Never miss an update

Mephisto Rust Men's Cap Vert Rust Smooth Cap Slip-on Smooth Shoes 9c4c02a

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: Mephisto
Color: Rust Smooth Style: 117200_350015
Never miss an update

Mephisto Rust Men's Cap Vert Rust Smooth Cap Slip-on Smooth Shoes 9c4c02a -

    Mephisto Rust Men's Cap Vert Rust Smooth Cap Slip-on Smooth Shoes 9c4c02a
    Mephisto Rust Men's Cap Vert Rust Smooth Cap Slip-on Smooth Shoes 9c4c02a
    Man/Woman Bugatchi Men's Bracciano Moccasin Complete specification range First batch of customers Different stylesBRAND NEW - SAINT LAURENT - COURT CLASSICS - METALLIC STAR - LEATHER - LOW TOPNike AIR FOAMPOSITE PRO AS QS MENS Sneakers AO0817-001Neil M Men's Fairbanks Walnut Leather Moc Toe Shoes , Drew Men's Traveler Cognac Nubuck Comfort ShoesAUTHENTIC JIMMY CHOO MEN'S DECK SHOES SNEAKERS NAVY 40 GRADE B USED-ATSantoni Men's Shoes Loafer - MGHI15282JI8SGTQM48 | Brown | Spring Summer 17AUTHENTIC LUXURY PRADA SLIPPER LOAFER 2DA061 GRANATO RED US 8.5 , Neil M Men's Williams Coffee Leather Business ShoesDrew Men's Boulder Brown Tumbled Leather Walking Shoes$895 BRAND NEW- SAINT LAUENT - COURT CLASSIC - HIGH TOP - METALLIC - SNEAKERS , Neil M Men's Portland Worn Saddle Cowhide Leather Comfort ShoesNeil M Men's Cooper Vintage Brown Leather Business ShoesAUTH LUXURY PRADA SAFFIANO LOGO SLIPPER SHOES 2D2170 BLACK US 8 , rockport shoes Waterproof Khogan Dark Brown Oiled Men's Size 8.5 , DANIELE ALESSANDRINI SHOES Sz. 45 ITALY Man Browns F015K253407-34 SET OFFERYSL mens leather shoes size 40 excellent condition lwith box, store tagFlorsheim Men's Otavio Cap Toe Oxford Brown Deerskin/Calf Leather Classic Shoes , PLEIN SPORT Shoe F17S MSC0550 STE006N blackHogan Shoes Sneaker Sz. 9,5 Italy Man Brown HXM2540Y820-HK11117 PUT OFFERGENTLY WORN RED LEATHER FRYE STITCHED SLIP ON CASUAL LOAFER SATURDAY SHOES 11.5D , Neil M Men's Palermo Walnut Waxed Leather Slip-on Shoes , Hogan Shoes Sneaker Sz. 6,5 Leather Italy Man Blue HXM2540Y820-HK1111L PUT OFFERmen's blue suede tod's size 8uk or 9us , VERSACE COLLECTION Shoe V900525S VM00011 dark blue 100% Leather , DANIELE ALESSANDRINI SHOES Sz. 41 ITALY Man Blues F015K1683407-23 SET OFFERLUXURY PRADA DRIVER SHOES SLIPPER 2DD001 GREEN NEW NIB US 8.5AUTHENTIC JIMMY CHOO MENS TASSELED SUEDE DRIVING SHOES BROWN GRADE NS USED -HPNeil M Men's Conway Worn Saddle Leather Oxfords ,
    Mephisto Rust Men's Cap Vert Rust Smooth Cap Slip-on Smooth Shoes 9c4c02a ->Mephisto Rust Men's Cap Vert Rust Smooth Cap Slip-on Smooth Shoes 9c4c02a -
    FLY LONDON Suede Leather Tall Black Stack Look Seda Wedge Boot SALE $350 37 41Jambu Women's Cruise Encore Water Resistant BootMen's shoes Giorgio Rea dress elegant Italian handmade artisanal oxford 07142BO , madden girl Lilith Buckle Knee High Zip Up Boots, Black, 5.5 US , J CREW Stubbs and Wootton Velvet Slipper Loafers $495 black shoes The End 7 , Womens Bling Bling High Heels Rivets T Strap Party Pumps Flowers Wedding ShoesDjango & Juliette Benno Heel - Blue Grey Crackle LeatherNine West Vernell Wedge Fringe Sandals, Black/Black, 10 USNIB Christian Louboutin Pacha Flat Red Bisou Tassel Espadrille Slide Sandals 37 , Men's Adidas AST NBA Bounce Arti Basketball White/Yellow/Silver 046721 New , Mens Jordan Phase 23 Trek Basketball Shoes 602671-003 Size US 10AIR JORDAN TRAINER ESSENTIAL SZ 9.5 BLACK WHITE 888122 001 , New Balance Men's 530v2 Running Shoe-Slip - Choose SZ/Color , Nike Roshe Two Flyknit Dark Grey/Black-Gamma Blue-Volt 844833-004 Men's , Nike Air Penny IV B Mens 10.5 Grey , Limited Edition Size 14 Las Vegas NBA All Star Nike Airforce 1 Sneakers , Nike Mens Size 12 Kobe X 10 Independence Day Basketball Shoes 705317-604*NEW* Clarks Wallabees size 7 High Top Wine Suede, Leather, Casual, NICEMens Business Dress Formal Party Genuine Leather Driving Slip on Shoes Flats hotADIDAS ZX FLUX Running BLACK PURPLE WOMENS Training ATHLETIC SHOE SIZE 9.5 M , **Asics Gel Nimbus Lite Athletic Shoes - Women's Size 6 - Charcoal/Green , KEEN Presidio Walnut Brown Hiking Trail Shoe Women 7.5 One Time UseADIDAS TURBO 3.1w womens running traning shoes size 8.5WOMEN'S SHOES SNEAKERS PUMA BASKET PLATFORM OCEAN WNS [366442 01]adidas Originals NMD R1 - Women's Noble Maroon/Maroon/Black Stencil Pack G27937 , Cliffs by White Mountain Womens tori Closed Toe Ankle Fashion, Brown, Size 8.0ARCOPEDICO WOMEN'S 8 LUANA ANKLE BOOTIE ZIPPER, LIGHTWEIGHT, FLEXIBLE SOLE , Man/Woman Justin Boots Calf Hair W/Bling Various styles Good market Good qualityNEW VIONIC Women's Country Logan Leather Side-Zip Ankle Boots Sz. 8 , FitFlop Women's Leather Superballerina Ballet Flat - Choose SZ/color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mephisto Rust Men's Cap Vert Rust Smooth Cap Slip-on Smooth Shoes 9c4c02a -

    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 Rust Men's Cap Vert Rust Smooth Cap Slip-on Smooth Shoes 9c4c02a -

    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
    Mephisto Rust Men's Cap Vert Rust Smooth Cap Slip-on Smooth Shoes 9c4c02a
    Casual Shoes