Never miss an update

STEVE MADDEN MEN'S MADDEN KILTE 9.5 CASUAL SLIP-ON BLACK LOAFERS BLACK LEATHER US SIZE 9.5 MEDIUM b69b35f




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: Shoes were previously . PLEASE NOTE that these shoes have minor creases, scuffs, scratches, are slightly dirty/ on the soles and the right shoe lace is torn. Please refer to picture(s) for condition.
Brand: Steve Madden Material: Leather
Style: Loafers & Slip Ons Color: Black
US Shoe Size (Men's): 9.5 Country of Manufacture: China
Width: Medium (D, M) UPC: 883925633559
Never miss an update

STEVE MADDEN MEN'S MADDEN KILTE 9.5 CASUAL SLIP-ON BLACK LOAFERS BLACK LEATHER US SIZE 9.5 MEDIUM b69b35f - blurrypron.com

    STEVE MADDEN MEN'S MADDEN KILTE 9.5 CASUAL SLIP-ON BLACK LOAFERS BLACK LEATHER US SIZE 9.5 MEDIUM b69b35f
    STEVE MADDEN MEN'S MADDEN KILTE 9.5 CASUAL SLIP-ON BLACK LOAFERS BLACK LEATHER US SIZE 9.5 MEDIUM b69b35f
    New Nike Men’s 472615 Zoom Leshot LR Skateboard/Casual Wolf Gray Shoes sz 8.5Steve Madden Mens Reasonur Hi Top Fashion Sneaker ShoeTUK CLASSIC BLACK LEATHER 2" TALL 2 EYE CREEPERS MENS US 6 Men's US 8 Women'sMens Bass Size 8 M Black Woven Leather Penny Loafers Shoe JJ8479Klogs Author Mens Leather Shoes Display Model Black 8.5 MGentlemen/Ladies Skechers, 51361 CHAR, Men Equalizer-Persistent Quality queen Orders are welcome wonderful , G H BASS LIAM MEN'S SIZE 13 NEW / BOX 0401-1150-200Converse CTAS ll Hi- Rubber- Black/Buff - Men's 10 NWOBCactus Work Boots C3514 Dark Brown 5" Real Leather With Strap New In BoxMen's RG Response Gear Tactical Combat Zipper Waterproof Black size 13 Boots , NEW Puma Men's Shoes SZ 10 PUMA shoes RARE , Allen Edmonds Bristol Loafers Dress Shoes 8.5 EEE preowned BrownSkechers for Work Mens Nampa-Groton Food Service Shoe- Select SZ/Color. , New Kenneth Cole Reaction De-Tour Cognac Brown Leather Loafer 12 M/ $85 , Allen Edmonds sz 15 D Waterbury Brown Leather Tassel Kiltie Loafers ShoesMen Pattern Round Toe mules New Breathable Casual Driving loafers Shoes Size , Rockport Men's Size 8 M Green & Brown Leather 2 Eye Boat Shoes MR 5105 97-7XBass Men's Abilene Oxford Brand New w/ Box Lowest PriceDunham Men's Captain Boat Shoe In Brown Leather Casual Loafers Size 11.5 B , Dunham Men's DAP01TN - Chalet 13 DPropet M3704 Mens Lite Walking Shoe,Black size 14 XX ( EEEEE )Roper Performance Men's Slip-On Tan Faux Ostrich Leather Loafers Sz 8 NWOB , New Wolverine W20516 Serve SR Black Men's Work Shoes 12 US , CLARK'S GARREN BROWN LOAFER SHOE SIZE 15..NEW DISPLAY , Klogs Author Mens Clog Shoes Display Model Mahogany 9 MConverse Chuck Taylor All Star II Low Top Sodalite Blue 150152C Size 11Mens Moccasins Gommino Driving Shoes Suede Floral Flats Slip On Casual 2018 NewNIB Columbia Elm Grove Moc Men Slip On Shoe SIZE 10 Suede Leather , Propet M5015 Scandia Strap Pebbled Leather Walking Loafer Men's SZ 7 Black
    STEVE MADDEN MEN'S MADDEN KILTE 9.5 CASUAL SLIP-ON BLACK LOAFERS BLACK LEATHER US SIZE 9.5 MEDIUM b69b35f - blurrypron.com>STEVE MADDEN MEN'S MADDEN KILTE 9.5 CASUAL SLIP-ON BLACK LOAFERS BLACK LEATHER US SIZE 9.5 MEDIUM b69b35f - blurrypron.com
    Eileen Fisher Cinch Suede Block Heel Mid Boot Booties Black Size 9 NEW , Under Armour Womens Speed Freek Bozeman 2.0 Hunting Boots- Pick SZ/Color.BROOKS ADDICTION WALKER V-STRAP EE XWIDE LEATHER WHITE WOMENS SHOES **FREE POSTGola Womens Orchid Rainbow Glitter Trainers BlackMulti BZ, 7 EUTOD'S WOMEN'S LEATHER PUMPS COURT SHOES HIGH HEEL NEW T70 BLACK C68Tod's women's loafers moccasins tassels shoes in black shiny calf leatherNew Womens Pointy Toe Stilettos Pearl Rhinestones Suede Zipper Ankle Boots ShoesWomens Stilettos High Heel Pointed Toe Casual Pumps Shoes Outdoor , RTBU SALMA 12cm Stiletto Heel Wrap Strap Sandals Slipper Pale Pink Matte , Kurt Geiger Platform Sandals Size 6 AU/ EU37NEW 40 9 SOLD OUT $298 FREE PEOPLE DAY FOR NIGHT BLACK Platform Ankle Boot SUEDECHRISTIAN LOUBOUTIN NEW MISS ELLEN GREEN SUEDE MARY JANE PUMPS HEELS NIB 40Men's/Women's dolce vita 8 Moderate price modern International big nameNew Manolo Blahnik Silver Platinum Jeweled Crystals Peep Toe Shoes 40.5 weddingBrooks Hyperion Womens Peacoat Navy Blue Cockatoo Green Running Sneakers 6.5 , ADIDAS COURT VANTAGE BLACK ITALIA INDEPENDENT SHOES TRAINERS NEW , To Boot New York Stallworth Black Leather Size 10.5 , Men Leather Punk Pointy Toe Chain Buckle High Top Cowboy Casual Rock Ankle BootsClarks Originals Weaver Men Nubuck Made in Italy Two Eye Purple Grape sz 9.5 , Man/Woman Avenger Men's A7270 Beautiful color Fine art At an affordable price , Reebok Womens Studio Basics Track Shoe- Pick SZ/Color.Women's Skechers - Synergy-SPARKLE AND SHINE - Black/White - New!Nike Revolution 4 Womens 908999-016 Platinum Sunset Pulse Running Shoes Size 9.5Easy Spirit Womens ILex Low Top Pull On Running Sneaker Black Size 9.5American Women's 540 Softboot Hockey Skate Purple/Grey Size 5 M , Hoka One One Clayton 2 Oiselle Midnight Cinder Womens Size 8.5 *NEW*BURBERRY Beige Leather Trainers, US 7Europe Women's Square Toe Front Zip Mid Cuban Heels New Fashion Overknee Boots 9 , Nomad Women's Droplet Rain Boot Turquoise Monet 9 M USChic Womens Over the Knee Boots New Side Zip Flats Motorcycle Round Toe Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    STEVE MADDEN MEN'S MADDEN KILTE 9.5 CASUAL SLIP-ON BLACK LOAFERS BLACK LEATHER US SIZE 9.5 MEDIUM b69b35f - blurrypron.com

    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.

    STEVE MADDEN MEN'S MADDEN KILTE 9.5 CASUAL SLIP-ON BLACK LOAFERS BLACK LEATHER US SIZE 9.5 MEDIUM b69b35f - blurrypron.com

    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.

    Conclusion

    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
    STEVE MADDEN MEN'S MADDEN KILTE 9.5 CASUAL SLIP-ON BLACK LOAFERS BLACK LEATHER US SIZE 9.5 MEDIUM b69b35f
    Casual Shoes
    >
    ;