Never miss an update

Cole Haan Men's Black Brown Haan Leather Loafer Slip On Men's 29990 Driving Moc Shoes - US 11 M 88bd0e8




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: Excellent condition
Style: Driving Moccasins US Shoe Size (Men's): 11
Material: Leather Color: Black
Width: Medium (D, M) Brand: Cole Haan
Never miss an update

Cole Haan Men's Black Brown Haan Leather Loafer Slip On Men's 29990 Driving Moc Shoes - US 11 M 88bd0e8 - blurrypron.com

    Cole Haan Men's Black Brown Haan Leather Loafer Slip On Men's 29990 Driving Moc Shoes - US 11 M 88bd0e8
    Cole Haan Men's Black Brown Haan Leather Loafer Slip On Men's 29990 Driving Moc Shoes - US 11 M 88bd0e8
    Nautica Men's Sneakers Shoes Brand New Size 8 NWB Men Brown Casual Dark Style , Clarks Men's Plateau Class Loafer Black Style 63738 , NEW Aureus Mens Sz 12 M Brown Suede Leather Comfort Wingtip Supra Sneaker Shoes , Izod Men's Fenway Slip Resistant Memory Foam Loafers Shoessperry top sider mens sneakers size 11M new , New Men's Moccasin Slip On Red & Black PROM Casual Shoes Loafers All Size SALECole Haan NANTUCKET LOAFER II Men's Shoes size 12 C27453Vince Mens Black Suede Low-Top Sneakers, Size 11Bostonian Mens Ballard Moc Toe Slip On Bit Business Casual Dress Loafers Shoes54600 Taupe Skechers shoes Men's Memory Foam Comfort Slip On Casual Mesh Go Walk , COLE HAAN Mens Brown Leather Slip On Classic Penny Loafers Sz US 10.577042 Skechers Mens Work Soft Stride Mavin Athletic Oxford BlackKeds Men's Champion Army Twill US 13 M Drizzle Grey Fabric Sneakers Shoes $50.00 , Polo Ralph Lauren Itford Cotton Canvas Sneaker Slip On Shoes NIB Rubber Trim NWTGBX Henley Driving Moccasins Mens sz 10.5 D M Brown Leather Loafer Slip-On ShoesSkechers Men's Depth Charge-Trahan Black/White 52398/BKW New , Dickies Stride Steel Toe and Electric Hazard - Black - MensKenneth Cole Reaction Pure Hearted Loafer - Men's Size 10M BrownMagnum Xenon Composite Safety Toe Athletic ShoeSperry Top Sider Authentic Original Olive/Linen Men's 2-Eye Boat Shoes STS10050Sperry Top Sider Cloud Logo Razorfish Orange Ombre Cork Men's Boat Shoes 1297688 , Mens Skechers Harper Brawley Brown Canvas Slip On Memory Foam Casual Shoes 10.5Man's/Woman's CREEPER-402S Charming design Moderate cost Exquisite (processing) processingMen/Women NEW MEN'S NIKE BIG IGH 336608-102 Reasonable price New style Lightweight shoes , Puma Men's Shoes XT2 White On White 358138-03 BLACK/BLACK Men's Sizes: 8 ~ 10.5NEW MEN'S NIKE BIG NIKE HIGH 336608-100 , Sperry Gold Cup Ultra Cognac Brown Boat Shoe Men's size 11.5 MDR MARTENS Size 10 SMOOTH BLACK LEATHER GRIZZLY OXFORDS 8314 BUCKLE MONK STRAP , The Original Mens Leather Gored Slip On ,
    Cole Haan Men's Black Brown Haan Leather Loafer Slip On Men's 29990 Driving Moc Shoes - US 11 M 88bd0e8 - blurrypron.com>Cole Haan Men's Black Brown Haan Leather Loafer Slip On Men's 29990 Driving Moc Shoes - US 11 M 88bd0e8 - blurrypron.com
    Skechers 48894 Womens Hampshire-Short Winter Boot- Choose SZ/Color. , Men/Women Saucony Shadow 5000 Vintage S70404-1 Many varieties New in stock Seasonal hot saleNike Wmns Free RN RF E Run Jungle Pack Navy Silver Women Running Shoe 849810-406 , Man/Woman John Lobb Stringata William Special purchase Carefully selected materials Diversified new design , NEW Fornells braided leather sandals in mustard Women's by RIA MenorcaDonald Pliner Leather Beaded Loafers Size 8M Black Patent Leather Trim Italy , NEW SKECHERS WOMENS BOBS PLUSH PAW-FECTION GOLDIE ALPARGATAFitFlop Women's Shuv Clog Black Leather Comfort ShoesStuart Weitzman Jeweled Black Loafers- Black Suede-Size 7- EUC! Comfortable , Clarks Womens Moccasin Slip-On Loafer- Pick SZ/Color.BN Mairwen*Studded Tassel Loafer Dr Doc Martens Chunky Heels*Skingirl*Grunge*7 , DEMONIA Wedge Platform Patent Mary Jane Pyramid Studs Detail SWING-03 BlackMen's/Women's Ladies HB Sling Backs - B272 Wear resistant New products in 2018 wonderfulNew MANOLO BLAHNIK Size 8.5 BB Silver Fabric Pointed Pumps Heels Shoes 39 , Arche Women's Open Toe Sling Back Heel Sandals Size 39.5 France Shine 9 US , Naot Footwear Loop Brown Lizard Leather Women's Comfort Heels Sandals US 37 / 6Skechers Women's Relaxed Fit Breathe Easy Untroubled SneakerNike Free RN Men's Running Shoe 831508 006 Size 12 , New Lacoste Sneakers SEVRIN 5 DK 7-28SRM4105 Leather Shoes For Men All SizesAllen Edmonds 42250 Nashua 2 Tone Black Kiltie Tassel Moc Loafers Men's US 11.5B , Clarks Mens Curington Wing Oxford- Pick SZ/Color.Hoka One One Infinite Womens running training sneakers Shoes Size 7.5 EUC , New Balance WL574 B 574 Womens Running Shoes Sneakers Lifestyle Pick 1 , **LATEST RELEASE** Nike Downshifter 8 Womens Running Shoes (B) (300)Under Armour Womens Charged Bandit 2, Overcast Gray/White/Lime Fizz, SZ.6 usadidas Performance M29796 Womens Triple Cheer Cross-Trainer ShoeNike WMNS Vapormax Flyknit Midnight Fog Multi-Color Black 3M Rainbow 849557-009 , COLE HAAN Dark Brown Leather Zip Ankle Boots Style D20316 Size 11BWomens fashion punk wedge high heel buckle strap knee high boots shoes nightclubCLARKS Women's Maypearl Lilac Ankle Bootie - Choose SZ/color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Cole Haan Men's Black Brown Haan Leather Loafer Slip On Men's 29990 Driving Moc Shoes - US 11 M 88bd0e8 - 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.

    Cole Haan Men's Black Brown Haan Leather Loafer Slip On Men's 29990 Driving Moc Shoes - US 11 M 88bd0e8 - 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
    Cole Haan Men's Black Brown Haan Leather Loafer Slip On Men's 29990 Driving Moc Shoes - US 11 M 88bd0e8
    Casual Shoes
    >
    ;