Never miss an update

Giovanni Men’s 12 Sz 12 M Oxford 29927 Style Shoes EUC Brown Leather, Worn Once EUC 5934d4a

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Giovanni
Width: Medium (D, M) US Shoe Size (Men's): 12
Material: Leather Style: Oxfords
Never miss an update

Giovanni Men’s 12 Sz 12 M Oxford 29927 Style Shoes EUC Brown Leather, Worn Once EUC 5934d4a -

    Giovanni Men’s 12 Sz 12 M Oxford 29927 Style Shoes EUC Brown Leather, Worn Once EUC 5934d4a
    Giovanni Men’s 12 Sz 12 M Oxford 29927 Style Shoes EUC Brown Leather, Worn Once EUC 5934d4a
    GORDON RUSH BLACK HIGH QUALITY GENUINE LEATHER COMFORTABLE MEN SHOES SIZE 11 , NEW DR. MARTENS MEN'S STANTON 4-EYE OXFORDS BROWN LEATHER 7 MEDIUM 6 UK $110Allen Edmonds Sz 10.5 D NASHUA Black Brown Tassels Leather Loafers Slip On USA , Stacy Adams Mens Wingtip Oxford- Select SZ/Color. , DONALD J. PLINER Black Suede Men's Loafers Moccasins Slip-on Shoes SZ13 NWOT- T1Banana Republic Men's Monk Strap Shoe DRAKE sz 9 Black , $90 Clarks Mens Marus Step Slip-On Boat Gray 7 , Sweeney London Behren Double Monk Strap Black Leather Dress Shoes US Mens 12 M , J.CREW Italian Leather Men’s Shoes Size 10 Brown Split Toe , Sandro Moscoloni Men's Black Maestro Penny Loafer, size:8.5D, new in box , RARE Allen Edmonds Stockbridge 13E Black Leather Cap Toe Oxford Dress ShoesAllen Edmonds MacNeil Long Wing Wingtip Men Brown Leather Oxford Shoes Size 11 BMezlan Mirage Mens Black Opera Pumps 10.5WNew To Boot New York Mens Cromwell SoftyBlue Dress Loafers Size 10.5Polo Ralph Lauren Sz 11 D Adante Brown Leather Slip On Penny Loafers Pony Logo , NIB Stacy Adams Kimball Mens shoes SaddleTan Buffalo leather Wingtip 11.5M , Donald J Pliner Orange Leather Wing Tip Dress Shoes Size 7M , DONALD J PLINER REX 120 MEN SHOE SIZE US 10.5M BROWN MADE IN ITALYPropet Men's Grisham Oxford Black 8 M US 41 EUBruno Magli Italy Black Leather Bit Loafers Shoes 11.5 , Cole Haan Wine Burgundy Red Moc Toe Tassel Loafer Dress Shoe Mens US 8D /ZANZARA Men's Darwin Oxford, Navy, 10.5 US , STEVE MADDEN MEN'S CHARLEY BLACK PONY SLIP ON SHOES SIZE 9.5Prada men's sneaker size 8.5 (US 10)Florsheim Brown Men’s Dress Shoes Size 6.5 3E WideMAGNANNI BROWN WOVEN LEATHER TASSEL LOAFERS SHOES SZ 12D MADE IN SPAIN , Cole Haan Black Leather Loafers / Dress Shoes Mens Size 10Stuart & Laud Brown Leather Cap Toe Dress Oxfords Men's Shoes Size 11 B , Doc Martens Brown 3 Eye 1 Hook Shoe Boot Mens Size 7 Made In England Lot
    Giovanni Men’s 12 Sz 12 M Oxford 29927 Style Shoes EUC Brown Leather, Worn Once EUC 5934d4a ->Giovanni Men’s 12 Sz 12 M Oxford 29927 Style Shoes EUC Brown Leather, Worn Once EUC 5934d4a -
    Frye Boots 6.5 Shirley Artisan Tall Cowboy Black Washed Vintage 77561 $458 , Nike Hyperdunk 2015 Basketball shoe's Purple Men's Size US9NEW RACHEL ZOE BLACK PYTHON EMBOSSED LEATHER 'Fabian' ANKLE BOOTS - SZ 10 - $455NEW HG BASS & CO WOMAN LOAFERS WEEJUNS SHOES BLACK GRAY SNAKE EMBOSED SZ 9AGL Brown Leather Open Peep Toe Ballet Flats Low Heels size 8.5 38.5 Italy B12Franco Sarto Women's Samanta 2 Mule Silver Shiny Snake Print MulesPropet W3910 Women's Black Vista Walking Shoes 9.5 XX(4E)Stuart Weitzman Sz 7 1/2M Brown Tortoise Shell Patent Slingback Heels 1115 S21ERose Petals by Walking Cradles Suede Heel - Women's Size 9.5 WW, BlackJOAN BOYCE DARK BLUE RHINESTONE COMFORT SHOES SIZE 10 W - NEWMr/Ms sergio rossi quality Quality and quantity guaranteed Fashion versatile shoesBirkenstock Arizona Soft Footbed Leather Slide Sandal Size 42 / 12 N , Pleaser Womens Cutiepie-02/BPPT Dress Pump- Pick SZ/Color. , Ash Womens Pearl Sandal 39EU/9 US- Pick SZ/Color.Reebok Size 6 Pink Running Sneakers New Womens ShoesMan/Woman Nike Lunarepic Flyknit 9 We have won praise from our customers. In short supply Current shapeNEW MEN'S 9 12 CONVERSE BREAKPOINT PRO OX BLACK WHITE SKATE SHOESSanuk Pick Pocket Slip On Sneaker - Grey - NewSaucony Original HT Perf Shadow 6000 S70349-3 Bodega Soho Burger Epitome Goethe , New Men's Nike FS Lite Run 4 Black/White Running Shoe 852435-002 Size 15Nike Air Flight Huarache PRM QS White Black Blue Berry Mens Running Shoe Size 11 , Nike Air Jordan Retro 4 CDP sz 13 IV dmp fred alternate 89 ovo xi iii xix cement , Nike x Acronym Air Prestos In BambooFlorsheim Mens Corbetta Bike Toe Ox OxfordD US- Pick SZ/Color. , R - Men's TO BOOT NEW YORK 'Grant' Brown Leather Cap Toe Loafers Size US 11 - DAdidas Golf Adipure Tour Golf Shoe, 7, Black , Skechers 12293 Sport Womens DLite Ultra-Reverie Fashion SneakerADIDAS STAN SMITH Originals Shoes Womens Floral Pink Black S81229 US 9/41.3 , Madden Girl New Wendiee Brown Womens Shoes Size 10 M Boots MSRP $89Franco Sarto Womens Ilana Tall Leather Boot - Brown Size US 7 | ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Giovanni Men’s 12 Sz 12 M Oxford 29927 Style Shoes EUC Brown Leather, Worn Once EUC 5934d4a -

    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.

    Giovanni Men’s 12 Sz 12 M Oxford 29927 Style Shoes EUC Brown Leather, Worn Once EUC 5934d4a -

    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
    Giovanni Men’s 12 Sz 12 M Oxford 29927 Style Shoes EUC Brown Leather, Worn Once EUC 5934d4a
    Dress Shoes