Never miss an update

Lacoste Men's Chukka Laccord Chukka 217 M 1, Blue, 8.5 8.5 M US 55ea892




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
Brand: Lacoste
Euro Size: 8.5 M US Style: Chukka
Color: Blue MPN: 733CAM1051125-.95-Blue-8.5 M US
Size: 8.5 M US US Shoe Size (Men's): 8.5 M US
Model: 733CAM1051125 UPC: Does not apply
EAN: 0755722309121
Never miss an update

Lacoste Men's Chukka Laccord Chukka 217 M 1, Blue, 8.5 8.5 M US 55ea892 - blurrypron.com

    Lacoste Men's Chukka Laccord Chukka 217 M 1, Blue, 8.5 8.5 M US 55ea892
    Lacoste Men's Chukka Laccord Chukka 217 M 1, Blue, 8.5 8.5 M US 55ea892
    Prada men fashion sneakers camouflage shoe size 10NIB $110 Converse CTAS 70 Ox Embossed Floral Black/Camel 153030C US Mens 12 , SPERRY TOP SIDER MENS BOAT SHOE A/O 2-EYE PULLUP TAN SIZE 10 WIDE , MADEN Spring New Mens Casual Shoes Height Increasing Breathable Rubber sole , Dr. Martens 1461 Rockabilly Mens Black Leather Casual Dress Oxfords Shoes , NIB $250 Converse X John Varvatos CT Brush DBL Zip Hi Silver 147377C US Mens 12Nautilus Men's ESD Athletic Shoes - Steel Toe - 1729 , MENS STACY ADAMS GENUINE SNAKE & LEATHER STEEL GRAY DRESS LOAFERS SIZE 10 M NEW , RAG & BONE STANDARD ISSUE CAMO Canvas sneakers sz.42 (9) 249 New Free ShippingWalk-Over Derby Men's Sz 9.5 Dirty Buck Brown Suede Casual ShoesNew $340 Modern fiction homme mens leather shoes size 11() brown PORTUGAL , Hugo Boss Men's Brown Suede Leather Fashion Sneaker Shoes US 9 IT 42ALLEN EDMONDS Men Sz 10 1/2 B Mapleton Bicycle Toe Oxford Black LeatherROCKPORT adiPRENE by Adidas - City Routes (M79010) ORANGE Mens Sz 11 - New! BO!! , NIB $160 Converse by John Varvatos CT DBL Zip Hi Dk Olive/Bel 150167C USMens11.5NEW Vintage Nike Air Max 90 Leather Men Sz 7 White Chi-Town WILL SHIP GLOBALLYSperry Top-Sider A/O Winter Chukka Brown Fur Lined Boots Shoes NIB US 13VINCE Gifford Blue Suede SlipOn Shoes $295 Mens 12 Made In ItalyNEW Dr. Doc Martens 3053 Reuban Mid Bone Suede Perforated Sneaker Shoe Mens US 9 , Men's Italian Casual Shoes Leather , Size 8.5 , Color Brown , Dr. Martens 1461 Black Smooth Men's 3 Eye Leather Casual Shoes 12 Medium (D)Emporio armani shoes men High Top Training Sneakers US Size 8.5 Euro Size 40 , J.Crew The 1990 MacAlister Men's Boot in Oiled Leather Size 13 $158VISVIM x Sophnet Kiefer Hi Gold US8 (26cm) UWBT 2007 100% Authentic FBT Folk FIL , John Varvatos 9D Brown Leather & Suede High Top SneakerTed Baker London Men's Prinnc Lthr Blue Size 10m $210Vintage 80s Converse All Star Chuck Taylor Hi Top Sneaker Red sz 9BRAND NEW Drew Men's Sz 11M Black & Gray Warren Leather SandalSalvatore Ferragamo Authentic Mens Black Shiny Leather Horsebit Loafers sz 13 D ,
    Lacoste Men's Chukka Laccord Chukka 217 M 1, Blue, 8.5 8.5 M US 55ea892 - blurrypron.com>Lacoste Men's Chukka Laccord Chukka 217 M 1, Blue, 8.5 8.5 M US 55ea892 - blurrypron.com
    Frye Carson Lug Leather Riding Boot, Women's - Size 6.5 B, Dark Brown , Yves Saint Laurent Black Leather Tasseled "Diane" Knee High Boots SZ 40*USED* MENS LOAKE ALDWYCH BLACK US 9FUNTASMA CARRIBEAN-199 MENS BROWN ANKLE BOOTS COSTUME SIZE US 8-14 , 'Ladies Van Dal' Rounded Toe Calf High Zip Up Boots - KlineECCO Women's Soft 7 Sneaker - Choose SZ/ColorBoohoo Women's Laura Wrap Up Black Vegan Leather Stiletto Heel Sz 10 US $64PLEASER Xtreme-840 8" Heel Sexy Exotic Platform Pump , Man's/Woman's Stuart Weitzman Lille Size 10 for you to choose Good market Comfortable and natural , Gentlemen/Ladies Skechers Women's Go Walk Joy-15615 Sneaker Modern technology high quality British temperament , Nine West Women's WALKOS Metallic Mule Silver/Metallic Size 9.0 , Christian Louboutin Choca Lux Kid Beige Nude Leather Heels 120 Spike SandalsUnder Armour Nitro Diablo Low MC Men's Football Cleats Size 11.5 NEW 1226964-141 , Supra Men's Axle Low Top Leather Fashion SneakerNWT ADIDAS X PHARRELL WILLIAMS STAN SMITH SZ 6 BLUE SOLID PACK B25386 PW 2014 ogJordan 6 Retro “BLACK CAT” Sz 14Air Jordan 7 Retro Men’s Size 8 , Gentleman/Lady Lamo Men's Romeo Fleece fashion Quality First Fashion dynamicMen's/Women's New Balance Men's Ml22bn Beautiful color Low price German OutletsMen's High Top Chelsea Ankle Boots Suede Leather Retro MId Heels Leopard Red 45 , New Women Shoes High Top Fashion Leather Sneakers Flats Sport Running Shoes PunkReebok V72732 Womens Royal Ec Ride Fashion Sneaker 8- Choose SZ/Color.New Balance WS574SNE B Suede Yellow White Women Running Shoes Sneakers WS574SNEB , Women's Nike Free 5.0 TR Fit 5 Training Shoes, 704674 011 Sizes 6.5-8 Wolf Grey/Adidas Originals Women's Crazy 8 ADV Basketball Shoes SneakersLucky Brand Women's Lk wesson 2 Rye Brown Suede Studded Thick Heel Ankle BootAlluring Fashion Womens Suede Leather Round Toe Over Knee Thigh High Boots b0182 , Baretraps Yaegar Boots - Women's Size 7M Black/Red , DONALD J. PLINER "Beto" Black Suede Y'all Women Boots Sz.31 NewSteve Madden Women's Shyann Gold Leather Western Cowboys Boots W/Studs Size 7.5M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Lacoste Men's Chukka Laccord Chukka 217 M 1, Blue, 8.5 8.5 M US 55ea892 - 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.

    Lacoste Men's Chukka Laccord Chukka 217 M 1, Blue, 8.5 8.5 M US 55ea892 - 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
    Lacoste Men's Chukka Laccord Chukka 217 M 1, Blue, 8.5 8.5 M US 55ea892
    Casual Shoes
    >
    ;