Never miss an update

Blue Vogue Mens Leather Pointy mogochinese-29368 29355 Toe Slip Leather On Oxfords Dress Shoes Stage Party Shoes 750954c

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: Unbranded
Material: Leather Style: Oxfords
Occasion: Formal Euro Size: 38-46
Width: Medium (D, M)
Never miss an update

Blue Vogue Mens Leather Pointy mogochinese-29368 29355 Toe Slip Leather On Oxfords Dress Shoes Stage Party Shoes 750954c -

    Blue Vogue Mens Leather Pointy mogochinese-29368 29355 Toe Slip Leather On Oxfords Dress Shoes Stage Party Shoes 750954c
    Blue Vogue Mens Leather Pointy mogochinese-29368 29355 Toe Slip Leather On Oxfords Dress Shoes Stage Party Shoes 750954c
    Mens Metal Pointed Toe Leather Business Formal Dress Slip On Shoes Plus SZ 46Mens Metal Head Pointy Toe Wing Tip Dress Shoes Business Chic Leather shoes , Men's Dress Formal Business Suede Pointed Toe Cuban Heel Business Shoes US 10 , Vogue Mens Pointed Toe Floral Leather Formal Dress Wedding Shoes Casual British , Men's Real Leather Buckles Pointed Toe chukka Cuban Heel Dress Formal ShoesMENS JULIUS MARLOW YAGER FORMAL SLIP ON BLACK DRESS FORMAL WORK LEATHER SHOES , Mens Rivet Loafer Slip On Formal Casual Leather Metal Party Pointed Toe Shoes , Men's COLE HAAN black Giraldo wingtip brogue dress shoes 10.5 US NikeAir C07680 , 2016 Men Crack Alligator Pattern Flat Business Loafer Dress Formal Leather ShoesMan/Woman Cicero 25172 Taupe Stacy Adams High grade Trendy cheap priceJohnston & Murphy Crown Aristocraft Monk Strap Black Leather Loafers Sz 14 A/AAA , Mens Pointy toe Strap Buckle Chain Cuban heel Low top Slip On Wedding shoes Size , Mens Leather Pointed Toe Snake Casual Formal Dress Nightclub Punk Metal Shoes , Stacy Adams Swank Gold Geometric Sequins Loafer Prom Dress Shoes , Cole Haan Jay Grand Apron Oxford - Men's Size 10.5M, BlackDockers Men's Size 11 Endow Dark Tan Leather Dress Oxfords Shoes F6-15 , Fashion Mens Pointed Toe Cuban Heels Buckle Slouch Slip on Formal Dress Shoes SZ , Brogue Non-slip Business Mens Carved New British Style Dress Work Shoes Oxfords , John Weitz Size 12 Brown Formal Dress Shoes Loafers Rippled Pattern Vintage , 2017 Autumn Brogue Casual Slip On Oxfords British Low Top Shoes Formal Casual , Sz38-46 Mens Leather Dress Crystal Metal Pointed Toe Business Floral Shoes , Chic Men Patent Leather Metal Pointed Toe Party Business Casual Nightclub Shoes , Trendy Mens Rhinestone Loafers Casaul Slip On Nightclub moccasin-gommino Shoes 9Base London Bailey Mens Formal Dress Smart Brogue Shoes Burgundy , Stylish Mens Rock & Republic Black Leather Dress Shoes Loafers 43.5 10.5 11Men Leather Dress Pointy Toe British Business Glitter Bling Wedding Shoes Casual , Zara Man Black Leather Loafters with Tassle, Size 9, NEW! , Mens Fashion Brogue Suede Tassel Flats Round Toe Slip On Loafers Dress Shoes 44New Stacy Adams Black Leather Wing Tip Oxford Dress Men's Shoes 12 M S3C4 ,
    Blue Vogue Mens Leather Pointy mogochinese-29368 29355 Toe Slip Leather On Oxfords Dress Shoes Stage Party Shoes 750954c ->Blue Vogue Mens Leather Pointy mogochinese-29368 29355 Toe Slip Leather On Oxfords Dress Shoes Stage Party Shoes 750954c -
    FRYE Women’s Black Leather Harness, Biker Boots Size 8M , Corso Como Women's Garrison-Ec Riding Boot Nude Tumbled Leather 7 M USAu&Mu Aumu Womens Mid Calf Snow Boots Short Winter BootsShoes Dainese Nighthawk C2 Gore-Tex Black Motorrad Shoes , Wilson Amplifeel Men's AC Tennis Shoe, Ebony/Black/Lime - Men's US 12ADIDAS SHOES QUESTAR X BYD - ANTPINK - 6 1/2 (4059809256381)NIB Prada Blue Metallic Leather Ballet Ballerina Bow Logo Flats 6 36 ($550) , Bernie Mev 'Lulia' Black Woven Stretch Fabric Mary Jane Wedge Shoe Size 38/7.5-8Mr/Ms Cole Haan Womens Alanna Pump (Black) Easy to clean surface Make full use of materials a lot of varieties , Women's Cow Leather Open Toe High Heel Gladiator Sandals Party Pumps Fashion NewMan/Woman Naturalizer Women's Quillian Platform Pump Innovative design Cheaper than the price Sales online storeGentleman/Lady V 1969 Italia Womens Pump AGNESE Queensland Latest styles At an affordable price , Man/Woman Vionic Indulge Relax Slippers Diverse new design Selected materials negotiationNike Paul Rodriguiz Canvas - Black - Mens , DS Brooks Adrenaline GTS 13 Blue Wht Silver 110129 1D 420 Running Shoes 15 17 14 , La Sportiva Akyra GTX Trail Running Shoes, 8.5ADIDAS STANSMITH SHOES WHITE/BOLD BLUE BZ0488 US MENS SZ 4-11 , Man/Woman Rocky S2V Enhanced Jungle Boot Innovative design Preferred material Modern and elegantGiorgio Brutini Felix - Black - MensNEW MEN'S NIKE AIR MAX 24-7 397252-014 , Man's/Woman's Shoes Lacoste Sneakers 734SPM0025_LT-SPIRIT Louis, elaborate Let our products go to the world renewed on timeHUSH PUPPIES FIVE-BROGUE Black Leather Oxfords VIBRAM Sole Men's 9.5 M NIBPUMA 19003806 Womens Carson 2 Wn Sneaker- Choose SZ/Color.Gentleman/Lady Converse Womens Ctas Hi Canvas Trainers Packaging diversity discount price Tide shoes list , PUMA LADIES CAROLINE DOTS WEDGE TRAINERS 355801/01 , Ryka Women's Dominion Walking Shoe, Navy/Blue, 9 W USnike womens air max 1 BR BREATHE running trainers 644443 101 sneakers shoes , Aquatalia Women's Rumbah Stretch Suede Knee-High Boot Anthracite Suede , Nike Air Zoom Vomero 13 Bust 922909-009 Women Running Shoes WMNS SizeRag & Bone Newbury Boot Shoes Size 37 Stone Suede Color $525
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Blue Vogue Mens Leather Pointy mogochinese-29368 29355 Toe Slip Leather On Oxfords Dress Shoes Stage Party Shoes 750954c -

    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.

    Blue Vogue Mens Leather Pointy mogochinese-29368 29355 Toe Slip Leather On Oxfords Dress Shoes Stage Party Shoes 750954c -

    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
    Blue Vogue Mens Leather Pointy mogochinese-29368 29355 Toe Slip Leather On Oxfords Dress Shoes Stage Party Shoes 750954c
    Dress Shoes