Never miss an update

Santoni Cap 29874 Toe Dress Shoes Brown Santoni 10.5 Shoes D Italy 5943670

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: Good condition. Please see pictures for details. Thanks!
Modified Item: No Pattern: Solid
Country/Region of Manufacture: Italy US Shoe Size (Men's): 10.5
Style: Oxfords, cap toe Color: Brown
Material: Leather Occasion: Formal
Width: Medium (D, M) Brand: Santoni
UPC: Does not apply
Never miss an update

Santoni Cap 29874 Toe Dress Shoes Brown Santoni 10.5 Shoes D Italy 5943670 -

    Santoni Cap 29874 Toe Dress Shoes Brown Santoni 10.5 Shoes D Italy 5943670
    Santoni Cap 29874 Toe Dress Shoes Brown Santoni 10.5 Shoes D Italy 5943670
    $498 MAGNANNI - Whole Cut Oxfords Black Balmorals - 8.5Dsquared2 Black Leather Croc Loafers, Slip-on, Men's Shoe size US 7.5/ , Mezlan Worth Men's Genuine Ostrich Leather Exotic Oxford Shoes Size 13 Brandy , Mezlan Shoe Brown Green Spectator Double Monk Strap wing tip Slip On Loafer , Salvatore Ferragamo Black Leather Bit Loafers 9 9.5 MValentino Rockstud Camouflage Canvas High Top Sneaker Boots 42.5 EU Pre-ownedGentleman/Lady Florsheim Men's 17116-01 - Imperial Como Aesthetic appearance real Perfect processingD0 NEW VERSACE COLLECTION Blk Polished Leather Logo Bit Loafer Shoes Sz 40 $625New Sz 11 Brown GIVENCHY Leather Bluchers Derby Dress Shoes Barneys Retail $595Ted Baker Men's Ehmitt Velvet Round Toe Formal Slip On Shoes Black 9-16524 , 650$ Bally Diddley Deer Leather Black Loafers Size US 13.5 Made in SwitzerlandMauri Italy Men Handmade Bone White Full Alligator Brogue Formal Dress Shoe 10 MBRIONI Solid Black Patent Leather Mens Luxury Tuxedo Dress Shoes / US 9.5 , Salvatore Ferragamo Slip On Leather Gancini Bit Loafer Black Men Sz 7.5 EE 5102Gentlemen/Ladies Belvedere Men's Karmelo Oxford Fashion pattern product quality Good quality , Men buckle Boots, Double monk classic luxury Boots Handmade genuine Leather shoeMr/Ms Jeffery West Men's Scarface Shoes, Brown Innovative design Quality First Great choiceBrand New Bally Men shoes Tordi/120 size 10.5 Black , Fertini 8805-01 Plain Wholecut Oxford, Men's Dress Leather Shoes, Dark BrownTom Ford Howard Suede Loafer Brown Size US 8 BRAND NEW , R - Men's TO BOOT NEW YORK 'Grant' Brown Leather Cap Toe Loafers Size US 11 - DBally Mens Nexaro Slip On Business Casual Venetian Loafers Fashion Dress ShoesR - Men's PRADA 'Saffiano' Orange Leather Loafers Size US 7 PRADA 6 , Mezlan Men's 5813 Mauro Black Leather Slip-On LoaferJeffery West Men's Scarf Polished Shoes, RedNEW!! To Boot New York Double Monk - Brown Size 13 M $350 (C24) , $230 NUKTE Blue Suede Leather Brogue Dress Oxfords Mens Shoes NEW COLLECTIONBelvedere Nino Black Genuine Ostrich & Eel Oxford ShoesMOMA Men's Classic Shoes 66701-R1 Pelle Leather Black Vintage Made In Italy New
    Santoni Cap 29874 Toe Dress Shoes Brown Santoni 10.5 Shoes D Italy 5943670 ->Santoni Cap 29874 Toe Dress Shoes Brown Santoni 10.5 Shoes D Italy 5943670 -
    Lucky Brand Basel Side Zip Ankle Boots, Brindle, 6 US / 36 EUAerosoles Women's Rock on Boot Black Leather 8 M US , STUART WEITZMAN Womens Black Leather Knee High Sz 6 M Boots NEW! 229216 , Authentic Brooks Dyad 9 Womens Runner (D) (046) , Aerosoles Stock Market Side-Zip Knee High Boots, Taupe SuedeLadies Black / White Combi Remonte Wedge Open Toe Summaer Sandals R5264 , RARE EUC AGL Women's 41.5 US 11.5 Black Cap Toe Ballerina Flat Wedge Hardware A7 , Donald J. Pliner Degree Cowhide Print Italian Shoes Women's size: 6 1/2 MSanita Women's Smart Step Sabel Work Shoe, Black, 39 EU/8/8.5 M USPRADA Givi Green Suede Prada Signature Flat Slipper Shoes 38sunao kuwahara Shoes 374770 BeigexPink SLadies Fly London Yern Colmar Fashion Slip On Mid Wedge Heel Shoes All SizesMarc Fisher LTD Zala Suede Pumps, Women's Size 9.5M, BlackGentlemen/Ladies Nine West Women's Falardo Special price stable quality Beautiful and charming , Steve Madden Size 10 Black Gold Heels New Womens ShoesNike Dunk Low Light Bone/White-Gum Light Brown 308608-011 Women's SZ 12 , Jessica Simpson Plemy Nude Blush Crystal Satin High Heel Ankle Strap Sandal 8.5 , Mr/Ms Acorn Women's Talara Mule Garnet Slipper Special purchase Ranked first in its class Quality and consumer firstNEW New Balance Men's Size US 12D M675GR2 Grey/Silver Running Shoes A7adidas Predator 18.2 Firm Ground - White - Mens , Nike Air Max 1 C2.0 631738-001 Black White Textile (631738 001) SZ 8.5 (26.5 CM)NIKE AIR FORCE 1 HIGH 07 BLACK/BLACK-WHITE SZ 15 [315121-038] , Polo Ralph Lauren Weybrook Black Pitstop Leather Ankle Hiking Work Boots Size 10Lacoste men casual shoes slip on navy size 9 us new with box , SPERRY RAVE VERGE WOMEN'S SNEAKERS US SIZE 6.5 M CANVAS HIGH TOP , NEW IN BOX! WOMENS NEW BALANCE NB 580 WRT580RH CLASSIC CASUAL RUNNING SHOES 5-8Puma Fierce evoKnit Women's Running Sneaker's Size US 8 M / MMen/Women Vibram Women's V Trail Runner economic Year-end sale Shopping promotion , NIB Christian Louboutin Pik Boat Blue Inferno Roller Spike Flat Sneaker 36 $1445 , Jessica Simpson New Coriee Brown Womens Shoes Size 5.5 M Boots MSRP $149
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Santoni Cap 29874 Toe Dress Shoes Brown Santoni 10.5 Shoes D Italy 5943670 -

    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.

    Santoni Cap 29874 Toe Dress Shoes Brown Santoni 10.5 Shoes D Italy 5943670 -

    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
    Santoni Cap 29874 Toe Dress Shoes Brown Santoni 10.5 Shoes D Italy 5943670
    Dress Shoes