Never miss an update

Nunn Bush Men's Nunn Slate Wing Bush Tip Oxford Oxford f4858f1

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: Nunn Bush
Style: Dress Shoes
Never miss an update

Nunn Bush Men's Nunn Slate Wing Bush Tip Oxford Oxford f4858f1 -

    Nunn Bush Men's Nunn Slate Wing Bush Tip Oxford Oxford f4858f1
    Nunn Bush Men's Nunn Slate Wing Bush Tip Oxford Oxford f4858f1
    Kenneth Cole Reaction Size 13 PREMIUM DRESS SHOES , Men's Genuine Cow Leather Shoes Dress Formal Classic W126 Brown Black Size 5~ 11 , Stylish Men Slip On Pointy Toe Pointy Toe British Oxfords Dress Club Brogue ShoeMens Fashion Print Leather Rivet Metal Decor Slip On Business Party Shoes t460Men's Genuine Cow Leather Shoes Dress Formal Classic Vogue Brown Black Size 5~11Felix Chu Men's Real Leather Dress Shoes Wedding Business banquet Formal shoesMens Pointed Toe Slip On Carved Retro Casual Bussiness Shoes British Style 38-44Men's Shoes Hook Decor Wedding Formal Dress Brogue Slip On Loafers Oxfords ColorItalian Shoes Italy Mens Suede Oxford Mens Size 8.5Business Men's Real Leather Buckles Pointed Toe Cuban Heel Dress Formal Shoes ## , New Men Oxford Brogue Wing Tip Carving Leather Shoes Dress Formal Wedding M807MENS JULIUS MARLOW TRIUMPH MEN’S BLACK LEATHER SLIP ON WORK FORMAL SIZE SHOES , Men British Style Round Toe stripe Slip On Business Leather Wedding Dress Shoes , New Mens Clubwear Pointy Toe Wedding Party High Heel Casual Patent Leather Shoes , British men pointy toe crocodioe leather chelsea heel formal dress business shoeVintage Mens Dress Fromal Business Shoes Wing Tip Metallic Cuban heel Work Shoes , NEW JOHNSON & MURPHY USA HERITAGE BLACK LEATHER WING TIP MENS SHOES 11 1/2 B , Mens British Teal Toe Slip On Night Club Fashion Leather Shoes Stylish 2017 Newmens wing tip Leather dress formal vintage shoes brogues low heel Oxford party SFashion Mens Oxfords Print Leather Fashion Dress Loafers Shoes Wine Red US SizeMens Business Snakeskin Faux Leather British Wedding Strappy Dress FormalTOTO H35011 - 3.2 Inches Elevator Height Increase Black Hight Top Boots , Men's formal tassel real leather Fake Crocodile pointed toe wedding party shoesMens Monk Strap Brogue Pointy Toe Leather Business Formal Shoes Oxfords Vogue sz , Mens Slip On Floral Leather Formal Dress Loafer Busienss Fashion Oxfords ShoesNew Mens Tassel Rope Velvet Slip On Loafer Block Heel Dress Casual British ShoesMens Dress Ankle Boots Black Leather Loafers Business Formal Side Zipper ShoesReaction Kenneth Cole Design Men's black leather oxfords sz. 11.5 MMens Pointed Toe Rivet Stripe Dress Formal Shoes British Retro Leather Slip On ,
    Nunn Bush Men's Nunn Slate Wing Bush Tip Oxford Oxford f4858f1 ->Nunn Bush Men's Nunn Slate Wing Bush Tip Oxford Oxford f4858f1 -
    Dan Post Women's Nora 01-DP3733-BG12 Bone Leather Fashion Cowboy Boots , Acne Studios 'Angel' Suede Booties - Size 37 - $800 , KEEN UNEEK MENS METATOMICAL COMFORT FOOTBED SANDALS/SHOES/CASUAL/COMFORTABLESize 11 (/) Black & Tan Crossover Laser Cut Flat Sandals Made in SpainAUTHENTIC TODS SUEDE STRAP SANDALS YELLOW GRADE AB USED - AT , SAS Womens Shoes Siesta Bone Tan 10.5 S Slim Narrow Comfort USA Made $129 RetailBRAND NEW IN THE BOX TORY BURCH BLOSSOM BALLET FLAT SIZE 8 , WOmen's Pointed toe Clear Transparent PVC Slip On Costume High heels Stilettos , Miu Miu Blue Glitter Ankle Strap Sandal Heels 8,5/39 NEW $730 , Tory Burch Womens Cute Luxury Brand Flip Flops Summer Shoes-Blue,Red 7 8 9 NEW , Womens Eastland Faye Strap & Buckle Memory Foam Comfort Sandals Shoes Tan 3697 , NIB Christian Louboutin Atomic 100 Taupe Leather Pumps Heels 36.5 NewNWT Women’s Steve Madden “Sundance” Brown Nubuck High Heel Sandals -Size 8 ($99)New Balance Women's Fresh Foam Cruz Velvet WLCRUZHS Burgundy , 1288317-100 Under Armour Boys UA BGS Drift RN Mono Shoe White /6Y , Brooks Mens Cascadia 11 GTX Blue Mesh Running Athletic Trail Shoes Size 10.5 , NEW IN BOX Mens Saucony Grid SD Teal Black Casual Running shoes S70164-2 SZ 7-10 , Men's Nike Tanjun Premium Black/White/Light Bone Sz 8-12 New In Box 876899-001 , Adidas Originals Men's AF 1.3 PRIMEKNIT WINTER PACK BOOTS Shoes Scarlet BZ0611 bADIDAS TUBULAR X PRIMEKNIT BLACK SHOES SIZE 10.5 BRAND NEW WITH BOX (BB2379)MENS ADIZERO BOSTON BOOST 5 MEN'S RUNNERS/SNEAKERS/FITNESS/TRAINING SHOES , Mens Motorcycle boots Vega nitro Matrix size 8Crocs Ankle-High Rubber Flat Black Men's Shoe Sz 10THOROGOOD 10" STRUCTURAL/T.R.I./WILDLAND WATERPROOF MENS 10 FIRE BOOTS NEW SALE! , AdTec Men's 6" Metatarsal Hiker Shoe Electrical Hazard Sole, Brown Leather 9614Spring British Mens Slip On Business Formal Dress Square Toe Cow Leather ShoesSkechers Women's Go Joy 15602 Walking Shoe - Choose SZ/Color , Womens lucky brand ankle booys boots size 7NIKE Womens Nike Free Rn Running 2018 942837-003 WOLF GREY Womens Size 9 , NIKE Womens Hyperdunk 2017 Tb 897813-600 UNIVERSITY RED Size 5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Nunn Bush Men's Nunn Slate Wing Bush Tip Oxford Oxford f4858f1 -

    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.

    Nunn Bush Men's Nunn Slate Wing Bush Tip Oxford Oxford f4858f1 -

    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
    Nunn Bush Men's Nunn Slate Wing Bush Tip Oxford Oxford f4858f1
    Dress Shoes