Never miss an update

MEPHISTO ABEL BROWN mogochinese-23682 LEATHER 23675 MEPHISTO CASUAL OXFORDS MENS SNEAKERS SHOES 10.5 M a957bc9




Item specifics

Condition:
: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Mephisto
Style: Oxfords US Shoe Size (Men's): 10.5
Color: Brown Material: Leather
Width: Medium (D, M) Pattern: Solid
UPC: Does not apply
Never miss an update

MEPHISTO ABEL BROWN mogochinese-23682 LEATHER 23675 MEPHISTO CASUAL OXFORDS MENS SNEAKERS SHOES 10.5 M a957bc9 - blurrypron.com

    MEPHISTO ABEL BROWN mogochinese-23682 LEATHER 23675 MEPHISTO CASUAL OXFORDS MENS SNEAKERS SHOES 10.5 M a957bc9
    MEPHISTO ABEL BROWN mogochinese-23682 LEATHER 23675 MEPHISTO CASUAL OXFORDS MENS SNEAKERS SHOES 10.5 M a957bc9
    New Cole Haan Men's Grant Escape Fabric Slip-On Loafer shoes sz 9NEW Dr. Martens Men's Ramsey Alt Oxford Air Wair With Bouncing Soles Size 10!!!! , Rockport Men's Total Motion Loafer Penny Shoes, Darkest Spruce, 10.5 M US$138.00 Kenneth Cole Men Brand-Age Sneaker, Brown Leather, Size 12 , Clarks Unstructured Un.Bend Mens 11.5 N Brown Leather Casual Oxford Shoes , Men's Geox U SMART68 Taupe Leather SZ 12.5 MSRP 140$NEW Lacoste ROMARA FL3 SPM LTH SZ 10 NEW Lacoste men shoe LacosteJD FISK, MOSIMO OXFORD, MENS, BLACK LEATHER, US SIZE 8M, NEW/DISPLAY WITHOUT BOXMens sz 13 M Sperry Top-Sider AO Authentic Original Boat Shoes Tan Leather GreenNew Wolverine W40335 Kirk Oxford Black Men's Western Boots Size 12 M USPolo Ralph Lauren Shoes Giles Athletic Canvas Gray Sneakers Size 8Men’s Fashion Business Quartz Watch with Black Leather Strap Waterproof Date... , Adidas G66211 Originals Hi Top Camo Athletic Fashion Sneakers Men's US 12 , rockport work shoes 10.5 brand new in boxGentleman/Lady Men's Dr Scholl's Harrington Work Shoe Black Wear resistant Won highly appreciated and widely trusted at home and abroad Outstanding function , CONVERSE 157340C MEN'S CHUCK TAYLOR ALL STAR REFLECTIVE CHARCOAL DOT CAMO HI TOPGOURMET MEN'S THE 28 LITE CACTUS FASHION SNEAKER 100295 BLACK CACTUS WHITE , Size 7.5 & 8 KENNETH COLE Leather Mens Shoe Loafer! Reg108 Sale$59.99 LastPair!..ADIDAS SAMBA CLASSIC NEVER GETS OLD ALWAYS LATEST -BLACK-13 , COLE HAAN AIR MASON Forset Suede 4 Eye Oxfords Casual Shoes Mens 7 NEW IN BOXStar Wars Sperry Cutter Empire Mens Size 11.5 Slip-On Sneaker, Black CanvasDr. Martens Brown Leather Steel Toe Shoes Mens 8 Ladies 9 , NEW Reebok Royal Complete 2LT BS5526 Mens Shoes Trainers Sneakers SALE , Sperry Billfish 3-Eye Boat Shoes - Men's Size 10M - Brown , NWB Minnetonka 4011 Natural Moosehide Moccasin Men's 7.5 , New Wolverine W40337 Kirk Oxford Brown Men's Western Boots Size 10 M USPolo Ralph Lauren Hanford Rip Stop Shoes Sneakers New Size 11.5 Men’s GrayPolo Ralph Lauren Shoes Harold Canvas Navy Blue/White Sneakers Size 7Kenneth Cole Right Time Suede Textured Shoes 10.5 Mens NWOT Never Worn
    MEPHISTO ABEL BROWN mogochinese-23682 LEATHER 23675 MEPHISTO CASUAL OXFORDS MENS SNEAKERS SHOES 10.5 M a957bc9 - blurrypron.com>MEPHISTO ABEL BROWN mogochinese-23682 LEATHER 23675 MEPHISTO CASUAL OXFORDS MENS SNEAKERS SHOES 10.5 M a957bc9 - blurrypron.com
    Rag & Bone Walker Women's copper leather booties sz. 38.5 (8.5)Saucony Jazz Original Vintage Unisex Black Silver Suede & Mesh Trainers , Jessica Simpson Womens grizella Velvet Almond Toe Over Knee Fashion BootsCollege Womens Low Heels Loafers Oxfords Slip On Moccasins Leather Shoes CasualNew Sperry Womens Comfortable Crest Vibe Resort Creep Leather Sneaker , $79 VINCE CAMUTO LEATHER ROSE GOLD JEWELED WEDGE SHOES SIZE 6 1/2 M - NEWDiane von Furstenberg Cork Pointy-Toe Pump Shoes High Heels Natural 6 M NewSALE NEW "Diana Ferrari" Lorikeet Shoes - Black Patent - Block Heels - Size 6PINUP COUTURE BELLA-30 Platform Coral Rockabilly Peep Toe Pump Cut Out Detail , Puma Cleated CreeperSuede By Rihanna Yellow Women Walking Shoes 7.5 , YVES SAINT LAURENT Paris Vintage Black Leather Slingbacks Heels Sz 6 1/2 N Italy , Nine West 25023888 Womens Millenio Suede Dress Pump- Choose SZ/Color.Used Worn Size 8.5 Nike LeBron 10 X Low Shoes Platinum Black Teal RedConverse PL Pro 76 Low Top Leather Sued Shoes size Men's 12 $80 157838CNew Air Jordan VII 7 Retro Football Cleats 719543 010 Black White Oreo Size 8Skechers Performance Mens on-the-GO Glide Boat Shoe- Select SZ/Color. , Nike Hypervenom Phantom II FG Soccer Cleats Boots New Size 13 Futbol Total OrangYSL Yves Saint Laurant Court Classic 46 Eur 12 US D SL/10H Authentic Guaranteed2018 Nike Flyknit Trainer Black White Oreo AH8396-005 Sz 8 menGentlemen/Ladies Custom foamposite fashion Modern and stylish fashion A balance between toughness and hardnessDouble H Mens Wide Square Toe Roper WESTERN 9.5 D WORK Boot Black/Grey DH3585Klogs Boca Closed Back Unisex Comfort Clogs - Mahogany Buff - 6 Wide , Fila Men's Speedweave Run II Running Shoe Blue Size 9.0Men/Women ALDIX-20 High security Carefully selected materials Reliable reputationCole Haan Men's Pinch Weekender Penny Loafer, British Tan, 10 M US , New Mens Pointed Toe Casual Wedding Suede Dress Formal Cuban Heel Business Shoes , Gentlemen/Ladies New Cole-Haan M natural linen (3887) Fine processing High quality and economy Cheap orderNike CK Racer Women's Running Training Shoes Black/Dark Grey 916792 004 , Nike Air Max Sequent 3 Womens 908993-601 Artic Punch Knit Running Shoes Size 7.5AC366 MBT shoes blue purple leather women sneakers ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    MEPHISTO ABEL BROWN mogochinese-23682 LEATHER 23675 MEPHISTO CASUAL OXFORDS MENS SNEAKERS SHOES 10.5 M a957bc9 - 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.

    MEPHISTO ABEL BROWN mogochinese-23682 LEATHER 23675 MEPHISTO CASUAL OXFORDS MENS SNEAKERS SHOES 10.5 M a957bc9 - 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
    MEPHISTO ABEL BROWN mogochinese-23682 LEATHER 23675 MEPHISTO CASUAL OXFORDS MENS SNEAKERS SHOES 10.5 M a957bc9
    Casual Shoes
    >
    ;