Never miss an update

COLE HAAN Men's HAAN Dress 14M Shoes Black Leather Oxfords Men's Smooth Size 14M RNC12203 c604fd6

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 , Minor Wear Shown In Pictures, Actual Item Shown, Please See All Pictures!
Style: Oxfords Upper Material: Leather
Product Line: C12203 Color: Black
Width: Medium (D, M) Occasion: Formal, Career, Work
Pattern: Solid Brand: Cole Haan
US Shoe Size (Men's): 14 UPC: Does not apply
Never miss an update

COLE HAAN Men's HAAN Dress 14M Shoes Black Leather Oxfords Men's Smooth Size 14M RNC12203 c604fd6 -

    COLE HAAN Men's HAAN Dress 14M Shoes Black Leather Oxfords Men's Smooth Size 14M RNC12203 c604fd6
    COLE HAAN Men's HAAN Dress 14M Shoes Black Leather Oxfords Men's Smooth Size 14M RNC12203 c604fd6
    Johnston & Murphy Aristocraft Burgundy Tassel Pinch Loafers 9.5 C/A Ski MocFlorsheim Black Leather Oxfords Dress Shoes Men`s 10 1/2 D , Johnston & Murphy Men's Wingtip Oxfords Brown 15-7070 Shoes Size 11M , Kenneth Cole Shoes Stand Apart Dress Loafer Buckle Patent Leather Mens 12 MGentleman/Lady Salvatore Ferragamo Italian Mens shoes Year-end special promotions new Outstanding function , Salvatore Ferragamo Men’s 10D M Black Leather Tassel Loafers Dress Shoes Slip On , Bed Stu Men's Damien Teak Rustic Oxfords 9M , Miguel Angel Crocodile Men’s Loafer Shoe W/flap Size 10 , Men's Vintage SAM SHOEs Bench Made Hand Crafted Heavy Leather Sz 9D New W/Tags , John Varvatos Star USA Luxe Veridian Men's Leather Soles Wingtip Oxford Sz 12 , Allen Edmonds Hillsboro Men's 9 A Black Leather Brogued Monk Strap Loafers Cap , Men's New In The Box 2 Toned Smokey Brown Oxford Dress Shoes Size 9/10Johnston Murphy Men’s Karnes Black Leather Wingtip Dress Shoes Size 11.5 $185Paolo De Marco Brown Penny Tassle Style Shoes Men's Sz 14M Handmade - NEW SOLESNIB - BIRKENSTOCK Unisex 'MAYARI' SANDALS Silver - US 9Dexter Men's High Quality Brown Wingtip Longtip Oxford Dress Shoes Size 9 1/2 DAllen Edmunds Mens Shoes Sz 10 3E WIDE Black Leather Park Avenue Cap Toe Oxfords , Kenneth Cole REACTION Men's HUMOR ME Cognac Slip-On Loafer Size 10 , Steve Madden Mens Intern Oxford, Black Leather, 13 M US , Allen Edmonds Carlsbad Penny Loafer Men US 11 DStacy Adams Shoes Leather Oxfords Mens Navy Dress Merrick Size 8.5 Medium NewECCO Men's Edinburgh US 13 M / Cognac Brown Leather Loafers Shoes $150.00Crockett Jones Berkeley Brogue Cap Toe black oxfords 8.5 E UK/ 9.5 E US Bespoke , Rubinacci Brown Leather Derby Oxford Men’s Shoes (Size - 9) Barney’s NY. •La Milano Wisdom Men's Leather Formal Buckle Ankle Boots B51710 Dark BrownAllen Edmonds Maxfield Tassel Loafer Brown Size 12 DNEW Johnston & Murphy 20-9578 Men's Cresswell Venetian Brown Nubuck Loafer 10.5 , Allen Edmonds Men's Shoes "MSP" Split-Toe Blucher Walnut 7.5 D (125)Allen Edmonds Cody Woven Tassle Loafers Size 15 C ,
    COLE HAAN Men's HAAN Dress 14M Shoes Black Leather Oxfords Men's Smooth Size 14M RNC12203 c604fd6 ->COLE HAAN Men's HAAN Dress 14M Shoes Black Leather Oxfords Men's Smooth Size 14M RNC12203 c604fd6 -
    40180 auth ISABEL MARANT black suede leather LARGO Ankle Boots Shoes 38 , Nine West Swarm Croco Womens Boot- Choose SZ/Color. , NEW Women's Frye 77213 Studded Paige Tall Riding Boots Size 8.5 BMan's/Woman's Guess By Marciano Raya Boot Diverse new design New design Very good classification , New VERSACE TRIPLE PLATFORM BLACK LEATHER BOOTIE BOOTS 37 - 7Asics GT-2000 6 Trail PlasmaGuard VI Black Dark Forest Men Running T827N-9090Leona Edmiston Dolly Red Flats Shoes Size 38 Black Bow Feature Leather UpperT.U.K. T2260 Ladies Vegan Buckle Shoes Black Shoes TUKskin™ Kitty Mary Jane , ALDO Women's Palmyre Ballet Flat, White, 8 B US , Super Cute Brand New Jessica Simpson Dress Pump Heels Multi Floral Print SZ 8.5Miu Miu Women's Suede Dark Blue Crystal Decorated Ballet Flat Shoes Size 6 6.5Bordello TEEZE-06G Womens Sexy Baby Pink Glitter High Heel Hidden Platform Pumps , Ladies Mary Janes Cosplay Sequins Buckle Strap High Heels Lolita Shoes Bird Heel , CHARLOTTE OLYMPIA Dolly Black Leather Gold Platform Stiletto Shoe Heel 7.5/8/38New Women's SAS Quatro Bone Tri-Pad Comfort Sandals Size 7N , Jeremy Scott Adidas Originals bear camo military hi instinct wings size8.5 use , Adidas Mens Ace 16.3 Primemesh White/Gold Metallic/Blk Soccer Cleats AQ3442 #SC1 , Nike Jordan Fly Wade 2 EV 514340-501 Basketball Shoes Men Sz US 11 Excellent !! , NIKE ACG AIR ZOOM TALLAC LITE OG BOOTS BLACK ANTHRACITE YELLOW 844018-001 Sz 9.5 , MEN'S SHOES SNEAKERS REEBOK NPC UK II TENNIS HALL OF FAME [BD2884]H.S. Trask Bozeman Montana Made in Brazil Leather Tassel Loafer Size 12MNew $160 Ash Impuls Slip-On Trainers Sneakers /US 10Excellent ASICS GEL-NOOSA TRI 10 Womens Size 7 Med 38.5 EUR, Multicolor $140 , Life Stride Women's Juliana Stretch Wedge Slip On Dark Red STRETCH HeelsWomen Reebok Print Run BD4545 Running shoes grey orange white sneakersPUMA GINZA DORI LOW SNEAKERS WOMEN SHOES GREY/WHITE 344012-03 SIZE 7 NEW , NIKE Womens Nike Downshifter 8 908994-005 LIGHT CARBON Size 6.5ASICS T889N.9790 GEL QUANTUM 360 SHIFT MX Wmn's (M) Carbon Mesh Running SoesTeva Women's Avalina Crossover Leather Sandal - Choose SZ/color , KELSI DAGGER JAYNA TAUPE LEATHER DISTRESSED BURNISHED TALL RIDING BOOTS 7.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    COLE HAAN Men's HAAN Dress 14M Shoes Black Leather Oxfords Men's Smooth Size 14M RNC12203 c604fd6 -

    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 Men's HAAN Dress 14M Shoes Black Leather Oxfords Men's Smooth Size 14M RNC12203 c604fd6 -

    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
    COLE HAAN Men's HAAN Dress 14M Shoes Black Leather Oxfords Men's Smooth Size 14M RNC12203 c604fd6
    Dress Shoes