Never miss an update

Y's 29211 Men's Brown Shoes mogochinese-29217 767661 Brown 27cm 6923bf3

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: Item which there is little feeling of wearing, and is not worried about a dirt and damage
Brand: Unbranded Style: Not Specified
US Shoe Size (Men's): 9 Color: Brown
UPC: Does not apply
Never miss an update

Y's 29211 Men's Brown Shoes mogochinese-29217 767661 Brown 27cm 6923bf3 -

    Y's 29211 Men's Brown Shoes mogochinese-29217 767661 Brown 27cm 6923bf3
    Y's 29211 Men's Brown Shoes mogochinese-29217 767661 Brown 27cm 6923bf3
    COMME des GARCONS HOMME Suede slippon loafers Size US 8.5(K-52872)Mens Snakeskin Genuine Embossed Leather Chelsea Ankle Boots Heel Shoes US 6-10.5New Handmade Custom Mens Brogue Black Aknle Real Leather Boots, Men FashionLe Ruemarcel Black Leather Men'S Chelsea Boot FW 2017-2018Mens Real Leather Pointy Toe Snakeskin Formal Business Chic Chelsea Ankle [email protected] , Beautiful Handmade Men Gray Grey Brogue Wingtip Suede High Quality Leather Shoes , COMME des GARCONS HOMME leather suede shoes Size US 6(K-48837)Vintage Mens Dress Formal Ankle Boots real Leather Genuine Leather Shoes Plus SzY's for men Suede Boots Size About US 9(K-58172)Asics Lethal Testimonial 4 IT Mens Football Shoes (D) (9006) + Free Aus Delivery , BUTTERO Men's Shoes 082130 Black 41 , New Handmade Mens Black Aknle Real Leather Boots, Men Zipper leather boots , Men's Genuine Leather Round Toe Pull On High Top Ankle Chelsea Business Boots , Men's Genuine Leather Round Toe Zipper Low Heel High Top Ankle Chelsea Boots , Man/Woman Tall Outlander Strong heat and wear resistance Affordable Clearance saleLOWA RENEGADE Gore-Tex® Men walking backpacking huting hiking boots 310945-9784Handmade Men Brown Leather Jodhpurs, Men Brown Ankle Boots,, Men BootsMens Leather Suede Low Heel Buckle Strap High Tops Cuban Heel Chain Yellow ShoesNew Mens Dress Shoe Chevy Boot - Brandy Leather , New Mens England Zip Furlining Mid Calf Leather Ankle Boots Shoes Military ArmyNew Cole Haan Men’s Keaton Waterproof Hiker Boot Leather Dark Brown 11 , men's shoes MOMA 7,5 () ankle boots black leather BX489-40,5Mens Pointy Toe Rivet Hip Hop Nightclub Side Zipper Leather Ankle Boots Shoes sz , New Rock M106 S29- Mens Tower Platform Shoes - Black2018 European and American fashion leather high tube men's leather boots , Asics Lethal Testimonial 4 IT Mens Football Shoes (D) (0190) + Free Aus DeliveryTod's men's Leather and Canvas high top Boots Size 9.5Man's/Woman's MAGNANNI Men's Shoes 837463 Blue 41 High quality and cheap luxurious Lightweight shoesLowa APPROACH PRO Gore-Tex® LO super-comfy low-cut hiking alpine boots
    Y's 29211 Men's Brown Shoes mogochinese-29217 767661 Brown 27cm 6923bf3 ->Y's 29211 Men's Brown Shoes mogochinese-29217 767661 Brown 27cm 6923bf3 -
    FITZWELL Boots WIDE CALF Size: 11.5 WW Black Suede NEW Сапоги , Lucchese Ladies N4551.54 C Black Buff Embroidered , GIVENCHY CLASSIC BLACK BUCKLE BANDAGE LEATHER BIKER BOOTS LOW HEELS 37.5 NEWMen's/Women's Armani Jeans Aamani Jeans Red Flipflops Packaging diversity Settlement Price Clearance sale , Gentlemen/Ladies Birkenstock Yara Birko-Flor White Patent Sandals Diverse new design product quality high quality productAdidas eqt support 93/17 triple black US 11 , Made in Italia Shoes Women Ballet flats Red 89387 BDT TRENDY , PRADA LOAFERS MOCCASINS SUEDE BLACK ITALY SIZE 39 , A2 by Aerosoles Women's Test Drive Slip-on Loafer Black 6.5 M USDansko Womens Olena Loafer - Brown Cheetah Hair Calf US 5.5-6CHARLES JOURDAN GORGEOUS SNAKESKIN 3 1/2 " HEELS SZ 8 MSalvatore Ferragamo Womens 8.5 AA Vintage 60s Leather Pumps High HeelMIU MIU PRADA Italy authentic black leather, rubber heels Sz 41Man/Woman Spring Step Women’s andrey Bootie excellent quality Low price comfortable , Irregular Choice Little Misty Black Womens Heels Shoes , J Crew Elsie suede d'Orsay pumps 9.5 black shoes c5770 $255 heels NWOBCHRISTIAN LOUBOUTIN PIGALLE FOLLIES SHOES 55mm DEGRADE LEOP HEELS 38 , Balenciaga Black Leather Strappy Gladiator Sandals Heels Shoes 35.5-EU $1245 , STUART WEITZMAN Alex Swamp Ivory Crochet Wedge Espadrille Sandal Size 9M $385 , New Rick Owens Black T Strap Flat Leather Sandal (Size: 39EU/9US) , Nike Men's Air Max Sequent Running Shoe Size 8 Colors Dark Grey/Pure Platinum/MeNIKE SF AF1 AIR FORCE 1 BLUE TINT US MENS SHOE SIZES 864024-402 , Ariat 10005873 Tombstone 13" Pull On Wide Square Toe Western Cowboy Riding Boots , NEW BALANCE M998CSB MADE IN USA NEW WITH BOX , Mens Metal Toe Leather Wing Tip Business Crocodile Pattern Dress Shoes Formal STWomens SZ 9 Nike Metcon DSX Flyknit 2 Train Shoe Black/White 924595-003 , ASICS Women's GEL-Venture 6 Trail Running Shoe Black/Pixel Pink1808 Nike Dualtone Racer Women's Training Running Shoes AQ4846-003 , Gentleman/Lady Pleaser Womens Ankle Boot- Select SZ/Color. Crazy price, Birmingham product quality best sellerDr Martens Resnik Leather Brogue Oxford Zip Shoes Women's US 7 Black NEW $145
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Y's 29211 Men's Brown Shoes mogochinese-29217 767661 Brown 27cm 6923bf3 -

    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.

    Y's 29211 Men's Brown Shoes mogochinese-29217 767661 Brown 27cm 6923bf3 -

    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
    Y's 29211 Men's Brown Shoes mogochinese-29217 767661 Brown 27cm 6923bf3