Never miss an update

DOCKERS Mens 9.5 M (21G) Loafers Slip On Casual Shoes Casual On Black Pebbled Leather (21G) 3328739




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: EXCELLENT - ONLY A FEW TIMES WITH MINIMAL SIGNS OF WEAR.
Brand: DOCKERS Width: Medium (D, M)
Style: Loafers & Slip Ons Material: Leather
US Shoe Size (Men's): 9.5 Color: Black
Never miss an update

DOCKERS Mens 9.5 M (21G) Loafers Slip On Casual Shoes Casual On Black Pebbled Leather (21G) 3328739 - blurrypron.com

    DOCKERS Mens 9.5 M (21G) Loafers Slip On Casual Shoes Casual On Black Pebbled Leather (21G) 3328739
    DOCKERS Mens 9.5 M (21G) Loafers Slip On Casual Shoes Casual On Black Pebbled Leather (21G) 3328739
    New ETNIES (4101000476 979) JAMESON VULC MT White/Black/Gum Suede Shoes - Size12 , Rockport Mens Northfield Oxford-Dark Brown Waterproof K70012 Size 11.5 M , Hush Puppies Men's Lorens Jester Slip-on LoaferFlorsheim Steel Toe Dress Wing Tip Oxford Shoe Size 9.5MNIB Converse Jack Purcell LTT OX Blithe 136663C US Mens 9NEW ADIDAS COUNTRY OG (S81862) All Sz ADIDAS ORIGINALS CASUAL SHOES SNEAKERSMen's POLO HANFORD MESH SNEAKER 10Man/Woman Chuck-Taylor-All-Star-Ct-ox-Black-Sneaker-Unisex-shoes-135183F Innovative design Fast delivery Comfortable and natural , New men's Skechers 64355 LandenSteller loafer,, charcoal canvas, size 8 , Reebok Club Memt Mens Classic Shoe, SKU AR1310 Size 9 , Propet Mens Pucker Moc Strap Black Leather 12 3E Comfort shoes. M3925SANUK THE SEA MAN TAN WASHED BOAT SHOES MENS SIZE 9 US RARE COLOR , Tods Mens Loafer sz 10.5 black oiled leather penny driving moc moccasinBass Cap Toe Oxfords Mens Size 9M Dark Brown Leather Shoes Made In ItalyVtg LL Bean US Made Pebbled Leather Dress Casual Saddle Shoes Men's 7.5 C / ACole Haan Douglas 01462 Size 10 M Brown Leather Slip On Penny Loafer Mens Shoes , Converse All Star X John Varvatos Low Top Shoes [1Y244] Men's Size 13 , Red Wing Mens Shoes Boots 4042 Sz 11.5 EE Soft Toe Leather , Steve Madden Men's Cirka Slip On Leather Loafer USED Shoes Black Size 11Men's ECCO 51244 Black Leather Loafers - Size 10Propet Mens, Magnetic Wallabee Style, Black Pebbled Leather, Size 12 M (D)Fitflop Mens Flex Loafer Nubuck Slip On Shoes, Charcoal, US 13Ecco Brown Leather Loafers Slip On Shoes Men Adult Size / US 10-10.5 , Allen Edmonds Hillcrest US 10.5 D Black Leather Vibram Outsole Mens OxfordsSteve Madden Mens Fighter Suede Fashion Sneaker Shoe, Green Suede, US 11.5 , Skechers Alley Cats 7111 Brown Mens Oxfords SIZE 10M Y599WVANS SK8-HI REISSUE VINTAGE SUNFADE CHINCHILLA MENS SIZE 9 SKATE SHOES , Fretz men's Sport shoes 10073 green suede 46 usa 11Mens Polo Ralph Lauren Shoes Brown Leather Casual Oxfords Size 11.5 D
    DOCKERS Mens 9.5 M (21G) Loafers Slip On Casual Shoes Casual On Black Pebbled Leather (21G) 3328739 - blurrypron.com>DOCKERS Mens 9.5 M (21G) Loafers Slip On Casual Shoes Casual On Black Pebbled Leather (21G) 3328739 - blurrypron.com
    Jimmy Choo Women's Black Suede/Leather High Heel Ankle Boots, Size 39.5 (9.5 US) , Men's/Women's OLD GRINGO GRATIA 18' L1058-1 Quality products International choice Clearance sale , Atlas lll Vlado Footwear Shoes Fashion Blue Men New , Reebok Classic Slide Sport Slides Sandals Flip Flops Beach Soccer CN0735100% Auth "Salvatore Ferragamo" Limited Edition Varina Satin Logo Bow Flats 7.5B , NIB WOMEN'S SPERRY TOP-SIDER A/O VIDA ROSE GOLD BOAT SHOES SZ 7 NEW , BIALA Mary Jane Black Leather Heels Pumps size 6.5 M. Made In Italy , NIB $850 RALPH LAUREN COLLECTION BLIARA-SN-DRS DARK BROWN KIDSUEDE HEELS SZ 39 , Balenciaga SS 2017 Black Square Toe Leather Heels Sandals Vetements Size 40 / 41 , 2017 Women Glitter Rhinestones T Bar Flip Flops Flats Beach Thongs Sandals ShoesVans Sk8 Hi Reissue Lite (Sherpa) Burgundy Men's 10.5ADIDAS LITE RACER SIZE US 7.5 SPORTS NEW STYLE BB9774 , Nike Air Jordan 1 Phat SZ 2.5 Year Of The Dragon All Star Italy Blue 364770-403Men's Nike Roshe One Hyperfuse BR Shoes NEW Blue/White, MSRP $110 size 11.5adidas Campus Vintage Shoes Mens | Art. BZ0071 , Nike Zoom Hyperrev Paul George PE Black Gold 705370 071 Men's Size 9NIKE AIR MAX PLUS NS GPX UK10 EU45 US11 TOTAL ORANGE BLACK WHITE AJ7181 800Nike Zoom Penny Hardaway 6 VI Men’s Basketball Shoes 749629-001 SZ 10.5 , Adidas ADO Pure Boost ZG Day One Ultra S81826 10.5 suede og 1 , Man/Woman DC Men's Nyjah Vulcanized TX Sneaker Reliable quality cheapest Tide shoes list , DANNER 17309 Quarry USA Black Leather Work Boots Shoes Size 11.5 D NWBHandmade Men Brown Tetra-Monk Strap Pure Leather Half-long Boots, Mens boots , adidas DB1481 Performance Womens Element Race Running Shoe- Choose SZ/Color.Dr. Scholl's Women's Madison Grey/Black Herringbone Flannel , Brooks Adrenaline GTS-14 Running Shoes White Fuchsia Midnight Navy / US 9D WIDENike Metcon 2 Women's Cross Training 821913 002 Size 10 , Marc Joseph Grand Central Flat Women’s Sz 5.5 Navy Metallic Scrawl 4799 Office , Nike Free Rn Flyknit Hyper Violet/Black/Crimson/Orang (831070 501) Wmn Sz 8EMU Australia LAUNCESTON Boots Australian Sheepskin Chestnut NWOB SIZE 8A35 Jaymee Zip Up Stiletto Knee High Boots 056, Ebony, 6.5 US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    DOCKERS Mens 9.5 M (21G) Loafers Slip On Casual Shoes Casual On Black Pebbled Leather (21G) 3328739 - 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.

    DOCKERS Mens 9.5 M (21G) Loafers Slip On Casual Shoes Casual On Black Pebbled Leather (21G) 3328739 - 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
    DOCKERS Mens 9.5 M (21G) Loafers Slip On Casual Shoes Casual On Black Pebbled Leather (21G) 3328739
    Casual Shoes
    >
    ;