Never miss an update

LL Mens Bean 10 Mens Brown Shoes Duck Hunting Shoes Size 10 8e781c6

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Modified Item: No
US Shoe Size (Men's): 10 Style: Loafers & Slip Ons
Color: Brown Material: Leather
Brand: L.L. Bean Width: Medium (D, M)
UPC: Does not apply
Never miss an update

LL Mens Bean 10 Mens Brown Shoes Duck Hunting Shoes Size 10 8e781c6 -

    LL Mens Bean 10 Mens Brown Shoes Duck Hunting Shoes Size 10 8e781c6
    LL Mens Bean 10 Mens Brown Shoes Duck Hunting Shoes Size 10 8e781c6
    Chic Mans Moccasins Loafer Slip on Flat Soft Boat Leather Diving Colors Shoes SzChic men leather solid shoes pointy toe slip on british style nightclub formal , new adidas originals mens 5/wmns 6.5 new york arsham cm7193 past present futureMen's Sperry Top-Sider Billfish 3-Eye Boat Shoes Tan Beige Leather Size 8.5Hot Mens Flats Suede Shoes Slip on Casual Loafers British Round Toe Driving Soft*New* Quicksilver Brown Leather Harpoon Shoes Men's Size 11 MSRP $115 AQYB700020 , NWT CLARKS VOSSEN PLAIN BLACK LEATHER SHOES SIZE 11 1/2 M , Cole Haan Grand OS Maine Classic Pinch Black Suede Penny Loafer Slip Ons Sz 8 M , fashion men slip on blingbling loafer shoe nightclub flat gold buckle metal NewBally of Switzerland Burgundy Leather Logan Tassel Loafers US 7.5 Mmen pointy toes slip on leather hairdresser shoes oxford wedding dress shoes hotMens Leather Pointy Toe Slip On Oxfords Dress Shoes Flip Flop Party Shoes FashioNew Florsheim Imperial Parker 10.5 D sand sueded leather (599) , Propet M3910, Mens Brown Lite Comfort Walking Shoe.11 1/2 MReef Sandals Men's Rover Low - Sand/Natural - 11.5 , Dr. Martens Maleke Boots 22357001 Canvas Sz7-12 Fast ship LNike Braata LR Premium “Tie-Dye”Quick Strike Dead Stock SB New Sz 9 Rare , New DeerCraft M 7 M black/brown buckskin leather (1214)Johnston Murphy Handcrafted in Italy Kiltie Tassel Loafer Moc Toe Men's Sz 7Mmen's tassel slip on leather flats crocodile print moccasin loafers shoes dressMen's/Women's Propet Men's Stability Walker Shoes Special purchase Price reduction Quality and consumer firstFashion Men's Slip On Round Toe Sneakers Loafers Shoes Spring Casual Hot ShoesSuede Outdoor Casuals Gommino Flats Slip On Driving Shoes Multi Color US 6-10.5 , New Pvt. Label (Mezlan factory) buckle 9.5 M burgundy (576)2018 Mens Monkey Logo Leather Decent Sports Sneaker Low Top Street Outdoor ShoesHALYARD CVO LEATHER BLACK (STS12392) SZ 7M , 2017 Retro Mens Platform Dress Formal OxfordS Brogue Tassel Leather Loafer shoes , mens size 9 skechers memory foam sneaker shoe , SPERRY Top Sider Brown Leather Non-Marking Boat Shoes W/Blue Trim Mens 11M-B9 ,
    LL Mens Bean 10 Mens Brown Shoes Duck Hunting Shoes Size 10 8e781c6 ->LL Mens Bean 10 Mens Brown Shoes Duck Hunting Shoes Size 10 8e781c6 -
    DONALD J.PLINER NIKKO TALL DRESS ELASTIC BLACK BOOTS 3" HEELS size US 11M HOT , La Canadienne Hayes Black Shearling Lined Engineer Ankle Boots Moto Size 10 M , LADIES FRYE PAIGE TAN TALL BOOTS 77534 NIB , STUNNING Jill Sander Black Leather Wedge Boots US 6.5 EUC $1380 , Corral Women's Western Cowgirl Cognac Overlay Embroidery Studs Boots A3567 , Womens Tall Leather Motorcycle boots with Side Zipper by altimate , Men's/Women's lacoste mens shoes feature Online Outstanding stylenike air huarache mens running trainers 318429 111 sneakers shoes CLEARANCE , Nike Dual Fusion Tr 3, Women’s Fitness ShoesAnne Klein Womens Myles Leather Closed Toe Loafers, Red, Size 5.5 US / 3.5 UK , LADIES SHOES/FOOTWEAR - Klouds sandal Acapulco pewter size 39/8 , Women's Suede Retro open Toe Rhinestone Ankle straps High Wedge Heels Shoes Size , NWB Pancaldi Krizia Milano Women's Pumps Shoes Black sz 40 (8.5, 9)$975 NEW Christian Louboutin NO BARRE 140 Platform Patent Heels Black Shoes 40.5 , Birkenstock Arizona Soft Footbed Black Slide Sandals Size 36 / 6 , Sanuk Women's Pair O Dice Leather Loafer Flat Tobacco Brown 10 M USNIKE PINK BLUE ZOOM SHOES SIZE 6 DESIGNER LIMITED EDITION 100% AUTHENTIC , VANS CHIMA CHIMA FERGUSON PRO (PACIFIC NW) COFFEE BEAN VN0A347ELRT MENS 13Nike Mens SB Zoom Dunk Low Pro Red Green Blue Grey Nightshade 854866-336 SZ 9.5 , Nike Air Jordan 1 Flight 4 PREM Mens Hi Top Basketball Trainers 838818 031 , 29 adidas PHARRELL WILLIAMS PW TENNIS HU from japan (5505 , Tan New Genuine Suede Oil Resistant Heavy Duty Men Work Boots Size 8.5 , Yeezy Boost Pirate Black Size 13 *Authentic*Armani Jeans Ankle Boots Sz. 6,5 Leather Man Black 935566CC503-N-20 PUT OFFER , MEN'S ARIAT CHALLENGER SQUARE TOE WESTERN BOOTS 10018695 , S-2214119 New Tods Laccetto Volpe Suede Loafer Shoes Size US 11.5 Marked 10.5 , Kenneth Cole Reaction Ale Platform Sneakers Size 7 , Nike Womens AF1 Flyknit Low Black Deep Royal Blue Pink sz 7.5 NIB 820256-003 , Skechers Performance Women's GO Walk Lite-Luna Boat Shoenavy9 M USBC0251 Adidas Women UltraBOOST W Parley blue blue spirit carbon footwear white
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    LL Mens Bean 10 Mens Brown Shoes Duck Hunting Shoes Size 10 8e781c6 -

    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.

    LL Mens Bean 10 Mens Brown Shoes Duck Hunting Shoes Size 10 8e781c6 -

    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
    LL Mens Bean 10 Mens Brown Shoes Duck Hunting Shoes Size 10 8e781c6
    Casual Shoes