Never miss an update

Skechers Work Relaxed Fit Soft Stride Relaxed Grinnel Comp Stride Fit Toe Shoes, Men's 10EW, Brown d221322

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: Shoes are in condition and show signs of normal wear. Bottom soles are dirty and show signs of normal wear. Heels and toes of both shoes show dirt. Insoles and inner lining are dirty from normal use. Sides of both shoes show some dirt.
Style: Work & Safety US Shoe Size (Men's): 10
Width: Extra Wide (EE+) Color: Brown
Features: Composite Toe Brand: Skechers
UPC: 888222799809
Never miss an update

Skechers Work Relaxed Fit Soft Stride Relaxed Grinnel Comp Stride Fit Toe Shoes, Men's 10EW, Brown d221322 -

    Skechers Work Relaxed Fit Soft Stride Relaxed Grinnel Comp Stride Fit Toe Shoes, Men's 10EW, Brown d221322
    Skechers Work Relaxed Fit Soft Stride Relaxed Grinnel Comp Stride Fit Toe Shoes, Men's 10EW, Brown d221322
    Converse Men's Chuck Taylor Netted Together Hi White Size Men's 8.5/Women's 10.5 , Nike Air Force 1 Low Marble Midnight Navy Blue Vivid Pink Size US 12 488298-423 , Fila J972Q Black Red White Mens Running Shoes Sneakers Trainers 1-J972Q-402 , Men's Nike MercurialX Victory VI CR7 IC Indoor Court Soccer 852526-376 sz 11 newCONVERSE ONE STAR OX 159815C PARADISE PINK/GERANIUM PINK (msrp: $75)Gentlemen/Ladies Men’s Nike Air Huarache Exquisite (middle) workmanship High-quality materials retail priceVANS CHUKKA LOW Grey Gray White Skateboarding VN-OFJMGYW (198) Men's Shoes , adidas climacool Running Shoes Men Size 11.5 Gray Color , USED ADIDAS ZX FLUX - WHITE/BLUE - PHOTO PRINT - M19846 4.5 MENS , Adidas adiZero Prime Finesse Track Cleats White Red Metallic BB4097 Mens Sz 11.5 , US Polo Assn Tris 3 Lo Men US White Sneakers size 8 , Nike Mens Huarache 6 Elite Lacrosse Cleats Grey/Wht-880409 011-Sz 12 MSRP$130 , New Balance Numeric Mens Size 8 Skateboard Athletic Suede Shoes Grey/Orange , JORDAN Mens Size 8 Basketball Shoes FIGHT CLUB 90's Gray Black 602661-003 , VANS OLD SKOOL VN0A38G1Q6L BLUE FLOWER/WHITE MEN SZ 6 (WOMEN 7.5 )MERRELL Men's ALL OUT FLASH Trail Running Shoe Unifly ~ Castle Rock/Red Size 11NIKE MENS MAYFLY LEATHER PRM FASHION SNEAKER (BOX NO LID) , Apex Black Stretchers Triple Strap Right Shoe , Abeo Cort Tan Beige Orthotic Casual Athletic Running walking Sneaker Shoe 9.5VANS SHOES BUSHWICK BIO WASH BLACK WHITE sz 6.5 Mens SK8 HI SKATE ULTRACUSH NEW , Vans Shoes Men's Boots "Slip-On Boot" -- (Suede) Ermina/Dark Gum , Nike Cortez ‘72 Sz 12 Men Black Suede Running Shoes EUC Ygi I8s-42 , Gentlemen/Ladies Adidas Men's White Shoes 12.5 Attractive and durable Year-end sale Vintage tide shoes , Converse Chuck Taylor II OX Salsa Red/White 150151C Men's SZ 11 , 52185 Black W Wide Fit Skechers Shoes Men Memory Foam Sport Run Train Mesh Light , Nike Benassi Slides Limited *SOLD OUT Triple Red YeezyNIKE MENS KOBE 9 NSW LIFESTYLE , Nike Air Jordan Court AC 1 579607-009 Grape Cement Gray Ice Suede Shoes Size 9 , New Mens 9 NIKE Solarsoft Costa Low Black Pink Shoes $70 631389-016 ,
    Skechers Work Relaxed Fit Soft Stride Relaxed Grinnel Comp Stride Fit Toe Shoes, Men's 10EW, Brown d221322 ->Skechers Work Relaxed Fit Soft Stride Relaxed Grinnel Comp Stride Fit Toe Shoes, Men's 10EW, Brown d221322 -
    Man/Woman FitFlop Quartz Fino Nude Slides Easy to use Quality and quantity guaranteed Caramel, gentle , Women sandals leather model BETTY Aus 2 to 10.5 , JIL SANDER WHT PATENT LEATHER BALLET FLAT SZ 7 , Sanita Black Mary Jane Clogs Size US 11.5-12 MSRP - $139 , Born Womens - Katharina - Size 8.5M- Color Shark- Distressed LeatherMen's/Women's Ladies Van Dal Smart Loafers Hampden Elegant appearance the most economical Fashion versatile shoesJenny by ara Women's Laynie 57430 Flat Jeans Synthetic FlatsFLY LONDON Botin Grey MEL687FLY P143687005 36 Grey , PLEASER FLAM809/R/M Sexy Red 8" High Heels Platform Pole Dancer Stripper ShoesNEW IRREGULAR CHOICE GIGGLY WOO BLACK PATENT FLORAL PLATFORM BOW ACCENTS 7.5MPleaser TEEZE-06/WPU Womens Teeze-06 Platform Pump- Choose SZ/Color. , CLARKS - BOOTS - POINTURE 40 (6,5) - ENVOI FRANCE GRATUIT , BALENCIAGA Made in Italy Blue Leather Slide Sandals Size 38 1/2 , New JIMMY CHOO Wilbur Black patent Leather Mary Jane Pumps ColorBlock IT39 US9Bernardo Women's Bridget Slide Sandal - Choose SZ/Color , Vince Womens Karissa Heeled Sandal-New With Defect (Nude,8)Man's/Woman's ADIDAS FOOTWEAR DB0273 DAILY 2.0 Fashion pattern Elegant style Diversified new designNike Air Alvord 10 4E Wide Men's Size 11, Black (516864 001) , Gentlemen/Ladies New Balance x Firmament CT300PFI Comfortable feeling Let our goods go to the world Official websiteJordan Spizike ‘New York Knicks’ Mens sz 10.5 New! , Nike Air Jordan XX3 ALL STAR sz 11 23 white/black-v red chicago xi iv xii viiiMan's/Woman's Rocky Men's Aztec Hunting Boot Selling Medium cost Exquisite (processing) processing , Lacoste Men's L.Andsailing 216 1, Red/Dark Grey, 9 M US , Men's Bed Stu Vintage Light Tan 100% Genuine Leather Fashion ShoesNike Flex Supreme TR 5 Womens 852467-001 Black White Training Shoes Size 6.5Gentleman/Lady Vibram Women's Furoshiki Black Sneaker Exquisite (middle) workmanship Strong value Rich on-time delivery , Womens Spikes High Heel Stilettos Ankle Boots Pointed Toe Zipper Vogue ShoesBlowfish Women's Daphna Ankle Bootie - Choose SZ/Color , Donald Pliner Womens Mane Brown Suede Side Zip Boots Italy Size 9.5 M , Dan Post McRae 01-MR41704-BN97 Women's 3" Brown Metatarsal Composite Toe Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Skechers Work Relaxed Fit Soft Stride Relaxed Grinnel Comp Stride Fit Toe Shoes, Men's 10EW, Brown d221322 -

    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 Work Relaxed Fit Soft Stride Relaxed Grinnel Comp Stride Fit Toe Shoes, Men's 10EW, Brown d221322 -

    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 Work Relaxed Fit Soft Stride Relaxed Grinnel Comp Stride Fit Toe Shoes, Men's 10EW, Brown d221322
    Athletic Shoes