Never miss an update

Steve Madden Men leather Size 8.5 Brown Tan Brown leather Slip Madden On dress Shoes P-Catchh NIB 5f16c87

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
Style: Loafers & Slip Ons
US Shoe Size (Men's): 8.5 Color: Tan
Occasion: Formal Material: Leather
Country/Region of Manufacture: China Brand: Steve Madden
UPC: Does not apply
Never miss an update

Steve Madden Men leather Size 8.5 Brown Tan Brown leather Slip Madden On dress Shoes P-Catchh NIB 5f16c87 -

    Steve Madden Men leather Size 8.5 Brown Tan Brown leather Slip Madden On dress Shoes P-Catchh NIB 5f16c87
    Steve Madden Men leather Size 8.5 Brown Tan Brown leather Slip Madden On dress Shoes P-Catchh NIB 5f16c87
    TRAD Alden Black Full Strap Penny Loafers Dress Shoes Made in USA 12 AA/BNew Cole Haan Men's Original Grand Wingtip Oxfords Grey/YLW Canvas sz 9 C21003STANLEY BLACKER BLACK DRESS SHOES SIZE 9Propet Men's Grisham Oxford, Chocolate, 8 M USAllen Edmonds Mens Hillcrest Brown Leather Bicycle toe Oxfords Size 11 D Shoes , Giorgio Brutini Men Sz 14 Black Grey Leather Double Snap Monk Strap Dress Shoe , ALLEN EDMONDS Brown Leather Penny Loafer Dress Shoes - Mens Size 7DMENS DESIGNER NORDSTROM 1901 BLUE SUEDE LEATHER BROGUE WINGTIPS OXFORD SHOES 12MEZLAN Concerto Oxford Patent Leather Black Dress Formal Shoes Size 9WChurch's Custom Grade Ranch Oxhide Brown Wingtips Handmade In England Men's 10 CAllen Edmonds Sanford Cap Toe Wingtip Black Shoes Sz 8 Brogue Dress USA MadeNew Men's KENNETH COLE Italian Mens Slip On Dress size 11.5 Model KMF5LE187Propet Men's Grisham Oxford, Chocolate, 8 5E US , Men's Dress Shoes Cap Toe Oxford Black Leather Gator Print GIORGIO VENTURI 2524Cole Haan Colton Saddle Beige Leather Orange Suede Sz 12 (US) Oxford , Classic salvatore ferragamo mens oxfords shoes size 8.5 made in Italy , NEW Barclay Dress Oxfords US 10 EEE Extra Wide Black Genuine Leather WingTip USA , Russell Moccasin Men's Burgundy Leather Slip On Loafers Size-7.5 C , Mezlan Fermo Cap Toe Oxford Size 8.5 M Dark Brown , ALLEN EDMONDS MARLOW BLACK LEATHER WING TIP BUSINESS DRESS SHOES US MENS SZ 11 CJohnston & Murphy Melton Wingtip Derby, Men's Black Leather Dress Shoes, Oxfords , BLACK LEATHER ALLEN EDMONDS HILLCREST DRESS OXFORDS SHOES 8.5. Ked , MENS MAGNANNI BLACK LEATHER OXFORD SOFT BOTTOM DRESS SHOES SZ 11D , Cole Haan Black Leather Double Monk Strap Oxford Men's Shoe Sz 14 $300 , Santoni Caoutchouc Men's Slip-On Loafer Leather Dress Shoes Dark Brown sz 13DJean Baptiste Rautureau Brown Leather Split Toe Oxfords Men's Size US 12 , GIORGIO BRUTINI Private Collection 9.5M Dress Loafer Shoes Blue Leather Suede , GORDON RUSH NEW Adrian Brown Leather Slip On Loafers Casual Dress Shoes Sz 9.5Salvatore Ferragamo Women’s Brown Leather Gold Horse Bit Loafers Size 10 1/2 AA ,
    Steve Madden Men leather Size 8.5 Brown Tan Brown leather Slip Madden On dress Shoes P-Catchh NIB 5f16c87 ->Steve Madden Men leather Size 8.5 Brown Tan Brown leather Slip Madden On dress Shoes P-Catchh NIB 5f16c87 -
    Vogue Ladies REAL LEATHER Pointy Toe Plaids Chelsea Ankle boots Pull On ShoesPOUR LA VICTOIRE VICTORELLA Black Leather Designer Boots Over Knee Boots 5.5 M , AC363 MOMA shoes black suede women ankle boots , Adidas Original VL Court 2.0 Runner Shoes Running Black Red Navy DA9854 SZ 4-12 , Blackstone Womens PL91 Hi-Top Trainers, Grey Mychro Chip Mychro Chip, 6 UKKenneth Cole Kingvel Triple Strap Sneakers 894, White, 7.5 US / 38 EUWomens Fly London Mong Rug Leather Dark Brown Ankle Boots UK Size , Womens Ankle Boots High Heels Hollow Stilettos Out Pointed Toe Shoes Sz 4.5-12.5Tod's XXW0IV05660ATSG211 ballerina shoes Women's Yellow AURachel Rachel Roy Keala Shoes Size 7 Gray Textured Stiletto Booties Heels , Bally Classic Womens Pump Heel Brown Shoe Size US.6Ralph Lauren Collection Womens Black Strappy Ankle Buckle Sandal Heel Size 9.5 B , NEW MASSIMO BALDI $319 TAN/CARAMEL HEELS SZ 10 , STEVEN by Steve Madden Women's Vexen Dress Sandal - Choose SZ/ColorWomens JESSICA SIMPSON pewter fabric platforms sandals sz. 8.5 M NEW! , New J.CREW Snakeskin-printed leather slides Women's 8 G4909Nike mens zoom vomero 11 size 10Adidas Baseline Low Shoes Basketball Shoes in All White in Sz. 6.5 to 15Skechers Men's Go Run 600-Divert Sneaker - Choose SZ/ColorAdidas Flux Decon Gid Men's Shoes Size 8 , Nike Air Force 1 Mid '07 Mens Size 11.5 Shoes Obsidian Blue White 315123 406Men's Salomon Wings Pro 2 Trail Running Shoes Sz 8 M , Nike Air Zoom Legend RT Riccardo Tisci Black Teal 908458-002 US4 , React Element 87 Nike AQ1090-002 Sand Grey Men's DS Sizes Available Shoe of 2018 , Vintage RAICHLE Mens Brown Leather Extreme Hiking Mountaineering Boots US 5 MCarolina Men's 6" Composite Safety Toe Work Boots Brown Size US 10.5 2E , Ferrini Men's Caiman Belly Print Western Boot - Square Toe - 4249310 , Women's New Balance Shoes CW620WRC Sneakers Size 7 NewWomens Nike Air Max Thea Ultra JCRD PRM Size 8 Brand New!!!Marc Fisher LTD Harper Pointy Toe Ankle Bootie Leather & Velvet Blue Size 8 $199
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Steve Madden Men leather Size 8.5 Brown Tan Brown leather Slip Madden On dress Shoes P-Catchh NIB 5f16c87 -

    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.

    Steve Madden Men leather Size 8.5 Brown Tan Brown leather Slip Madden On dress Shoes P-Catchh NIB 5f16c87 -

    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
    Steve Madden Men leather Size 8.5 Brown Tan Brown leather Slip Madden On dress Shoes P-Catchh NIB 5f16c87
    Dress Shoes