Never miss an update

Men's COLE 29711 HAAN ZERØGRAND 10M Wingtip Oxford MARINE BLUE/IVO Wingtip Size 10M Retail $270 39a7382

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
Material: Leather
US Shoe Size (Men's): 10 Country/Region of Manufacture: China
Upper Material: Leather Style: Oxfords
Color: MARINE BLUE/IVORY Product Line: Zerogrand
Euro Size: 43 Width: Medium (D, M)
Brand: Cole Haan UPC: Does not apply
Never miss an update

Men's COLE 29711 HAAN ZERØGRAND 10M Wingtip Oxford MARINE BLUE/IVO Wingtip Size 10M Retail $270 39a7382 -

    Men's COLE 29711 HAAN ZERØGRAND 10M Wingtip Oxford MARINE BLUE/IVO Wingtip Size 10M Retail $270 39a7382
    Men's COLE 29711 HAAN ZERØGRAND 10M Wingtip Oxford MARINE BLUE/IVO Wingtip Size 10M Retail $270 39a7382
    Dr. Martens England Leather Long Wingtip Casual Oxford Shoe Men's / US 12Rancourt Suede Camp Moc Mens Shoes 9D 9 D Boat Shoes Quoddy Yuketen Climer Trail , Solebox Reebok Pump Omni Zone Red Glow in the Dark Question Answer Rare RetroMen Fred Perry Shoes B721 White Sneakers New AuthenticRockport Men's Gyk Blucher Tan Shoes CH1770 , Keen Atlanta Cool Steel Toe Work Shoes Men's Size 10 D Black 1006977D , Naot Slip On Oxfords Shoes - Men's Size 13, Black , SAS Men Shoes Side Gore Black 9 W W Wore Once , Nike Air Jordan 1 Mid Men's Blue Basketball Shoes Sneakers Sz US 11.5 /Kenneth Cole REACTION Men's Think I Can Fashion Sneaker, White Combo, 11.5 M US , Clarks Unnature Easy Mens Black Leather Casual Dress Slip On Loafers ShoesXTRATUF Sharkbyte Men’s Nubuck Leather Deck Shoes, Chocolate (22501) Men's 9.5 , Allen Edmonds San Marco Pebbled Brown Leather Oxfords Men US Size 11 D MN TwinsDANSKO PRO XP Men's Slip Resistant Black Oiled Clog Size ( ) New!! , Mcqueen Plimsoll Low Canvas Black Sneakers Mens Size 12Brand New Sperry Gold Cup Sport Wedge PT Mesh Dress Shoe Black Amaretto sz: 9.5MConverse Weapon HI John Varvatos C Turtle Dove White Men 7.5Zegna Men's Pull On Sneaker Scuba Pull-on Boots Suede Dark Blue Black Size US 10Gentlemen/Ladies Made in Italy VERSACE shoes Year-end special promotions special promotion Direct business , ADIDAS YEEZY POWERPHASE CALABASAS 4-14 BLACK CG6420 KANYE WEST. LEGIT ⭐️⭐️⭐️⭐️⭐️ , Puma SF Evo Cat Ferrari Rosso Corsa White Leather Men Shoes Sneakers 30600-901 , Puma Disc Blaze CT Trinomic Triple Black Men Casual Shoes Sneakers 362040-02as the picture showHeight quality fashion shose Yeezy Boost 350 V2 mens size 8.5Polo Telford Ralph Lauren USA Olympics Red White & Blue Boat Shoes Mens 13 MINT , Reebok AZTREK White Solid Teal Black Mens Retro Lifestyle Running Shoes CN7067Puma Suede Classic X Chapter II Taffy White Men Casual Shoes Sneakers 366326-01Polo Ralph Lauren Bearsted Leather Suede Camo Army Pony Boots Hunting Shoes 10.5 , Dr. Martens Men's Work Fusion Steel Toe Chelsea Boots Bark Industrial 13351201Donald Pliner "MITSOS" Brown Suede Leather Work Boots Beatle Ankle Men's 10.5 M ,
    Men's COLE 29711 HAAN ZERØGRAND 10M Wingtip Oxford MARINE BLUE/IVO Wingtip Size 10M Retail $270 39a7382 ->Men's COLE 29711 HAAN ZERØGRAND 10M Wingtip Oxford MARINE BLUE/IVO Wingtip Size 10M Retail $270 39a7382 -
    PAUL GREEN Womens Black Suede Ankle Boots Sz US-5.5 / UK-3 NEW! 229885Vans Skate Shoes Authentic Pewter Black jrapbq , Tommy Hilfiger Daytona 4b Essential Mens Coffee Bean Suede Chelsea BootsMen/Women Eastland Womens Stella Boot- Pick SZ/Color. fashion discount Different styles and stylesBrooks Brothers Women's Flats Oxford Tassel Animal Print Leather Brown Snake NEW , NIB Guess Fran Studded Leather Ankle Bootie in BrownSummer Womens Punk Big Buckle Mid Cuban Heel square toes Sandals shoes Mules Sznaturalizer Joi Flat Thong Sandals, Natural, 7 US / 37.5 EU , Authentic VALENTINO BLACK LEATHER HEEL SHOES PUMPS Size 6US/36EUMen/Women WNS TSUGI SHINSEY NOIR BLANC Outstanding features Fine art Elegant and stable packaging , NWB ADIDAS PureboostWoman Running Shoes B41118 Size 7.5 , Lacoste Women Athletic Comfort Shoes Helaine Runner 116 Fashion Sneakers , MEN'S NIKE FREE RN RUNNING SHOES SNEAKERS 831508 406 SQUADRON BLUE SIZE 11 NEWReebok Men's GL 2620 Shoes NEW AUTHENTIC White /Grey Blue V56203 SZ:11.5ASICS GEL-LYTE III KITHSTRIKE NEON WHITE/MIDNIGHT/BLACK INFRARED HN538-0192 BOX , PUMA BASKET Sneakers Diamond STUD EMBOSSED Blue Casual Shoes US 13 $110 , NIKE MERCURIAL SUPERFLY V FG 831940 585 DS $300 Mens Sz 7.5 Wmns 9 Nib , Men's Brand New Lifestyle Mode DE VIE Athletic Fashion Wear Sneakers [MRL247CR] , ASICS x United Arrows & Sons Gel Lyte V H6J2K-5050 Men sizes NEW 100% Authentic , Nike Air Jordan X 10 Retro TXT WHITE ROYAL BLUE STEALTH STEEL 487214-107 NEW 13 , LOS ALTOS MEN RED GENUINE OSTRICH LEG WESTERN COWBOY BOOT J-TOE (EE) 990512 , Carina Nucci BOOTS 10.5 TALL LEATHER BOOTS 10.5 ITALIAN BOOTS 10.5 RIDING BOOTSDemonia Creeper 602 Gray Suede 1" Oxford Comfort Shoe Men Size 12Mens AFTER MIDNIGHT Formal Stage Prom Award Tux shoes 6660 Gun Metal Gray Sparks , RARE Katy Perry Women's The Heart Black Athletic Shoes Sneaker Size 6 M , New Balance Women's Minimus Sport Golf Shoe - Choose SZ/Color , Rampage Women's Hansel Zipper and Buckle Knee-High Riding Boot,Cognac Sn...Aquatalia Marvin K 'Sophie' Weatherproof Boot Nordstrom Exclusive size 6.5Gentlemen/Ladies Skechers Women's Keepsakes-Animal Slouch Snow Boot Clever and practical Won highly appreciated and widely trusted at home and abroad ExportYamzon Handmade Green Cowboy Boots Women Size 7. Excellent Condition. Unique ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men's COLE 29711 HAAN ZERØGRAND 10M Wingtip Oxford MARINE BLUE/IVO Wingtip Size 10M Retail $270 39a7382 -

    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's COLE 29711 HAAN ZERØGRAND 10M Wingtip Oxford MARINE BLUE/IVO Wingtip Size 10M Retail $270 39a7382 -

    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's COLE 29711 HAAN ZERØGRAND 10M Wingtip Oxford MARINE BLUE/IVO Wingtip Size 10M Retail $270 39a7382
    Casual Shoes