Never miss an update

COLE 10B HAAN Black Suede Slip-ons Penny Loafers Mocs Slip-ons Size 10028 10B bfe1e0d

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Country/Region of Manufacture: India
Width: Medium (B, M) Style: Loafers & Moccasins
Color: Black Fastening: Slip On
Occasion: Casual Heel Height: Low (3/4 in. to 1 1/2 in.)
Brand: Cole Haan US Shoe Size (Women's): US 10
Toe Type: Round Toe Material: Leather
Heel Type: Block
Never miss an update

COLE 10B HAAN Black Suede Slip-ons Penny Loafers Mocs Slip-ons Size 10028 10B bfe1e0d -

    COLE 10B HAAN Black Suede Slip-ons Penny Loafers Mocs Slip-ons Size 10028 10B bfe1e0d
    COLE 10B HAAN Black Suede Slip-ons Penny Loafers Mocs Slip-ons Size 10028 10B bfe1e0d
    Arturo Chiang Women's Taty Low Heel Pump Shoe Copper 9M New , Women's Black with White Stitching Franco Sarto Dress Shoes US Size 8M , Extremely Lightly Worn Orthofeet Ortho Feet 9 M Bone w/Inserts Paid $147.50 , NEW..SANITA..SHOES.37 Eur 6..SIGNATURE..PROF MARGO..BLACK LEATHER DANISH DESIGN , Stuart Weitzman Women's Pirata Loafers Size 7.5 Black Fianco CrocoKlogs Mission Womens Clog Shoes Mahogany 14 WNIB Clarks Un Hearth Pewter Metallic Color Flats Size 6 Medium US/3.5 UK NEWSTUART WEITZMAN White Leather Driving Moccasins 7.5 B Loafers Shoes , G by GUESS Size 8.5 Black Flats with Stone Accent Bow New Womens Shoes$140 MISS SIXTY MARLENE Black Navy Blue Suede Designer Slip On Loafers 6 , Rose Petals by Walking Cradles Size 6.5 M FOSTER Flats Leather New Womens Shoes , PAUL GREEN CLOVER BLACK SUEDE LEATHER FRINGE THONGS SANDALS SHOES 7 NIBNew Johnston Murphy Maggie Kiwi Green Glove Leather Camp Moc Women's Loafers 7MARAVON Women's Brown Oxfords Walking Shoes: "Wedoids" "Size 9 1/2 DNavy VIA SPIGA Loafers Low Heel Pumps Flats 7.5 M ITALY Worn 1X , Klogs Ashbury Womens Clog Shoes Black 6 M , CROC BUSY DAY 2.0 HEATHER A LINE~DUET FLAT LOAFER SLIP ON SHOE~Gray~W 7~NWTPaul Andrew J Crew Fringe Flats 9.5 E1394 Blue Womens Shoes , Mr/Ms LOVE red velvet pillow-only 1 left! Outstanding features New design Contrary to the same paragraph , ECCO CLOUD MARY JANE SHOES WOMEN'S SIZE 42 / 11-11.5 M EXCELLENT CONDITION , Klogs USA Women's Geneva Clogs Black SHP 6.5 MVINCE 'Nina' d'Orsay Flat, Suede Woodsmoke size 61/2 M, retail $295Sole/society Ananda sandals Leather Knotted Flat French Taupe Flats 8 M $84.95 , Women's Shoes b.o.c Born Of Concept NORDA Casual Clogs Leather Floral PinkNWOB WOMEN'S SAS LEATHER SLIP-ON PENNY LOAFER STYLE SHOE SIZE 8 NARROW MOCHASofft Mytalini Flat 8 M Copper Metal Confetti New with BoxTARYN ROSE "JAZ" Black Nappa Leather Slip On Comfort Moccasins Size ~ 6 M ~ EUC , Minnetonka Size 5 Gray Leather Moccasins New Womens Shoes , Womens Size 9.5 Rock & Republic Black Glenn Studded Slip on Flats Shoes ,
    COLE 10B HAAN Black Suede Slip-ons Penny Loafers Mocs Slip-ons Size 10028 10B bfe1e0d ->COLE 10B HAAN Black Suede Slip-ons Penny Loafers Mocs Slip-ons Size 10028 10B bfe1e0d -
    Jessica Simpson Women's Rallie Tall Wedge Boots Heels , New La Canadienne Womens Black Suede Fashion Boots Size 8 , STUNNING MANOLO BLAHNIK PATENT SQUARE TOE MID-CALF BLACK BOOTS SIZEJimmy Choo Black Ankle Boots Booties 39 us 8.5 9 Marlin Punk Rock $1050 , ADIDAS LUCAS PREMIERE ADV BLACK NEW SKATEBOARD SHOES FREE POSTAGE AUSTRALIANNike Air Max Plus GPX PREM SP Swimming Pool Turbo Green Premium Men 899595-301 , ASICS WOMENS GEL NETBURNER ACADEMY 7 WHITE BLACK RUNNING SHOES **FREE POST AUST , Paperplanes Womens Air Cap Running Shoes Trainers Athletic Sneakers PK 1101Prada Ankle Boots Light Brown Suede Size 38 , Mr/Ms Fabulicious LIP-194 Blk Pu/Blk Matte () Easy to clean surface Online Diversified new designSalvatore Ferragamo Tan Leather Pointed Toe Silver-Tone Hardware Loafers Size 9Barefoot Freedom by Drew Shoe Women's Jada Mary Jane Comfort Flats 9.5 W US , P.W. Minor Womens Sofia, Light Brown (41436)DAYA BY ZENDAYA SINCLAIR WOMEN MULE (6 M, BLACK) , VERONICA BEARD NWB NATURAL PYTHON EMBOSSED MULE SIZE 37.5/7M , ~ CHRISTIAN DIOR PLUM SUEDE DOUBLE ANKLE STRAP HEELS / PUMPS (SEXXXY!) ~ 37.5Melissa - Women's Harmonic XIII Ad Slides - Pink Black GlitterMens Asics Gel Saga Easter Pack Smoke Green White Blue H6A0L-7474MEN NIKE AIR PENNY 2 "2016 RELEASE" DS SZ 92010 Nike Air Jordan VI 6 Retro BLACK WHITE OREO COOL GREY OG 384664-101 SZ13 , NIKE AIR MAX 1 FLYKNIT ID "AIR MAX DAY 3-26" SZ 10 "MULTI COLOR" [940379-991]NIKE MERCURIAL VAPOR 12 ELITE 360 FG ID PURPLE-ORANGE-BLACK SZ 7.5 [AJ6735-994] , Gentleman/Lady Christian Louboutin python 9 9 Queensland Modern design retail priceNike LeBron 6 VI PE business Size 8 White Black Grey sample Championship 1of150 , Men's/Women's Greenday Dookie Canvas Men's Shoes High-quality delicate As of the latest modelXtratuf Men's Yellowtail Chocolate/Tan Size 10.5 Slip-On Casual Shoes , NWT Ted Baker men's shoe size 8.5 or size 9 sued nu-buck perforated uppers,Huf Classic High Polka Dot Suede Sneaker grey - mens 10 , nike womens air force 1 HI LIB QS womens trainers 706653 300 sneakers shoesPleaser ADORE-1018HG Exotic Dancing Clubwear 7" Platform Ankle Boot.
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    COLE 10B HAAN Black Suede Slip-ons Penny Loafers Mocs Slip-ons Size 10028 10B bfe1e0d -

    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.

    COLE 10B HAAN Black Suede Slip-ons Penny Loafers Mocs Slip-ons Size 10028 10B bfe1e0d -

    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
    COLE 10B HAAN Black Suede Slip-ons Penny Loafers Mocs Slip-ons Size 10028 10B bfe1e0d