Never miss an update

Cole Haan Wing Jay Grand Wing Oxford - Tan Men's Men's Size 9.5 M, British Tan dcd9595




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: Shoes are in condition with normal wear. Bottom soles are slightly dirty with normal wear on treads. Heels and toes of both shoes are slightly dirty, crease marks across toes, and scuff marks. Insoles and inner lining are slightly dirty with labels slightly faded. The sides of shoes are dirty with light fading/discolorations due to scuff marks and wear.
Style: Oxfords Color: British Tan
Width: M) Brand: Cole Haan
US Shoe Size (Men's): 9.5 UPC: 718746049404
Never miss an update

Cole Haan Wing Jay Grand Wing Oxford - Tan Men's Men's Size 9.5 M, British Tan dcd9595 - blurrypron.com

    Cole Haan Wing Jay Grand Wing Oxford - Tan Men's Men's Size 9.5 M, British Tan dcd9595
    Cole Haan Wing Jay Grand Wing Oxford - Tan Men's Men's Size 9.5 M, British Tan dcd9595
    Mens HUGO BOSS USA Mens Wingtip Shoes / Black / Size 11 M SK , VANGELO/TUX-1 Dress Tuxedo For Wedding Prom Wrinkle Free Gray Patent Size 14MMens Walk Over Burgundy LongWing Wingtip Oxford Dress Brogue Shoes 10.5 C/A USA , Kenneth Cole Reaction Hit The Brick Leather Loafers, Men's Size 10.5M, Black NEWLA MILANO Men's Brown/Navy Black/Black Genuine Leather Dress Boots Shoes B51315 , Giorgio Brutini Kwitt Men's Oxford Tan Leather Wing Tip Dress Shoes 249004 , NEW Nunn Bush Sz 12 W Mens Strafford Woven Cognac Moc Tassel Loafer Shoes 84484 , Stacy Adams Men's Waverly Moc Toe Loafer Black 20140-001 , Orvis Mens Leather Suede Oxfords Brown Dress Shoes 11M 995-55 , Cole Haan Maroon Pebbled Plain Toe Oxford Shoes Men 8.5 M , GEOX RESPIRA WINGTIP LT BROWN LEATHER OXFORDS MEN SIZE 42 EU US 8.5 D , Vintage Mens crocodile Pattern Pumps Loafer Mocassin Formal Shoes Leather ComfyTo Boot New York Felix Oxford Shoes - Men's Size 10M - Black *Repair , Kenneth Cole Unlisted Men's Gold-N Throne Oxford, Black, Size 7.5mens Patent Leather Slip On Tassel Round Toe Oxford SHoes Formal Dress Soft , Stacy Adams Men's Wardell 20139Fashion Men's Synthetic Leather Round Toe Floral Printing Nightclub Dress ShoesMens Suede Leather Slippers Flats Tassel Loafers Slip on Belgian Dress Shoes New , Mens Pointy Toe Crack Belt Strap Buckle Leather Dress Formal Chian Slip on Shoes , Man's/Woman's Allen Edmond Park Ave size 11.5 service Year-end sale List of explosionsVINTAGE FLORSHEIM BLACK WINGTIP BROGUES MEN SIZE 11 D , Johnston & Murphy Melton Cap Toe Oxford - Men's Size 9.5 (3E), BordeauxMercanti Fiorentini Wing Tip Redish Color Leather Oxfords Men's Sz 9 M , New Men's Liberty Black Lizard/Crocodile Print Leather Dress Shoes L-43 , Mezlan Green Suede & Leather Shoes Men’s Sz 16 , Chic Mens Real Leather Casual Boat Deck Shoes Driving Slip On Crocodile EmbossedMens Snake Pattern Gold Wedding Shoes Handmade Men Loafers Pumps plus Size 7-14 , MENS IKON LEATHER FASHION / FORMAL SMART SHOES JACKSON - BLACKVintage FLORSHEIM IMPERIAL Very Soft Black Leather Loafers 11.5 2A
    Cole Haan Wing Jay Grand Wing Oxford - Tan Men's Men's Size 9.5 M, British Tan dcd9595 - blurrypron.com>Cole Haan Wing Jay Grand Wing Oxford - Tan Men's Men's Size 9.5 M, British Tan dcd9595 - blurrypron.com
    Man's/Woman's Purnell Black Leather Boots, Size 10 Charming design buy Known for its excellent quality , Sbicca Cardinal Womens Boots Khaki 7 US / 5 UKPuma Mega NRGY Wns Black Paradise Pink Women Running Shoes Sneakers 190369-05Versace 19.69 DP0639 NAPPA SINT NERO Sandals Women's Black AUAdrianna Papell Foxy Peep Toe Dress Pumps 642, Silver Sterling, 9 US , Clarks Women’s Zante Zara Brogues, Black, 6.5Propet Women's Olivia Oxford, Bone, 7 Wide USCole Haan New Anica Black Womens Shoes Size 9.5 M Sandals MSRP $100Nike Air Max TR180 TB Wolf Grey White Black 723991 011 Sz 7 Men’s$100 Men's Nike Free Train Versatility Size 9 Red/Black Style 833258 606 NEWNike SB Men's Zoom Stefan Janoski Canvas Sneakers 615957 104 Size 10 White/Navy , VANS A Tribe Called Quest Size 10.5 Tracklist Gum Bottom Skate Shoes NEW LimitedOG NIKE AIR FOAMPOSITE ONE TRIPLE BLACK GREY ANTHRACITE RETRO SZ 12 rare qsNike Air Jordan 13 XIII Retro Low Hornets White, Navy Blue, 310810-107 SIZE 10 , Men's Adidas EQT Support Mid ADV PK Sneakers Lifestyle Shoes , Man/Woman air jordan Baron 9 size 12 Year-end special promotions First batch of customers British temperament , NUNN BUSH Men's 'Lancaster' Camel Suede Chukka Boots Sz. 11 M NIBMen's British Style Side Zipper Pointed Toe High Top Ankle Boots 2018 round toe , AUTHENTIC LUXURY PRADA SNEAKERS SHOES 4E2439 BLACK NEW US 10.5NEW SANTONI Dress Black Leather Shoes SIZE Eu 40 Us 7 (22R) , $660 CHEANEY MEN'S BROWN BURNISHED LEATHER FUR LINED CHUKKA BOOTS 8 U.S. , Puma Rbr Desert Boot Vulc 30580301 Casual Shoes Dark Navy Medium (D,M) Men , Puma Women's Future Suede Lite Fashion Sneaker Black/Malibu Blue, Size 5.5 M US , Women's adidas Energy Boost 2.0 White/Energy Aqua/Mystery Petrol BB3458 s 7.5Reebok WannaOne DMX Series 1600 CN7737 Black Unisex Sneakers AthleticNIKE AIR MAX 90 ULTRA 2.0 EASE WOMEN's CASUAL SMOKEY MAUVE - WHITE AUTHENTIC NEW , Womens CHARLES BY CHARLES DAVID black riding boots sz. 5 $90Sam Edelman Taye Ankle Boots - Women's Size 11, Grey , Xtratuf Womens Finatic II Grey Deck Shoes w/ Non-Marking Outsole - Size 7Women's Harley Davidson Western Boots Cowboy Shoes Size 6M Black Motorcycle AC15 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Cole Haan Wing Jay Grand Wing Oxford - Tan Men's Men's Size 9.5 M, British Tan dcd9595 - 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.

    Cole Haan Wing Jay Grand Wing Oxford - Tan Men's Men's Size 9.5 M, British Tan dcd9595 - 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
    Cole Haan Wing Jay Grand Wing Oxford - Tan Men's Men's Size 9.5 M, British Tan dcd9595
    Dress Shoes
    >
    ;