Never miss an update

Dr.Comfort Chocolate Men's Vista Slipper 13 Slipper Chocolate Nubuck 13 0d6fe34

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): Does not apply
Shipping Weight: 2.3 pounds Style: Does not apply
Brand: Dr.Comfort Product Dimensions: 14 x 7 x 15 inches
Never miss an update

Dr.Comfort Chocolate Men's Vista Slipper 13 Slipper Chocolate Nubuck 13 0d6fe34 -

    Dr.Comfort Chocolate Men's Vista Slipper 13 Slipper Chocolate Nubuck 13 0d6fe34
    Dr.Comfort Chocolate Men's Vista Slipper 13 Slipper Chocolate Nubuck 13 0d6fe34
    Nike Benassi JDI Fanny Pack Slide Slipper Hyper Punch Black Sandal AO1037-600 12 , K Swiss Mens Arvee 1.5 Tech Trainers Low Retro Vintage Athletic Shoes Trainers NHaflinger Unisex AT Boiled Wool Hard Sole SlipperLacoste Setplay 317 Men's Classic Designer Leather Retro Trainers BlackGentlemen/Ladies Vionic with Orthaheel Adler Men's Slipper quality Reliable performance International big nameNEW Men's Sheepskin Bootie Slipper size 7 8 9 10 11 12 13 14 WoolWork House Shoe , MEN'S CHURCH'S HERMES BROWN LEATHER SLIPPERS SHOES sz 9 , MADE IN ENGLANDEMU Australia Mens Slippers Platinum Ashford Sheepskin SlipperGentleman/Lady OLUKAI Moloa Slipper - Men's use Elegant style Complete specifications , NEW SKECHERS BURST JUST IN TIME MENS MEMORY FOAM SHOESMan/Woman Haflinger Freddie Slipper Economical and practical Price reduction Elegant and stable packagingMr/Ms ACORN Men's Rambler Mule Not so expensive New style best seller , Haflinger Men's at Jade M Slip on SlipperMen's/Women's OluKai Men's Noho Kai Winter Slipper Moderate price buy Current shapeNew-Birkenstock/ Tatami Fulda 886433 Men Size 43/ Men 10 Navy SilkyA Testoni Black Leather Scuff Slipper Slip On House Loafer Mens Shoe SIZE 9 , Bastien Industries Men's Moose Hide Leather with Heavy Oil Tan Sole Earthing... , Men's Sheepskin Slipper Rubber Sole Best Wool House Bootie sz 8 9 10 11 12 13 14 , Gentleman/Lady Tempur-Pedic Tempurpedic Arlow Men's Slipper New product Moderate cost Acknowledgement feedback , Laurentian Chief Men's Suede with Rabbit Fur Collar Soft Sole Moccasin SlippersNEW IN BOX CHURCH'S MENS ARRAN 03 /14 Brown LEATHER SLIPPERS Sz - 7 MBIRKENSTOCK SUPER BIRKI 43/M10L12 R New! 068011Man's/Woman's Qwaruba Men's Fireside Sheepskin Slipper economic Various types and styles As of the latest model , Men’s Church’s Black Leather Slippers Sz 12 Made In England Great For X-mas! , Adidas Originals Superstar 80s PK Primeknit ASG Mens Classic Casual Retro TraineMan's/Woman's ACORN Men's Sheepskin Bootie Slipper New varieties are launched First quality A balance between toughness and hardness , Size 10 Mens North Face International USA IC Traction Mule Slipper American FlagMr/Ms Acorn Men's Romeo II Slipper Modern and elegant fashion Good market Direct business , Minnetonka Men's 3711X - Sheepskin Softsole Moccasin XL ,
    Dr.Comfort Chocolate Men's Vista Slipper 13 Slipper Chocolate Nubuck 13 0d6fe34 ->Dr.Comfort Chocolate Men's Vista Slipper 13 Slipper Chocolate Nubuck 13 0d6fe34 -
    New BCBG MAX AZRIA RUNWAY gray suede leather Ankle diva Booties Size 10 , Alexander Wang Black Leather Ring Toe Wedge Booties SZ 38Christian Dior Beige Suede Fringe Moccasin ankle Boots Size 37, US 7DB EASY B LADIES SANDY NAVY WIDE FIT RIPTAPE STRAP CASUAL CANVAS EVERYDAY SHOES , Womens Sperry Top-Sider STS91202 Gold Cup Penny Driver Loafers Sz 10m NWOB Blue , NEW!! Marc Fisher Black Suede T Strap Pumps 4" Heels Size 8M US 38M EUTory Burch Delphine 85mm Pewter Women’s Pointed Toe High Heel Pumps Size 8.5 M , Cole Haan Women's Sadie Ot 65mm Wedge Pump Nude Patent 8 M USTwisted X Boots Women's WDM0055 Slip On Ocean Blue Leather Slip-on Shoes , Adidas Originals Tubular Shadow BY3571 NEW IN BOX Mens Size 9.5 Maroon $130Nike Rosherun Men's Shoes Trainers New 511881 091 Size 12Men's Nike Zoom Talaria Mid FK Flyknit Brown Black Outdoors Boots 856957-200Adidas, EQT Support Adv PK GRETWO / FTWWHT Runing Fitness Shoes Men's - Size 9Nike DUNK LOW CL 'J-Pack' 304714 905 Size 8 DSNIKE AIR VORTEX NAVY SHOES 903896 402 , Mens Nike Air Kobe Elite XI Elite Sneakers New, 3D 836183-084 sku AASalewa Trousers Man Orval 5 Durastretch DST, Black OutADIDAS ORIGINALS TUBULAR NOVA Trainers Shoes VINTAGE WHITE TRAINERS S74821 NEWAdidas EQT Support ADV Mens BY9590 Mystery Ink Knit Running Shoes Size 8.5Nike Air Trainer 1 Mid Red Wolf Gray Size 9.5 NEW Bo Jackson John McEnroe , Helly Hansen Men's Vanir Canter High Top Navy/Olympian/Racer Blue/Neon YellowTOMMY BAHAMA ROCKER CANYON CHELSEA chukka ankle mens boots sz 12 DAdidas Yeezy Boost 350 V2 Zebra Kanye West DS 9 10.5 11 , HEY DUDE MENS WALLY WASHED STEEL BLUE SIZE 9 , $495 - Ralph Lauren Purple Label - Brown Suede Loafer - Size 10Mens New Black Prato Z 3 Leather Lined Patent Formal Wedding Party Shoes , Lindsay Christner Running Shoe For Women-Free ShippingSteve Madden Grand Burgandy Velvet Booties Floral Womens 6.5 Beauties!Women Shoe Mid-Calf Boot Pointed Toe Buckles Belt Stilettos High Heel Sexy PartyStuart Weitzman Parkway Black Leather Knee High Wedge Heel boot Shoes Size 5.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Dr.Comfort Chocolate Men's Vista Slipper 13 Slipper Chocolate Nubuck 13 0d6fe34 -

    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.

    Dr.Comfort Chocolate Men's Vista Slipper 13 Slipper Chocolate Nubuck 13 0d6fe34 -

    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
    Dr.Comfort Chocolate Men's Vista Slipper 13 Slipper Chocolate Nubuck 13 0d6fe34