Never miss an update

Skechers 65347 Mens SZ/Color. Relaxed Fit-Creston-Vosen Boat Shoe- 65347 Choose Fit-Creston-Vosen SZ/Color. aa5e96c

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
UPC: 0191665164500
Style: Causal Brand: Skechers
US Shoe Size (Men's): Multiple Variations Model: 65347
Size Type: Regular MPN: 65347
Material Type: Woven Canvas
Never miss an update

Skechers 65347 Mens SZ/Color. Relaxed Fit-Creston-Vosen Boat Shoe- 65347 Choose Fit-Creston-Vosen SZ/Color. aa5e96c -

    Skechers 65347 Mens SZ/Color. Relaxed Fit-Creston-Vosen Boat Shoe- 65347 Choose Fit-Creston-Vosen SZ/Color. aa5e96c
    Skechers 65347 Mens SZ/Color. Relaxed Fit-Creston-Vosen Boat Shoe- 65347 Choose Fit-Creston-Vosen SZ/Color. aa5e96c
    Men's Sanuk Vagabond Slip On - Three Color Options - FREE SHIPPING!Mens Leather Hand-made Embroidery Floral Fashion Slippers Shoes Slip on LoafersConverse Men's Chuck Taylor All Star Low Top (Dark Sangria) Fashion SneakersMens Skechers Performance Gowalk 4 With GOGA MAX High-Rebound Insole Size 14WAMPM24 Men's Automatic Wrist Watch Skeleton Dial Stainless Steel Band Gold...Cole Haan Men's 11.5 E Leather Slip On Loafers Fringe Kiltie Strap Buckle WideCreative Recreation CR4LO.C Classic Cesario Lo Oiled Brown Leather Casual Mencrocs Crocs Mens Relaxed Slip On- Pick SZ/Color. , KrystalSB Korea Made 1.97"/5cm Up Mens Mid Top Elevator Sneakers Shoes US7~10 , Man's/Woman's LOAFER-12 Reliable quality Settlement Price Preferred boutiqueSkechers USA Men's Superior Levoy Oxford,Dark Brown,8.5 XW US , New Mens High Top Loafers Suede Pull on Casual Ankle Boots Chelsea Shoes Plus SZ , Gentlemen/Ladies Motorsport BMW Men's Low Top Shoes excellent quality Medium cost Popular recommendationMens Casual Shoes Crocodile Patten Slip On Lofers Metal Buckle Moccasins Flat QLFred Perry Byron Mid Suede (B4271) Authentic Shoes Men's Size 7.5 - 40 New , Sperry Top Sider Jaws Mens Shoes Movie Striper CVO Boat Blue Size US 8 LimitedNew Balance Men's M530 Sz US 13 D Red Mesh & Suede Running Sneakers Shoes $110New Mens Slip On Casual Laofers Buckle Round Toe Driving Boat Shoes Flat Vintage , Adidas Easy D68897 Red/Black Lifestyle Men Shoes , OluKai Kupono Shoe - Men's Ash 13 , Skechers 64382 USA Mens Gander Fisherman Sandal- Choose SZ/Color.Tonnier Genuine Leather Band Analog Digital LED Dual Time Display Mens Watch* NWOB, Men's The Rail 'Slater' Buck Shoe, Size: 8 US, 41 Med EU , Mens Rockport truTech Randle Plain Toe Oxford Shoes [CG9809] , Gentleman/Lady Adidas Men's Shoes "Matchcourt Slip''--White Packaging diversity Low price Fair priceNEW Lacoste Marcel Chunky Mts sz 10 NEW Lacoste men shoe Marcel Chunky Mts , Mens Shoes Outdoor Round Toe Slip on Flat Loafers Fur Top Winter Ankle Boots New , Mens casual Moccasin genuine leather slip on Loafer candy Driving Shoes # , Sanuk Men's Vagabond Mixer Slip-On
    Skechers 65347 Mens SZ/Color. Relaxed Fit-Creston-Vosen Boat Shoe- 65347 Choose Fit-Creston-Vosen SZ/Color. aa5e96c ->Skechers 65347 Mens SZ/Color. Relaxed Fit-Creston-Vosen Boat Shoe- 65347 Choose Fit-Creston-Vosen SZ/Color. aa5e96c -
    Man/Woman BNIB AUTHENTIC PRADA BOOTS Excellent craft Latest styles Clearance saleAsics TIGER ONITSUKA TIGER SHAW RUNNER Grey/Yellow mod. D405N-1316Etnies Marana Michelin Mens Black Gum Suede & Synthetic TrainersSHOE MOTORRAD SIDI SDS ARCADIA RAIN BLACK TOURING - SIZE 42adidas UltraBOOST 4.0 Oreo Cookies And Cream Black White Men Running Shoe BB6179DESIGNER VINTAGE HANDMADE LEATHER WINTER ANKLE BOOTS FLAT HEEL TAN BROWN COUNTRY , SUPERSOFT BY DIANA FERRARI WATERLILLY WOMENS SHOES CASUAL SANDALS SZ 7 c BLACKQuality Florsheim Leather upper / lining Ballet Flats Size 42. As NEW $179Dansko Women's Professional Nursing Work Clogs Brown Patent Leather Shoes , Womens Two-Tone Leather Brogues With Perforated Toe Cap , Stuart Weitzman Womens Alto Black Suede Leather PumpDonald J Pliner Women's Grease Metallic Mustard Cross Strap Open Toe Heels Sz 9M , MANOLO BLAHNIK $575 Tan & Brown Patent Leather Heels Slingbacks 39 , YSL Yves Saint Laurent Paris 105 Pressed Python Fushia Pumps Shoes 37 7Women's Bohomia Open Toe Ankle Strap Platform Cut Out Floral Casual Sandal Shoes , Bella Vita Women's Seraphina II Slingback EspadrilleNaot Kate Burnished Metal Leather Rhinestone Buckle Slides Women's sz 9 / 40Crocs Classic Blitzen III Women's Washable Warm Lined Clog Mule Slippers NewGentleman/Lady Baskets Philippe MODEL 37 Many styles Orders are welcome Tide shoes listGentlemen/Ladies Adidas Los Angeles Sneakers 7.5 White High-quality Ranked first in its class Cost-effectiveNike Zoom Assersion 917505-002 New Men's Black/Black Basketball ShoesPUMA Men's SF Evo Cat Sneaker White 8.5 M US , Mens Nike Zoom KD 9 Limited Gold Medal USA Olympic 833396-470 Size 10.5 , New Nike Men's Air Trainer SC Winter Shoes (AA1120-300) Khaki/Black-Gum Yellow , Nike Hyperdunk 2017 Low Red Black White Men's Sz 10 Basketball Shoes 897663-600 , New Prada Men's Black Shoes Calzature Uomo Size 12 Saffiano Oxfords DressJohnston & Murphy Birchett Plain Toe Oxfords Brown Men's 13 M NIB New 59-1916Wanderlust Womens Toe Warmers Boston Leather Closed Toe Ankle, Black, Size 10.0 , Women's Rag & Bone Leather Suede Boots, Brown Leather, Size 37 US Sze 7 Perfect , Vince Camuto Womens Beatrix Pull On Wide Calf Tall Over The Knee Riding Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Skechers 65347 Mens SZ/Color. Relaxed Fit-Creston-Vosen Boat Shoe- 65347 Choose Fit-Creston-Vosen SZ/Color. aa5e96c -

    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.

    Skechers 65347 Mens SZ/Color. Relaxed Fit-Creston-Vosen Boat Shoe- 65347 Choose Fit-Creston-Vosen SZ/Color. aa5e96c -

    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
    Skechers 65347 Mens SZ/Color. Relaxed Fit-Creston-Vosen Boat Shoe- 65347 Choose Fit-Creston-Vosen SZ/Color. aa5e96c
    Casual Shoes