Never miss an update

Mens Light Brown Scotch Croc-Look Dress Shoes Croc-Look Antonio Mens Scotch Cerrelli 6536 size: 9.5 13 df8454f




Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Sub Style: Lace-Up
Pattern: Exotic Croco Embossed Style: Oxfords
US Shoe Size (Men's): 9.5 13 Material: Faux Leather
Color: Scotch Light Brown Width: Medium (D, M)
Brand: Antonio Cerrelli
Never miss an update

Mens Light Brown Scotch Croc-Look Dress Shoes Croc-Look Antonio Mens Scotch Cerrelli 6536 size: 9.5 13 df8454f - blurrypron.com

    Mens Light Brown Scotch Croc-Look Dress Shoes Croc-Look Antonio Mens Scotch Cerrelli 6536 size: 9.5 13 df8454f
    Mens Light Brown Scotch Croc-Look Dress Shoes Croc-Look Antonio Mens Scotch Cerrelli 6536 size: 9.5 13 df8454f
    Stacy Adams Eldon Black Leather Moc Toe Bit Strap Nice Dress Loafer Size 10 , Stacy Adams Men's Gala Cap Toe Oxford White Patent 24998-122Millburn Mens Black Leather Oxfords Shoes Size 13COLE HAAN MEN'S CARTER GRAND SPLIT TOE OXFORD (C14203) BLACK 9.5 MEDIUM $180 , Gentlemen/Ladies Mens Anatomic Casual Shoes - Aruja Easy to use stable quality British temperament , Men Black Slip On Size 11 "Brand New with Box" , Ecco Shoes - Nice Black Leather Oxfords - EU Size 44, US Size: Men's 10-10.5Pre owned Cole Haan Dress Shoes Men Sz 10.5 D Black , Mens Leather Buckle Business Oxford Dress Formal oxford Casual ShoesMens Old School Red White Shiny Croco Look Dress Shoes Roberto Chillini 6744Skechers GoFlex Walk-Comrade Khaki Size 13 Innovative Sole Design Gogamat Insole , Roberto Chillini 6387 Mens Ultra Croco Look Baby Blue Denim Color Dress Shoes , Stacy Adams Armento Oxford - Cognac MultiMens Anatomic Prime Smart Dress Shoes Goiania , Johnston & Murphy Aragon Kiltie leather/loafers slip-on shoes w/ tassel SZ 8.5MMens Oxford Dress Shoes by Antonio Cerrelli 6536 Elegant Dark Brown Croco Look , Skechers Relaxed Fit Gel-Infused Memory Foam Marcelo-Topel Dark Brown Size 13 , Pointed Toe Fashion Men's Shoes Rivet Nightclub Hair Stylist Party Formal Zsell , Men's Allen Edmonds Maxfield Loafers 10 B Used Dress ShoesSalvatore FERRAGAMO Men’s Black Leather slip on penny loafer dress shoe Made in , Stacy Adams Cognac Genuine Snake & Leather 23121-03 Dress Oxford Mens Sz 13M EUC , Stacy Adams Men's Vale Plain Toe Slip On Shoes Red 25192-600Mens Sharp Brown Tan Two Tone Dress Loafers Shoes Antonio Cerrelli 6710 , Stacy Adams Men's Cade Bike Toe Slip On Black 20126-001Men's Allen Edmonds Alameda 10 D Loafers Used Dress ShoesLiberty LS747 Mens Pointed Toe Spectator Wing Tip Dress Shoes Brown Suede LookMens Sophisticated Red Snake Look Dress Loafers Shoes Antonio Cerrelli 6494 , Mens sequins embrpidery dress shoes hairdresser pointed toe formal shoes size 43 , Europe Style Bling Sequin Flats Dress Party Shoes Mens Vogue Lofers Formal Pumps ,
    Mens Light Brown Scotch Croc-Look Dress Shoes Croc-Look Antonio Mens Scotch Cerrelli 6536 size: 9.5 13 df8454f - blurrypron.com>Mens Light Brown Scotch Croc-Look Dress Shoes Croc-Look Antonio Mens Scotch Cerrelli 6536 size: 9.5 13 df8454f - blurrypron.com
    Nine West 25027481 Womens Calhoun Fashion Boot- Choose SZ/Color. , Ladies Remonte Heeled Ankle Boots The Style D8771 -WRialto Gillian Low Wedge Strap Sandals, Gold/Metallic , 5 USMalone Soulier Black Velvet Mules Euro 36.5Womens Hollow Out Wedge Hidden Heel Platform Casual Shoes Comfy Casual Shoes New , Donald J Pliner Papina Womens Shoes Size 8 Beige Metallic Leather Slingback Heel , Comfortiva Womens Felida Open Toe Mules, Rust, Size 7.5 , NWB Tory Burch Mini Miller Logo Buckle Pump Wedge Shoes BlackMARC JACOBS Shoes 356826 Red 38 , Stuart Weitzman MaryMid Women's Pumps, Blue - US 9M - MSRP $263.00EUC Salvatore Ferragamo Heels Sheen Black Pearl , Dior Wool Pointed Toe Pump Size 35.5 Authentic , Ancient Greek Roman Womens Genuine Leather Handmade Sandals Shoes Gladiator Size , Teva Size 7.5 Blue Pink White Wedge Sandals New Womens ShoesValentino Rockstud Slides, Size 40, Black, Sold Out.authentic , Women's Wholesale lot fashion Sandals Flip-flops 48 pairs sizes 5-10 SB2520 , NEW BALANCE 577 Walking Shoes Black Leather SZ 12 Extra Wide VG Cond Made in USAROCKPORT WORLD TOUR BLACK LEATHER COMFORT WALKING SHOES MEN WIDE 10.5 / 10/ 44.5 , Nike Kyrie 4 "City of Guardians" 943806-001 Men's size 11 USadidas Originals Gazelle Grey One White Men Classic Shoes Sneakers BZ0027 , $150 NIKE AIR ZOOM FLIGHT GP LAKERS PE COLOR 10.5 BASKETBALL SHOE KOBE NEWMen/Women GEL KAYANO TRAINER GREY Exquisite (middle) workmanship Strong value Cost-effective , Nike Air Jordan XXX 30 Chicago Bulls Gym Red Black OG SZ 14 (811006-601) , Gentleman/Lady Jordan Every item described is available Moderate cost Breathable shoesCole Haan Lunargrand Lunarlon Tan Pink Rare Size 12 Mens , ROCKPORT NORTHFIELD K70011 TRU TECH BLACK CASUAL TO DRESS SIZE US 13 M , Man/Woman Mens Clarks Formal Shoes Bilton walk High grade Fast delivery Elegant and stable packagingGentlemen/Ladies Spring Step Women's Smore Boot Modern and elegant fashion Online export store International big name , Womens Lucky Brand Baley Perforated Chop Out Bootie Brindle Oiled Suede Sz 12 M , Sesto Meucci Women's Bluey Ankle Boot,Black Leon Suede/Gunmetal Specchio Kid,7 M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mens Light Brown Scotch Croc-Look Dress Shoes Croc-Look Antonio Mens Scotch Cerrelli 6536 size: 9.5 13 df8454f - 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.

    Mens Light Brown Scotch Croc-Look Dress Shoes Croc-Look Antonio Mens Scotch Cerrelli 6536 size: 9.5 13 df8454f - 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
    Mens Light Brown Scotch Croc-Look Dress Shoes Croc-Look Antonio Mens Scotch Cerrelli 6536 size: 9.5 13 df8454f
    Dress Shoes
    >
    ;