Never miss an update

Cole Haan C22116 Pinch Roadtrip Camp mogochinese-18940 Haan Mens Mocassin Size 12 C22116 9879744




Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Style: Mocassin
US Shoe Size (Men's): 12 Product Line: Pinch
MPN: c22116 Width: Narrow (C, B)
Brand: Cole Haan UPC: 0889203625339
Never miss an update

Cole Haan C22116 Pinch Roadtrip Camp mogochinese-18940 Haan Mens Mocassin Size 12 C22116 9879744 - blurrypron.com

    Cole Haan C22116 Pinch Roadtrip Camp mogochinese-18940 Haan Mens Mocassin Size 12 C22116 9879744
    Cole Haan C22116 Pinch Roadtrip Camp mogochinese-18940 Haan Mens Mocassin Size 12 C22116 9879744
    Romano Martegani Brown Leather Apron Toe Tassel Slip On Dress Loafers Men's Sz 9Modern Vintage Men's Wesley Dress Shoes Size 11 1/2 Black Leather Made in Italy , New Brogue Mens Pointed Toe Suede Tassels Business Slip On Loafers Casual Dress , NIB JOHNSTON AND MURPHY ELLINGTON WINGTIP DRESS SHOE BROWN DARK BROWN SIZE 9Mens Real Cow Leather Shoes Dress Formal Classic Brown Black Casual Oxfords NewJOHNSTON MURPHY Men's Aristocraft Oxford Wingtip Dress Shoes Leather Burg 9C , SAS GUARDIAN Men ORTHOPEDIC SIZE 12 WW BLACK LEATHER SLIP RESISTANT - B1Stacy Adams Cassidy Mens Moc-Toe Slip-On Black Leather Dress Shoes 20118-001New Havana Joe X 19 M 53/EUR brown oil-tanned leather (4206)Nunn Bush Mens Sabre Monk Strap Slip-On Loafer- Pick SZ/Color. , italian Tassel Business Men Shoes Leather Elegant Formal Dress Designer ZapatosBally Of Switzerland Mens Size 10 B Dante Brown Leather Cap Toe Oxfords Dress C2Mens Leather Glitter Sequins Slip On Loafers Shoes Party Wedding Formal Shoes 12Biltrite Imperial Braddock Terry Mens sz 12 E W black leather dress oxford shoesVTG MENS 10.5D BRITISH WALKERS CUSTOM BROWN LEATHER WINGTIP BROGUE OXFORD SHOESZOTA Unique Men's Monk Strap Solid Pointy Toe Leather Slip On Shoes Brown , COLE HAAN Men's LUNARGRAND VENETIAN Brown Leather Loafer US 10 M C12604 $198Mens Amazing Black Velvet Gold Snake Print Dress Shoes After Midnight 6767 , Stacy Adams Mens Madison Cap Toe OxfordUS/11 D US- Pick SZ/Color. , Stacy Adams Mens GOLATO Printed Cow Leather Upper Double Monk Strap Black SZ 9.5 , J Crew Mens Brown rustic leather Penny Loafers Sz 10 Shoes 97576 leather soles.Men's glossy white synthetic leather plain toe close lacing high heel dress shoeMen's Black Grimentin handmade dress shoe size 42 European; 8.5 USNew Havana Joe #TWO2C 7.5 M 41/EUR brown (4672)Giorgio Brutini Mens Revenant 25074 Leather Oxford Dress Shoe Rust Size 10.5 MMens Chunky Heel Pointy Toe Pull On Dress Shoes Formal Business Wedding Casual , Cole Haan Grand Os Men's Penny Loafer Size 8m Brown , Mens Chic Dress Alligator Print Leather Formal Office Oxford Shoe Pump Plus SizeEcco Holton  black  oxford men shoes 44 10/10.5 excellent condition
    Cole Haan C22116 Pinch Roadtrip Camp mogochinese-18940 Haan Mens Mocassin Size 12 C22116 9879744 - blurrypron.com>Cole Haan C22116 Pinch Roadtrip Camp mogochinese-18940 Haan Mens Mocassin Size 12 C22116 9879744 - blurrypron.com
    New Clarks Womens Chukka Desert Boots Suede Tan Size 9 MWomen's Vasque Mesa Trek UltraDry - Ebony/Baltic - Width: med - BootsSperry Top-Sider Women's Dronsfield Chelsea Boot, Rose Dust, 10 Medium USFly London Yolk Boot - NIB - Free ShippingNike Aptare Essential Mens Running Trainers 876386 400 Sneakers ShoesDr Comfort - SUNSHINE - BLACK Women's Ladies Shoe US 9 Wide , J CREW ESPADRILLE SLIP ON SNEAKERS CALF HAIR SIZE-10 NWOB #C5502GUISEPPE ZANOTTI BLACK SUEDE "ALIEN" PUMPS SZ 39.5 **FROM MY PERSONAL STASH**NIB $495 Tamara Mellon Jimmy Choo Designer Heaven Black Patent Leather Pumps 38Prada New Gunmetal and Black Square Toe Heels Pumps Size 38.5 38.5 B Retail $670Old Friend Women's Kentucky Chestnut Sheepskin Slippers , NIKE Women’s Free RN Motion FK 2017 Black Platinum 880846 001 - Sz 12 NO BOX TOP , ASICS Men's Gel-Contend 4 Running Shoe, Silver/Classic Blue/Black, 10.5 4E USASICS Mens Gel-Kahana 8 Running-Shoes, Black/Hot Orange/Carbon, 10.5 M USADIDAS NMD_R1 STLT PRIMEKNIT BLACK/GREY TWO/GREY FIVE B37636 , Nike Vapor Speed TD Low Cleats Red Black 643152-610 Mens Football Shoe 10 $99$180 Nike iD Kd Kevin Durant Basketball 2013 Shoes Black White High Mens Sz 14NEW Adidas New York Daniel Arsham Grey/grey DB1971 BOOST Men size: 10 , NIKE AIR MAX 1 ANNIVERSARY 908375-101 white/game royal-neutral grey Size 11 , Nike SB Zoom Stefan Janoski Wino Vineyard Wine Stain Blood Splatter Net Terra DS , Men's Georgia Giant Romeo Slip On Boots , Valentino Red White Valentino Garavani Fly Crew Sneakers US12 / IT45 , Men Leather Slip On Formal Dress Oxford Boat Shoes Pumps Pointed Toe Ske15 , Skechers Shape Ups SN 11800 Womens Athletic Toning Shoes White Size 6Converse Women's Size 8 White CT Shoreline Slip On Sneakers Shoes F2-282Vivobarefoot Women's Rif - Eco Suede Navy - 37 , Irregular Choice Blair Elfglow Womens Blue Multicolour Fabric & Synthetic Shoes , Black Thigh High Over the Knee Fetish Drag Queen Wide Calf Boots size 11 12 13 W , Sam Edelman Lance suede burgundy bootie 8.5AQUATALIA Dual Brown Black Suede Waterproof Zip-Front Ankle Booties - Size 8
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Cole Haan C22116 Pinch Roadtrip Camp mogochinese-18940 Haan Mens Mocassin Size 12 C22116 9879744 - blurrypron.com

    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 Haan C22116 Pinch Roadtrip Camp mogochinese-18940 Haan Mens Mocassin Size 12 C22116 9879744 - blurrypron.com

    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.

    Conclusion

    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 Haan C22116 Pinch Roadtrip Camp mogochinese-18940 Haan Mens Mocassin Size 12 C22116 9879744
    Dress Shoes
    >
    ;