Never miss an update

Lacoste Men's Esparre Chukka Esparre 318 1 Brown CAM Leather Trainers, Chukka Brown 69acb5b




Item specifics

Condition:
New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Lacoste
Exact Material: Upper: Leather / Lining: Textile / Sole: Rubber Color: Dark Brown
Season: Autumn-Winter 18 Main Color: Brown
Model Number: 7-36CAM00202E2 Care instruction: Use suitable leather protector
Made In: Thailand Material: Upper: Leather / Lining: Textile / Sole: Rubber
Country/Region of Manufacture: Thailand
Never miss an update

Lacoste Men's Esparre Chukka Esparre 318 1 Brown CAM Leather Trainers, Chukka Brown 69acb5b - blurrypron.com

    Lacoste Men's Esparre Chukka Esparre 318 1 Brown CAM Leather Trainers, Chukka Brown 69acb5b
    Lacoste Men's Esparre Chukka Esparre 318 1 Brown CAM Leather Trainers, Chukka Brown 69acb5b
    Nike Air Max Flair Dark Obsidian White Men Running Shoes Sneakers 942236-400Reebok Furylite X Black White Men Running Shoes Sneakers Trainers BS6191 , Etnies Fader 2 Mens Black White Leather & Textile Trainers , Nike Jordan Relentless Sports Basketball Shoes Black/Tech Grey-White AJ7990-004 , Asics Tiger Gel-Vickka TRS Grey Green Men Shoes Sneakers H847L-9682New Balance CRT300LE D Black Ivory Gum Men Casual Shoes Sneakers CRT300LED , Asics Gel-V Swift CV LO Flach Yellow Black Men Badminton Volleyball TVR485-0790 , **LATEST RELEASE** Asics Gel Promesa Mens Running Shoes (D) (400) , Converse One Star Pro Purple White Men Casual Classic Shoes Sneakers 160536C , Nike FS Lite Run 4 Mens Running Shoe (D) (002) | BUY NOW ! , Reebok R Crossfit Nano 7 Training Running Shoes Black/Silver Metallic CM9518Puma Basket Classic White Black Mens Casual Shoes Sneakers Trainers 351912-03 , Nike Bruin SB Hyperfeel [831756-001] Skateboarding Black/WhiteMerrell All Out Blaze Aero Sport Black Blue Men Outdoors Hiking Shoes J32829NIKE Flex RN Mens Running Shoe (D) (011) + FREE AUS DELIVERYNike Air Zoom Pegasus 34 Breathable Running Black/White-Dark Grey 880555-001Mizuno Wave Catalyst Mens Running Shoe (D) (02) + FREE AUS DELIVERY | BUY NOW!Nike Flex 2018 RN Run Black White Men Running Shoes Sneakers AA7397-001Nike Air Footscape Magista Flyknit Crimson Black Mens Shoes Sneakers 816560-600Adidas Crazylight Boost Men's Shoes Size 9 , nike kyrie 1 flytrap mens brand new us 13Nike NSW Air Force 1 Ultraforce LTHR [845052-003] Men Casual Shoes Black/WhiteNike Kyrie Flytrap EP Irving Duke Blue Black Men Basketball Shoe AJ1935-400adidas Neo VS Advantage CL CMF White Green Men Women Casual Shoes Sneaker AW5210 , Asics Gel-Task White Blue Men Volleyball Badminton Shoes Sneakers B704Y-100 , **SPECIAL** Brooks PureFlow 6 Mens Running Shoes (D) (432)Nike Air Zoom Rival 5 Golf Mens Shoes NWOB Black 878957-001 , || BARGAIN || Asics GT 1000 7 Mens Running Shoes (4E) (021) , NIB Nike Air Force 1 Retro QS High 9.5 White Grey Black Silver Sf Af1
    Lacoste Men's Esparre Chukka Esparre 318 1 Brown CAM Leather Trainers, Chukka Brown 69acb5b - blurrypron.com>Lacoste Men's Esparre Chukka Esparre 318 1 Brown CAM Leather Trainers, Chukka Brown 69acb5b - blurrypron.com
    NEWROCK Cowboy Western New Rock M.7993-S3 Rub Off Distressed Leather Goth Boots , Kennel und Schmenger Schuhmanufaktur Womens Big Low-Top Black Size 8.5 UKAdrianna Papell Hollis Ankle Strap Beaded Pumps, Black, 8.5 US / 38.5 EU , CAMPER WOMAN LOAFER SHOES LEATHER BLOCK HEELS CODE WANDA K200244-002 DEFECTTan 1.5" Thick Low Heel Pointy Toe Side Frill Mid-Calf Sexy Boot Size 9 , J/SLIDES Womens 'Annabelle' Pale Blue Velvet Bow Sneakers Sz 9 - 230692 , Stuart Weitzman Dress Pumps Oatmeal Shimmer Sz 7.5AA NarrowStuart Weitzman Cordon Bordeaux Suede Strappy Pump Size 9M RH13303# , VANS Chukka Moc DX (Suede) Bison/Blanc De Blanc Brown Suede MEN'S 8 WOMEN'S 9.5 , TEVA WOMEN'S HURRICANE XLT2 SPORT SANDAL KERME BLUE MULTI MULTIPLE SIZES , Isabelle 80a Orange Leather Chunky Heel Slides Sandals 37.5 / US 7.5 , Men's Nike Kobe 8 VII System TB Basketball Shoes 599520-107 Size 17 White / Navy , PUMA Suede Classic x FUBU 50 Black Red Men'sNIKE X FRAGMENT COURT FORCE SP MEN’S SZ 11 “GOOD ENOUGH” NEW 814913 661 , Man's/Woman's Propet Men's XV550 Grey/Orange Mesh/Synthetic bargain New style Perfect processing , NIKE JORDAN FLTCLB 80'S MENS BASKETBALL 599583 , New Balance Men's MX1267 Training Shoe - Choose SZ/Color2015 NIKE DUNK LOW PRM SB DE LA SOUL DLS GREEN SIZE 10.5 DS , Haix Black Eagle Athletic 2.0 T High Side Zip 330004 Anti-slip Antistatic BootsNIB! P.W. MINOR MENS PLEASURE STRAP BLACK CALFSKIN ORTHOPEDIC SHOES 8W WIDE , Man/Woman HERMES QUICKER SNEAKER CALFSKIN - WHITE/ORANGE High security Preferred material ExportNew Men's G.H. Bass & Co. Amalfi Black Leather Moccasin Slip-On Loafers Size 7.5 , Clarks Indoor + Outdoor Slippers, Grey, M 12 USNIKE AIR RIFT PREMIUM QS PURPLE DUST WOMEN RUNNING SHOES 848502-500 Size 6 , V-Italia Kiki Red 1041 Size 40 (9 M) Casual Leather Trainers Hi-Top SneakersZIGI SOHO Womens 'Flame' Dark Brown Urban Boots Sz 7.5 MVince Camuto Women's Catinca Ankle Boot - Choose SZ/Color , Sexy Pointed Toe Boots Womens Stiletto Over Knee Thigh High Heel Suede Boots ER4MIZ MOOZ ''Bloom'' Red Wine Real Leather High Boots Buttons Size 7 Heels 1 3/8''Easy Spirit Women's Traveltim292 Mule - Choose SZ/Color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Lacoste Men's Esparre Chukka Esparre 318 1 Brown CAM Leather Trainers, Chukka Brown 69acb5b - 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.

    Lacoste Men's Esparre Chukka Esparre 318 1 Brown CAM Leather Trainers, Chukka Brown 69acb5b - 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
    Lacoste Men's Esparre Chukka Esparre 318 1 Brown CAM Leather Trainers, Chukka Brown 69acb5b
    Athletic Shoes
    >
    ;