 95734001Clarks Men's Tilden Cap Toe Oxford Wine Leather , adidas Originals Campus Men's Dark Blue/White/Chalk White BZ0086 , Jordan Relentless Men's College Navy/Metallic Gold/Gunsmoke/Sail A1930402 , ASICS GEL-Flux 5 Men's Carbon/Black/Cherry Tomato 8119790 , Reebok Classic Leather Ripple Clip Men's Chalk/Washed Blue/Primal Red CN5982Jordan Trunner LX Men's White/Pure Platinum 97992100 , AIR JORDAN 6 RETRO LOW GG 768878-107 white/sport fuchsia-black 6 Size 6.5Y , NIKE AIR FORCE 1 HI RETRO QS "NAI KE" 743546-600 gym red/summit white Size 10New Balance Men's M574 Sneaker Black Iris Suede/Mesh , NIKE AIR FORCE 1 HI SUPREME LE 375379-001 black/black-varsity red-wht Size 10.5 , Nike KD Trey 5 IV Men's White/Multi Color/Black/Total Orange 44571194 , Nike Kyrie 3 Men's Ivory/Pale Grey/Black/Light Bone/Vivid Sky 52395101adidas Originals Continental 80 Clear Pink/Scarlet/Collegiate Navy B41679 PNKadidas Originals Continental 80 - Men's White/Scarlet/Collegiate Navy B41674 , AIR JORDAN 1 PHAT 364770-102 white/wolf grey-white 1 Size 11
    G.H. Bass & Co. Men's Wyatt Driving Co. Driving Loafer Men's Dark Tan Leather f004034 ->G.H. Bass & Co. Men's Wyatt Driving Co. Driving Loafer Men's Dark Tan Leather f004034 -
    Balenciaga Paris Womens Black/Purple Round Toe Stilletto Ankle Boots Sz.37.5 , Nike Air Versitile / II Mens Basketball Shoes Sneakers Pick 1 , Gentleman/Lady ECCO LEATHER SHOES Fine workmanship Excellent performance Current shapePUMA X Sneaker Freaker BOG “ Great White Shark” US 10 , Reebok Crossfit Nano 8 [CM9067] Men Training Shoes Black/Black , Nike W Duel Racer [927243-201] Women Running Shoes String/Chrome-WhiteCole Haan Women's 2.Zerogrand Stitchlite Ballet Flat, Peach Blush, 6.5 B US , Crocs Women's Citilane Roka Slip-On Flat, Black, 8 M USSalvatore Ferragamo Gray leather pumps Size 9.5B , MOSCHINO CHEAP&CHIC Black Leather Red Poppy Blk Bead Wood Heel Slingbacks SZ 40women's shoes CHIARINI BOLOGNA 5 () sandals gray shiny leather AH567-B , Nike Komyuter AA2211-001 Black White Men's Water Resistant Sportswear Shoes NEW! , Hi-Tec Trail OX Low I WP Michelin Black Men Outdoors Walking Shoes Hiking BootsAndrew Charles AC1221 CAM TORTORA K-TECH BEIGE sneaker Men's Multicolor USReebok Workout Plus Shoes White Men 2759 , PUMA DISC OG RF RONNIE FIEG COVE 9.5 KITH ASICS GEL LYTE , Asics Onitsuka Tiger Mexico 66 MEN'S LIFESTYLE COMFY SNEAKER Birch Indian InkNIKE LEBRON XIV LOW DUNKMAN BASKETBALL SHOE MEN SIZE 12 , Nike LeBron XIV Low Mint Foam (878636-300) Size 12 US , Nike Air Jordan XXXII 32 ROSSO CORSA GYM RED TRIPLE ALL BRED AA1253-601 sz 11Allen Edmonds Hanover Men's Slip On Rich medium brown Loafer Sz 9DAdidas RAF SIMONS ADILETTE CHECKER Mens Sandals Slippers Slides Gray B22525New Balance Women's Purple/White Sneaker Shoes Size 10 WW1745PL NEWNike Free 5.0+ Women's Shoes Size 5 , Nike Air Huarache Run Ultra Particle Pink/Light Bone 819151 603 s. 6.5Rock & Candy Joli Fashion Boot, BlackWestern leather cowboy boots Mens size 11 D Black Style 68610 , Womens Over Knee High Thigh Boots High Heels Pointed Toe PU Leather Shoes Pump , Men's/Women's Women's Corral Vintage Booties Size 6.5 Beautiful design excellent Excellent workmanshipAlfani Courtnee Women's Boots Black Size 11.0 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    G.H. Bass & Co. Men's Wyatt Driving Co. Driving Loafer Men's Dark Tan Leather f004034 -

    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.

    G.H. Bass & Co. Men's Wyatt Driving Co. Driving Loafer Men's Dark Tan Leather f004034 -

    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
    G.H. Bass & Co. Men's Wyatt Driving Co. Driving Loafer Men's Dark Tan Leather f004034
    Athletic Shoes