Never miss an update

Skechers Sport Men's Burst Tr - Halpert Oxford Men's - SZ/Color Choose SZ/Color a50f6f6

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
Brand: Skechers
Style: Fitness & Cross-Training Manufacturer: Skechers
Size Type: Regular MPN: Burst Tr Halpert_K
US Shoe Size (Men's): Multiple Variations Model: Burst Tr Halpert_K
Never miss an update

Skechers Sport Men's Burst Tr - Halpert Oxford Men's - SZ/Color Choose SZ/Color a50f6f6 -

    Skechers Sport Men's Burst Tr - Halpert Oxford Men's - SZ/Color Choose SZ/Color a50f6f6
    Skechers Sport Men's Burst Tr - Halpert Oxford Men's - SZ/Color Choose SZ/Color a50f6f6
    K-Swiss 05578-636-M Mens Gen-K Icon Knit Sneaker- Choose SZ/Color. , K-Swiss Men's Classic VN Fashion Sneaker - Choose SZ/ColorReebok ZigWild TR 2-M Mens Running Shoes Gravel / Black Silver Grey White , ASICS T7D2N.4501-14 Asics Roadhawk FF Running Shoe - Mens - Choose SZ/Color. , Merrell Men's Capra Bolt Waterproof Hiking Shoe - Choose SZ/Color , Saucony Men's Peregrine 7 Running Shoe, Red Navy, 12 Medium US , PUMA Men's Tazon 6 3D Sneaker, - Choose SZ/ColorUnder Armour Men's Charged Controller - Choose SZ/ColorSaucony Men's Kinvara 5 Viziglo Running Shoe - Choose SZ/Color , adidas Men's Adizero Adios 3 Aktiv Running Shoe, - Choose SZ/Color , adidas Golf Mens Pure Trx Shoe- Pick SZ/Color.adidas Men's Alphabounce LEA Running Shoe, - Choose SZ/Color , Skechers Performance Men's Go Flex 2 Completion Walking ShoeNike Lebron XIII 13 USA Independence Day Navy Red White 807219 461 , Mens V Trail Runner Grey/Black/Orange 11-11.5 M US/45 EU NewMerrell Men's Moab 2 GTX Hiking Shoe, - Choose SZ/Color , adidas outdoor BB0714 Mens Terrex Trail Cross Hiking- Choose SZ/Color. , ASICS Mens Gel-Flux 4 Running-Shoes- Pick SZ/Color.adidas Originals BY9867 Mens Eqt Support Adv J Sneaker 4.5 M- Choose SZ/Color. , Reebok BS5792 Mens Crossfit Speed TR 2.0 Cross-Trainer Shoe- Choose SZ/Color.Skechers 54522 Mens Go Elite 3 Approach Relaxed Fit Golf-Shoes , Under Armour Men's Yard Low ST - Choose SZ/ColorBugatchi Men's Cinque Terre Fashion Sneaker - Choose SZ/Coloradidas Originals Men's Superstar 80s - Choose SZ/Color , PUMA Mens Ignite Limitless Reptile Cross-Trainer Shoe- Pick SZ/Color. , Under Armour Men's Street Encounter IV Leather - Choose SZ/ColorMan's/Woman's ECCO Men's Soft 7 Fashion Sneaker High quality and cheap a good reputation in the world Direct business , PUMA Men's Ignite Limitless Cross-Trainer Shoe Vintage Khaki 10 M US , Saucony Breakthru-M Mens Breakthru Running Shoe- Choose SZ/Color. ,
    Skechers Sport Men's Burst Tr - Halpert Oxford Men's - SZ/Color Choose SZ/Color a50f6f6 ->Skechers Sport Men's Burst Tr - Halpert Oxford Men's - SZ/Color Choose SZ/Color a50f6f6 -
    BRAND NEW $368 FRYE ILANA FRINGE SAND COLOR SHORT WOMEN'S BOOTS SIZE 7B , Tory Burch 'Barrick' Coconut Brown Leather Bootie 10 with box , Womens Asics Gel Torrance Running Training Casual Shoes US SizesMr/Ms Lucky Women's LK-FAWNN Fashion Boot Queensland Strong value Modern mode , Disney Irregular Choice Alice in Wonderland CHESHIRE CAT Flats Shoes 36 US5.5 , Men's/Women's Stiletto Heels Charming design Modern and stylish fashion TRUE , Fashion Womens Glitter Pointy Toe Stone grain Side Zip Shoes Pumps High Heels , Salvatore Ferragamo LECCIO pumps nubuck leather brown , Pierre Cardin LOUANE Women's Real Leather Classic Slip on Pumps Python WhiteGIVENCHY Cage Sandal Brown Leather Peep Toe 6.5 36.5 Pump Platform Box Cut out , Sergio Rossi Brown Python Sandals/Heels/Shoes Size 39 , Rocket Dog Women's Jamaica 8a Canvas/Solar Power Pu Sneaker - Choose SZ/Color , Puma Flare Graphic 18863901 Running Shoes Coral Pink Medium (B,M) Women , Nike Flex Experience RN 5 New Men's 844587 002 Black Running Shoes Size 10Nike Air Zoom Span Running Mens Shoes Red White Black 852437 601 Size 11.5Nike Air Max Deluxe Mens Size 12 , Mens NIKE JORDAN 1 FLIGHT 5 PREM Golden Beige Hi Top Trainers 881434 202HOKA ONE ONE MEN CLIFTON 4 DIVA BLUE / TRUE BLUE SHOE US 10 2E / / , NIKE AIR MAX 2017 BIO BEIGE 849559 200 Sz us-11.5MBT Physiological Footwear Night Chocolate Brown Suede Shoes Mens Size 11.5 , Cole Haan Men's Branson Driver Penny Loafer, British Tan Suede, 8.5 Medium US , Hoka One One Women's Hupana 2 1019573 Black Blackened Pearl Sz 6-10 NEWMen/Women Reebok Freestyle Hi Women's White/Silver 70-W New Listing Upper material best seller , Saucony Women's Freedom ISO Running Sneaker Black Sneakers , Adidas NMD R1 Clear Onix Vapour Pink (W) BY3058 WOMEN SZ: 6.5 , Womens pointed toe high block heel ankle boots leisure shoes 3 colors Lady New , $1195 STUDIO POLLINI Wedge Brown Leather Suede Fringe Boots SZ 39.5/US 8.5 , MaxMuxun Women Shoes Suede Flats Classic Ankle Boots , Pointy Toe Short Boots Casual Special Heel Women Solid Suede Shoes Warm Hot ShoeVTG WOMENS CORRAL SNIP TOE COWBOY LEATHER GREEN /SAND BOOTS SIZE 7 M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Skechers Sport Men's Burst Tr - Halpert Oxford Men's - SZ/Color Choose SZ/Color a50f6f6 -

    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.

    Skechers Sport Men's Burst Tr - Halpert Oxford Men's - SZ/Color Choose SZ/Color a50f6f6 -

    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
    Skechers Sport Men's Burst Tr - Halpert Oxford Men's - SZ/Color Choose SZ/Color a50f6f6
    Athletic Shoes