Never miss an update

NIB Tommy Bahama Men's Dress Shoes A Relax NIB Suede Bahama Buck and A Half Size 10.5 M 41e163a

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
US Shoe Size (Men's): 10.5
Style: Oxfords Color: Black
Width: M) Brand: Tommy Bahama
UPC: Does not apply
Never miss an update

NIB Tommy Bahama Men's Dress Shoes A Relax NIB Suede Bahama Buck and A Half Size 10.5 M 41e163a -

    NIB Tommy Bahama Men's Dress Shoes A Relax NIB Suede Bahama Buck and A Half Size 10.5 M 41e163a
    NIB Tommy Bahama Men's Dress Shoes A Relax NIB Suede Bahama Buck and A Half Size 10.5 M 41e163a
    VANGELO TUX-7 Men Dress Shoe Two Tone Color Tuxedo Wrinkle Free Size 11WBX653 MADE IN ITALIA by CORAF shoes brown leather men elegant , Mens Boys Dr Keller Leather Black Shoes Winter Comfort Zip Casual Boots , England Style Fashion Mens Genuine Leather Pointed Toe Dress Formal Shoes [email protected]Kenneth Cole Reaction REV-ENUE Leather Dress Shoes Brown Mens Size 10 NewSteve Madden Men's Marlen Oxford Color Brown Tan Leather Size 9.5 , BARKER Light Brown Shoes Made In England Loafer Size USA 10.5 D , $179 Florsheim Imperial Loafers Leather Buckle Burgundy Mens Size US 10D , Kenneth Cole Reaction Men's Re-Prove Wingtip Oxford Dress Shoes Brown Size 13 , New Fuchsia Metallic Velvet Pink Tuxedo Slip On Dress Shoe TUXXMAN Loafers PROMJohnston & Murphy Optima Black Wing Tip Balmoral W/ Brogued Styling Size: 11DCole Haan Men's 9.5, Fringe Loafers, Burgundy, Excellent conditionCOLE HAAN - MADE IN USA 10 D BROWN CAP TOE OXFORDStanley Blacker Mens Shoes sz 12 Black Leather Tassels Made in ItalyFootJoy Classics Men's 9C Burgundy Wingtip Dress Shoes 74427 Made in USA VintageE.T. Wright Monk Strap Dress Shoes 12 B Brown Leather Made USA EUC YGI E8Alfani Proud Mens Black Wide Faux Leather Oxfords Shoes Size 11W US18 Men Buckle Strap Oxford Chic Party Patent Leather Formal Pointy Toe Shoes New , Men Low Heel Buckle Rivet Pointed Toe Slip on Rhinestone Business Dress Shoes , Mens Base London Formal Everyday Brogues Progress Excel , Men's Pull On Leather Business Shoes Leopard Metal Rivet Tassels Round Toe 39-46 , Mens Patent Leather Business pointed Toe slip on Dress Formal wedding ShoesNEW! Nunn Bush 81631-001 Mens Bleeker Street Slip-On Black 9.5 117H , EUR Size 36-47 Men's 100% Suede Espadrille Shoes Moccasins Gommino Oxfords PumpsMezlan Men's Loafers Size 9 M Black Leather Patent Notched Spain , Men's 11 D Cole Haan Leather Loafers Tassel Shoes In Dark Burgundy , New Mens Formal Business Flat Loafer Dress Tassel Pattern Leather Oxfords Shoes , 2018 New Mens Brogues British Stle Patent Leather Causal Shoes Business Oxfords , Johnston & Murphy Wing Tip Shoes 7.5 D Brown Oxford Made USA Mint YGI E8 ,
    NIB Tommy Bahama Men's Dress Shoes A Relax NIB Suede Bahama Buck and A Half Size 10.5 M 41e163a ->NIB Tommy Bahama Men's Dress Shoes A Relax NIB Suede Bahama Buck and A Half Size 10.5 M 41e163a -
    Kendall + Kylie Womens Finley Gray Booties Shoes 9 Medium (B,M) BHFO 7889 , CUTE VINTAGE DAN POST RUSTY AMBER BROWN TEJU LIZARD WOMENS COWBOY BOOTS-SIZE 9A , Jimmy Choo Women's Myers Velvet Bootie Black Velvet/Metallic Ankle Boots , Tommy Hilfiger Sporty Metallic Slip On Womens Silver Synthetic EspadrillesWomens Office Kung Fu Over The Knee Boots BLACK BootsHalton Heritage Teresa Ankle Strap Sandals 200, Black, 9.5 USPrada paltform pumps, As New, suede, size 40 1/2Irregular Choice Women s Nick of Time Closed-Toe Heels, Multicolour Floral Prin , MARC BY MARC JACOBS SHOES CORDUROY GROMMET ZIPPER FLATS BLACK sz 39.5 / 9.5 , CALL IT SPRING ORGANZA Women BLOCK HEEL SANDALS (9 M , DRIFTWOOD) , Naot Paris Leather Wedge Sandals, Women's Size 10, Dark Brown , Men's Jordan Flight Origin 4 Sport Casual Shoes 921196-101 Size 12 Mens NIB , Under Armour Men's Speed Phantom MC FTball Shoe, Black/White - Choose SZ/Color[BB8371] Mens Adidas Crazy Explosive Primeknit Basketball Sneaker - Kyle LowryNEW NIKE AIR MAX SQ UPTEMPO ZOOM Black White MEN'S SIZE 11 Model , Nike Air Shake Ndestrukt Mens 880869-100 White Red Basketball Shoes Size 11.5 , 2015 PATTA x BEAMS x VANS OLD SKOOL MEAN EYED CAT V36PATTA JAPAN ONLY BLACK sz 9air jordan retro 12 rising sun Without Banned Insoles. Men’s 13 , Mens Brown Crocodile Back Cut Leather Cowboy Boots RoundedNew! Ninja Tabi Shoes Boots Black Sokaido El Winds VO-80 24-29cm With Tracking , Skechers Men's Expected-Given Loafer - Choose SZ/Color , Dr. Martens Ramsey Alt Oxford Air Wair w/ Bouncing Soles Black/Green Men's Sz 11 , Brunello Cucinelli Mens Navy Textured Suede Espadrille Sz 45/ US 12~RTL$950Fabric Mercy Run Trainers Womens Black/White Sneakers Sports Shoes FootwearNike Roshe One Running Women's Shoes Size 7.5NIB WOMENS SIZE 7.5 NIKE AIR MAX THEA SNEAKERS 599409 614Man's/Woman's JIMMY CHOO Shoes Black 37 excellent quality luxurious have fun , Lucky Brand Gavina Women's Tall Suede Over The Knee BootsWomen Winter Stretch Round Toe Knitting Flat Sole Casual Shoes Plus Size 34-44 , Casual Women Round Toe Leather Warm Fur Zip Ankle Boots Low Block Heels Shoes sz
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIB Tommy Bahama Men's Dress Shoes A Relax NIB Suede Bahama Buck and A Half Size 10.5 M 41e163a -

    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.

    NIB Tommy Bahama Men's Dress Shoes A Relax NIB Suede Bahama Buck and A Half Size 10.5 M 41e163a -

    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
    NIB Tommy Bahama Men's Dress Shoes A Relax NIB Suede Bahama Buck and A Half Size 10.5 M 41e163a
    Dress Shoes