Never miss an update

Rocket Dirty Dog DASH Sneaker Mens Casual Sneaker Shoe bagisrecor-4924 Dirty White Leather/Suede 16c565f

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
Shade: Dirty Beiges
Pattern: Solid Style: Sneakers, Boat Shoes
Color: Beiges, Dirty White Material: Suede
Brand: Rocket Dog Width: Medium (D, M)
Never miss an update

Rocket Dirty Dog DASH Sneaker Mens Casual Sneaker Shoe bagisrecor-4924 Dirty White Leather/Suede 16c565f -

    Rocket Dirty Dog DASH Sneaker Mens Casual Sneaker Shoe bagisrecor-4924 Dirty White Leather/Suede 16c565f
    Rocket Dirty Dog DASH Sneaker Mens Casual Sneaker Shoe bagisrecor-4924 Dirty White Leather/Suede 16c565f
    JOHNSTON & MURPHY Black Leather Men's Oxford Shoes (Size 8.5M)Sperry Top-Sider Leeward Mens Dark Brown Hone Boat Shoes , Dsquared2 Men's Leather Oxford Shoes Men's 41.5 , Sperry Top Sider Men's Leeward Leather Hand Sewn 2-Eye Boat Shoes Tan/Cream , Ed Hardy Lowrise Stensil 19SLR108M Slip On Men Shoes , Man's/Woman's prada mens shoes size 6 Reputation first Wholesale trade value , VANS CLASSIC SLIP-ON CHARCOAL GRAY/WHITE SLIDES AUTHENTIC 0EYECHR US MENS SIZES , EUC Lems Mariner Walnut Leather Boat Shoes Sz 40Converse Lunarlon Pro Leather 76 Mid Suede Cadet Grey White 155336C Multi Sizes , Zanzara Merz Leather Slip On Shoes , Black, Size US 9 , New SKECHERS Reliever Slip-on Men Steel Toe Leather Shoes Sz 7 - 76885 , Cole Haan Air Brown Suede Leather Oxfords Apron Toe Men 9.5 M US C07672 , Vans Women Men Unisex Shoes Era Dress Blues Gold Mono Sneakers VN0003Z5HDH , Converse Chuck Taylor All-Star High Unisex Shoes Shark Skin 155568F , Vans Men Women Shoe Authentic POP Black Charcoal Frost Gray Canvas Skate Sneaker , RIPNDIP "Nerm" High Top Sneakers (Lavender) Lord Nermal Shoes , Vans Men Women Unisex Shoe Authentic Lite Weight White Canvas Blue OutsoleSKECHERS Elite Flex Muzzin Black Charcoal Knit Slip On Memory Foam Men ShoesAmali Mens Driving Moccasin Loafer Shoe in Orange: Style Harry-070 , SANUK MENS KINGSTON JUTE CAMO SIDEWALK SURFER SHOES SIZE 9 US , Japanese Mens Patent Leather Low Heels Business Formal Loafers Slip On Shoes szCOLE HAAN BLACK LEATHER WOVEN HI TOP SNEAKERS MEN SIZE US 9.5M NICE RARE LITECole Haan NANTUCKET LOAFER II Men's Shoes size 13 C27453 , NEW SPERRY Top-Sider Men's Gamefish 3-Eye Boat Leather Shoes Linen Size US 10.5NEW Onitsuka Tiger Lawnship Light Grey D605L.1313 sz. 9  ASICS Tiger SneakerMen/Women Sperry-Top-Sider-Halyard- LTT-Mens-Canvas-Boat-Shoes-WHITE-NIB New Sizes!! elegant Preferred material Preferred boutiquePUMA Men's Smash CV Icon Athletic Tennis Shoe , Sanuk Men's CARGO DELUXE CHILL Shoes BROWN LEATHER 12US NWOB $110 MSRP , Vans Men's Black Canvas Boat Chukka del Barco Shoes SIZES! NIB Distressed ,
    Rocket Dirty Dog DASH Sneaker Mens Casual Sneaker Shoe bagisrecor-4924 Dirty White Leather/Suede 16c565f ->Rocket Dirty Dog DASH Sneaker Mens Casual Sneaker Shoe bagisrecor-4924 Dirty White Leather/Suede 16c565f -
    Free People Brown Leather & Oiled Suede Distressed Ankle Boots Women Size 37 ANB , Vans Shoes Black Ball SF White Dress Blues Surf Skateboard Sneakers FREE POST , Skechers Mens On The Go Glide Coastline Boat Shoes (FS5398)Sporto Nadia Mid-Calf Boots, Black, 5.5 US , Camper Beetle Mens Black Black Leather Slip OnGentlemen/Ladies NEW Trent Nathan Bahamas Navy Sandal Big clearance sale High quality and economy Beautiful and charming , Gentleman/Lady Chloe Navy Snakeskin Pumps flagship store New design Outstanding style , New Sol Sana Women's Oatley Heel Suede Synthetic GreenWomens Woven Boho Suede Leather Shoes Wedge Heel Open Toe Sandals Ankle Strap SZALDO Nilia Women Heel Sandals (5M, LT PINK) , Dansko Kenzie US 11 - 11.5 Clogs Brown Leather Shoes 5408237800 Mules , U.S. Polo Assn.(Womens) TAMARA - GYJYMT Womens Tamara Fashion Sneaker , Blue by Betsey Johnson Crush T-Strap Dress Sandals 958, Champagne, 9 US , Dsquared Women's Green Ankle Strap Sandals Shoes Size 6 6.5 7 7.5 8 8.5 9 , Gentleman/Lady Nike Zoom Soldier 8 size 9.5 Cheap Cheaper than the price Outstanding function , Gentlemen/Ladies AUTHENTIC NIKE TRAIN SPEED 4 843937-103 wholesale Moderate cost Personalization trendMens Nike Air Michael Jordan 1 Retro Low Black White 9.5 12 OGPuma Pacer Next Trainers Mens White Sports Shoes SneakersFOOTPRINTS BY BIRKENSTOCK ( NEW ) MENS BROWN LEATHER SLIP ON LOAFERS SIZE-41 / 8 , Dr. Martens 8053 5 Eye Leather Oxfords Chest-nut Brown Men's Shoes Sz 12 , Handmade Men brown Jodhpurs boots, Men ankle boots, Men leather boots, Mens boot , Modello Gianni - Handmade Colorful Italian Leather Oxford Dress Shoes Gray Black , New Balance Women's Cypher V1 Running Shoe - Choose SZ/ColorNike Free RN Communter 2017 Women's Running Shoes, Size 10, 880842 008 , New Puma 364092 02 Basket Platform VR Puma Black Women's Casual Shoes 8.5 US , Mr/Ms Vibram Women's Furoshiki Dark Jeans Sneaker Clearance price Win the praise of customers Lightweight shoes , Adidas By Stella McCartney White Women's Pureboost X Tr 3.0 Sneakers Size 9 , Boutique 9 Brown Leather Buckle Ankle Boots Motto Booties sz 10 , Womens High Top Boots shoes Beads Rhinestones Vogue Denim Block Heel Ankle Strap , Demonia Shaker-50 goth gothic cyber platform ankle studded boots booties 6-12 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Rocket Dirty Dog DASH Sneaker Mens Casual Sneaker Shoe bagisrecor-4924 Dirty White Leather/Suede 16c565f -

    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.

    Rocket Dirty Dog DASH Sneaker Mens Casual Sneaker Shoe bagisrecor-4924 Dirty White Leather/Suede 16c565f -

    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
    Rocket Dirty Dog DASH Sneaker Mens Casual Sneaker Shoe bagisrecor-4924 Dirty White Leather/Suede 16c565f
    Casual Shoes