Never miss an update

Allbirds Mens 11 Tree Loungers Loungers Breatheable 11 Slip On Kauri Shoes Light Blue Kauri Cloud f2ee08c

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Gently
Brand: Allbirds US Shoe Size (Men's): 11
Modified Item: No Euro Size: EUR 43
Style: Loafers & Slip Ons Pattern: Solid
Country/Region of Manufacture: China Color: Blue
UPC: Does not apply
Never miss an update

Allbirds Mens 11 Tree Loungers Loungers Breatheable 11 Slip On Kauri Shoes Light Blue Kauri Cloud f2ee08c -

    Allbirds Mens 11 Tree Loungers Loungers Breatheable 11 Slip On Kauri Shoes Light Blue Kauri Cloud f2ee08c
    Allbirds Mens 11 Tree Loungers Loungers Breatheable 11 Slip On Kauri Shoes Light Blue Kauri Cloud f2ee08c
    Atelier Deigner mens Driving Shoes size: 44 / US 11 NWOB made in ItalyRODD & GUNN 'Aria' Leather Sneakers Men’s Size US 9 Made In PortugalRed Wing Soft Toe Oxford Shoes Brown Leather Men's USA Made 13 DVTG Red Wing Steel Toe Oxford Shoes Brown Leather Men's USA Made 12 BFootprints By Birkenstock Black 8-8.5 Clogs Shoes 41/265 L10-M8 , Mr/Ms Swims Loafers Size 9 Red/whitw Beautiful color special promotion Fashion versatile shoes , Men's Size 10 TOM'S Slip On Sneaker Loafer Suede Shoes (b16)Mezlan Havana Mens US 8.5 M Loafers Brogue Toe Cap Fringe Tied Leather Black , $50 Converse All Star Sneakers Size 10 , Johnston Murphy Passport First In Comfort Sole Shoes Men's Size 11.5 M Brown , Gripfast 3 Eyelet Steel Toe Shoes Black Size 35Gentleman/Lady Columbia men sneakers New Listing a variety of German Outlets , Polo Ralph Lauren Mens Brown Leather Slip On Kiltie Tassel Loafers Shoes 10.5DEcco Fusion Slip-On Loafer Shoes Brown Leather Comfort Casual size 11Fred Perry Denim Slip-On Shoes Men's Size 10 New with box.PETER MILLAR Mens Brown Leather Slip On Penny Loafers Size 10M , Lamo Men's Landon Scuff Charcoal Boiled Wool Scuffs , Oinitsuka Tiger Bowlong Grace Men's Heather Grey Shoes - Size 7.5/39 EU , Cole Haan Men's Brown Slip-On Driving Moc / Loafer Shoes Size 12 M C04059 EUCEcco Men 45 US Moc Toe Slip On Loafers Brown Leather$100 COLE HAAN MILKSHAKE PINCH WKNDR CAMP FAUX FUR MOC SHOES US 7.5M , Fred Perry Denim Slip-On Shoes Men's Size 9 New with box. , MEPHISTO SPINNAKER Men’s Brown LEATHER Water Draining Profile Boat Shoe ⚓️ 9NEW!!! Men's Columbia 1671041255 Shoes tan Size 10 102C ssChaco Holt Brindle Mens 10.5M Hi Top Sneaker Brown Suede & Canvas 103-15Rocky Cambrelle Men Shoes Black Leather 9 M New With TagsMint Faconnable Nordstrom Tan Brown Suede Navy Nylon Mens Oxfords Shoes 10 D USA , Creative Recreation Cesario Choice Sz 9 US Sneakers Shoes Olive Black Gold CR449 , **Vionic Mesa Loafer Dress Shoe-Women's Size 8 Brown
    Allbirds Mens 11 Tree Loungers Loungers Breatheable 11 Slip On Kauri Shoes Light Blue Kauri Cloud f2ee08c ->Allbirds Mens 11 Tree Loungers Loungers Breatheable 11 Slip On Kauri Shoes Light Blue Kauri Cloud f2ee08c -
    Carvela Tall Boots Size 41 Kurt Geiger Wonderful Black Suede Wedge HeelFree People Las Palmas Ankle Boot Size 9 New MSRP: $168NIB Tory Burch Marguerite MARGUERITE TWO-BAND SANDAL Navy/ Multi Sz.9 Heel RareTamara Mellon Suede Sunkiss Boots 105MM Heels US 7/$1,195 , Asics Onitsuka Tiger EDR 78 OT ENDURO Grey Mens Trail Running Shoes D806N-9090 , Womens High Heel Studs Spikes Chelsea Biker Gusset Ankle Boot Platform Size Zip , Men/Women Ladies Rockport Long Boots K58714 Moderate price stable quality A balance between toughness and hardness , Men's/Women's Propet Onalee - Blue;Silver - Womens Exquisite (middle) workmanship International choice Valuable boutiqueJSlides - Heidi Soft Patent Leather Shoe - BurgandyWomen Pointy Toe Pumps Stilettos High Heel Flower Print Embroidered Autumn Boots , Nude Gold Estelle Peep Toe Platform Pump, Size 10 Lauren Lorraine NWT , MIU MIU KHAKI AND ORANGE POINTY TOE KITTEN HEEL BUCKLE ACCENTS SHOES SIZE 39 , $350 JCREW collection etta calf hair animal print leopard pump 6.5 heels shoes , $1299 Dsquared Shoes Pink Leather Size US 8.5 IT 38.5 Save 8347 , Easy Street Evelina Cracked Gold Womens Slide Size 9MCalvin Klein Jeans Womens Sally Washed N Fashion Sneaker- Pick SZ/Color.Mens Nike Dunk Flyknit 917746-004 Black/Black Brand New Size 11 , VANS ISO 1.5 (Mesh) Pewter Ballerina UltraCush Mens Skate Shoes Size 8.5 , Nike Air Jordan Las Vegas, Chicago, 5 Pin Set , Nike Mens Free RN 2018 Size 12.5 942836 100 White/Black NO LIDPantofola d'Ora Imola Uomo Low Black Mens Leather Trainers , Rockport V80551 Mens Modern Prep Tassel Slip-On Loafer- Choose SZ/Color. , Sperry Top-Sider Men's Gamefish 3-Eye Boat Shoe, Dark Tan, 10.5 M USAllen Edmonds Men's Alton Black Leather Tassel Loafers Size 13 D Made In USA , CESARE CAVALLI LEATHER LOAFER / SHOES, EU SIZE - 43 - US-10. .STUNNING SNIP TOE , Nike Air Max Thea Ultra Flyknit 881175-402 Women's Sneakers , JBU by Jambu Women's NOVA SCOTIA Rain Boot , Naot Women's Roxana Strappy Sandal Aqua/Royal Blue/Light Purple Stretch Strappy , New Women Thigh High Over Knee Boots Pointed Toe Slim Heels Stretchy Chic ShoesStuart Weitzman Hairspliced Wedge Pull On Bootie Size 8 Spain Leather Footbed
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Allbirds Mens 11 Tree Loungers Loungers Breatheable 11 Slip On Kauri Shoes Light Blue Kauri Cloud f2ee08c -

    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.

    Allbirds Mens 11 Tree Loungers Loungers Breatheable 11 Slip On Kauri Shoes Light Blue Kauri Cloud f2ee08c -

    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
    Allbirds Mens 11 Tree Loungers Loungers Breatheable 11 Slip On Kauri Shoes Light Blue Kauri Cloud f2ee08c
    Casual Shoes