Never miss an update

Bernhard Bernhard Willhelm Black X mogochinese-29394 Camper Black Himalayan Leather Nylon Trainer a138484

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Bernhard Willhelm X Camper
Product Line: Camper Model: Camper
US Shoe Size (Women's): 7 MPN: 22050-002
Modified Item: No Width: Medium (B, M)
EUR Shoe Size (Women's): 37 Material: Leather
Features: Lace-Up Heel Height: Low (3/4 in. to 1 1/2 in.)
Style: Fashion Sneakers Color: Black
Shoe Height: Low Top Pattern: Solid
Activity: Cross-Training UPC: n/a
Never miss an update

Bernhard Bernhard Willhelm Black X mogochinese-29394 Camper Black Himalayan Leather Nylon Trainer a138484 -

    Bernhard Bernhard Willhelm Black X mogochinese-29394 Camper Black Himalayan Leather Nylon Trainer a138484
    Bernhard Bernhard Willhelm Black X mogochinese-29394 Camper Black Himalayan Leather Nylon Trainer a138484
    Women's New Balance WC806 D Width Preowned Shoe Size 8Dolce&Gabbana "SPACE" Leather Silver Fashion Sneaker/Shoe, Sz 7.5M ITALY , Nike Lunarglide 8 OC 844633-999 Multi-Color Women Size US 5.5 NEW 100% Authentic , Asics Gel Solution Speed 3Women's Tennis shoes,"Brand New in Box W/Tags",SZ 81/2 , Nike Lunar Charge Essential Black Dark Grey Women Shoes Sneakers 923620 Size 12WOMEN'S NIKE METCON 3 TRAINING SHOE - Pure Platinum 7.5 & 11 , ADIDAS GAME MID SNEAKERS WOMEN SHOES PINK/RED/WHITE G09765 SIZE 9 NEWECCO Sneakers EDTS Hybrid Golf Shoes Women's Size~40 9.5 WideSALE Womens New Balance 990 990v3 White/Blue Women's Running Shoes W990WB3 Sz 11Nike W Air Max Thea PRM Carbon Green/Sail-Metallic Gold 616723-304 Women's US 12 , Nike Women's Huarache Premium ID Red_ Black Snake SZ 6 [777331-993]Women's Kamik Momentum Waterproof Warm Snow Boots Black , New Women's Brooks Levitate Running Shoes - Teal/NavyReebok Crossfit Nano 7.0 Women's shoes Size 8.5 Color Blue BS8865Puma Fenty Fur Slide Sandals Women's Shoes Size 7.5 , WMNS Nike Air Huarache Run SE SZ 5.5 December Sky Gold Dart 859429-402 , Ash Womens Brendy Fur Fashion Sneaker /- Pick SZ/Color.Puma Speed 600 Ignite 3 Pink - Womens - Size 6 BNew Mizuno 410941 9N00 Wave Shadow Griffin / White Women's Running Shoes 7.5 US , NEW IN BOX HOKA ONE ONE WOMEN'S 5 SPEED INSTINCT PERSIAN JEWEL FREE SHIPPINGNEW ADIDAS WOMEN'S PUREBOOST X SHOES BY8928 BLACK/WHITE SZ 9EUC RARE VTG Nike Air GoreTex Terra Ketchikan Marina Blue Women's US 5.5vintage LA gear shoes size 7.5 US white *New* Extremely Rare model LA1136BNew Under Armour Women's STR 1.5 Running Shoes - Size 8 - AnthraciteNew Nike Women's Georgia Air Zoom Fitness Running Shoes Size 8.5 905897601 DK139 , Nike Juvenate Women's Shoes - Size 12 (TOTAL CRIMSON/WHITE) 724979-802 , new = WOMENS 990 heritage new balance tennis shoes = Size 7 = te59Adidas Butterfly White Pink Sneakers Womens Sz 8.5 Athletic Shoes RARE HTFNIKE WOMEN AIR HUARACHE RUN PRM PREMIUM BLACK-SAIL-GUM BROWN SZ 6 [683818-011]
    Bernhard Bernhard Willhelm Black X mogochinese-29394 Camper Black Himalayan Leather Nylon Trainer a138484 ->Bernhard Bernhard Willhelm Black X mogochinese-29394 Camper Black Himalayan Leather Nylon Trainer a138484 -
    New in Box FRYE Marissa Zip Short Cognac Leather Bootie Boots 76933 Size 10 , Saucony Xodus ISO 3 Mens Trail Running Shoes - Olive/Black , New Django & Juliette Ballad Orange Womens Shoes Casual Shoes FlatNew w/o box JCrew black pewter leather ballerina flats sz 8 1/2 8.5steve madden black leather pumps, size 7, silver lining , Joe's Jeans Virgil Dress Sandals Heels Tan Sz 10 M Leather Nude , Nina Idabell Jeweled Heels, Black, 8 US / 38 EUMANOLO BLAHNIK SHOES SANDALS WHITE LEATHER LILAC PURPLE TINY FLOWERS SIZE 39 , Twisted X Boots Women's WRR0004 Red River , Lucky Brand Size 7.5 Black Leather Sandals New Womens Shoes , Mr/Ms Nike Blazer "ugly Ducklings" Reputation first Wholesale trade buy online , Gentlemen/Ladies Reebok Classic Packer Shoes size 11.5 fashion special function CharacteristicsNew Balance Mens Made in USA Black/Pink M997CR size 11.5 black Fieg , Adidas Pharrell Williams Tennis HU - BY8719men's shoes BLAUER 7 () sneakers leather suede purple white KY866 , Mens Nike Air Max BW OG Shoes Black Persian Violet White 819522-051 Size 8.5Nike Air Max 90 Ultra 2.0 Men's Wolf Grey/White/Dark Grey/Game Royal 75695006DS Nike React Element 87 Size 12 Total Orange , NIB Original Penguin Men's Monty Shitake Boots Leather Chukka SZ 12.5 M-US , Sanuk Guide Plus Suede Men's Shoes Dark Charcoal 9.5Rancho Loco Black & White Double Eagle Classic Cowboy Boots Men's Size 9D , 10.5 NEW! Star Wars Sperry Cutter Empire Slip-On Sneaker Boat Shoes Black Canvas , Men's Born Casual Moc Toe SlipOn Shoe Luis Dark Brown Leather H42423 , Shellys London Emma Black Glitter Retro Platform Wingtip Leather Casual Oxford , Nike Jordan Hydro 7 VII Grey Black White Men Sports Sandal Slides AA2517-004Size US 7.5 wide: Women's Saucony Guide ISO Running Shoes Fog/Purple/Mint , NIB WOMENS SIZE 7 NIKE DUALTONE RACER SNEAKERS BLACK 940418-005Nike Air Huarache Run SE Binary Blue Denim Womens Size 6 Shoes 859429-401 $120 , WMNS NIKE AIR HUARACHE RUN WHITE-HOT LAVA PINK-BLUE LEGEND SZ 5 [634835-103]Women Slouch Boots Over The Knee High Thigh Combat Side Zipper Plus Size Shoes
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Bernhard Bernhard Willhelm Black X mogochinese-29394 Camper Black Himalayan Leather Nylon Trainer a138484 -

    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.

    Bernhard Bernhard Willhelm Black X mogochinese-29394 Camper Black Himalayan Leather Nylon Trainer a138484 -

    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
    Bernhard Bernhard Willhelm Black X mogochinese-29394 Camper Black Himalayan Leather Nylon Trainer a138484
    Athletic Shoes