Never miss an update

New Display Display Model 29993 Allen Edmonds Paxton 7 D Edmonds oak 6fd422b

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
Brand: Allen Edmonds
Style: Loafers & Slip Ons US Shoe Size (Men's): 7
Color: oak Width: Medium (D, M)
Country/Region of Manufacture: United States UPC: Does not apply
Never miss an update

New Display Display Model 29993 Allen Edmonds Paxton 7 D Edmonds oak 6fd422b -

    New Display Display Model 29993 Allen Edmonds Paxton 7 D Edmonds oak 6fd422b
    New Display Display Model 29993 Allen Edmonds Paxton 7 D Edmonds oak 6fd422b
    CHAUSSURE ITALIENNE LUXE HOMME NEUF BI-COLOR MARRON ET BLANC COUSU MAINBrown and White Vintage style Wingtip Spectator shoes with Thin leather soles , Mens Nunn Bush Brown Dress Career Church Tie Closure Shoes Size 8.5Stacy Adams Men's LaVine Wingtip Double Monk-Strap Loafer - Navy/Saddle Tan , Churchs Mens Sz 8.5D Canon Custom Grade Brown Leather Monk Strap Dress ShoesFlorsheim Truman Wingtip Oxford shoes Cognac Leather Formal dressy 13303-221Stacy Adams Men's Kason Cap Toe Double Monk Strap Side Zipper Chukka Boot-Black , New NIB Allen Edmonds Manchester 10C 10 C men's black dress shoesVintage Florsheim Brown Leather Tassel Loafer Size 13 BNEW ECCO Mens Helsinki Bike Toe Rust Slip-On Leather Loafers Dress Shoes 40 $150Zota Unique Navy Blue Leather Burnished Plain Toe Derby Brogue Shoes Size 10 , England 2019 New Fashion Mens Vintage Pointy Toe Oxfords Buckle Dress Formal HotUS SIZE 5-15 MEN'S Crocodile Pattern Cow Leather Buckle Formal Dress Shoes Work , Zota Unique Navy Blue Leather Burnished Plain Toe Derby Brogue Shoes Size 12 , Carrucci Mens Charcoal Gray Burnished Toe Wholecut Oxford Leather Dress Shoes , vero cuoio Leather BROWN wOVEN Men Shoes Size 12 M LOAFERS SLIP ONS Made Italy , ALLEN EDMONDS Park Avenue Mens 10A Merlot Oxford Balmoral Closed Cap Toe 5675 , London Brogues Earl Derby Men's Bordo Polished Leather Boots , NEW MAGNANNI Luis WINGTIP Oxford Mens Black Leather Shoes Size 11 $395Cole Haan Original Grand Penny II Loafer - Men's Size 11M, Black , ECCO Mens Helsinki Oxford Dress Shoe Rust Leather 40 EU / 6-6.5 USCalvin Klein Shoes Maddix Nappa Fashion Men White NewFlorsheim Men's Riva Moc Toe Bit Loafer Sand 17088-269Mens leather slip on carved business dress shoes Vintage casual tassels broguesNew Display Model Allen Edmonds Eldorado 7 D natural buffalo leather , Cole Haan Men's Henry Grand Shortwing Oxford - Choose SZ/Color , Cole Haan Men Carter Grand Water Resistant Wingtip Oxford Dress Shoe Black , Paolo De Marco Mens 10M Cap Toe Chestnut Brown Leather Shoe Loafer Slip On , Brooks Brothers NEW Classic Bucks 8.5 D Gray Nubuck Oxford Shoes Goodyear Welt
    New Display Display Model 29993 Allen Edmonds Paxton 7 D Edmonds oak 6fd422b ->New Display Display Model 29993 Allen Edmonds Paxton 7 D Edmonds oak 6fd422b -
    Giuseppe Zanotti Suede Ankle Boots Swarovski sz.39Etre 619 Gray Leather / Geometric Heel Zip-Up Ankle Boots 37.5 / US 7.5Nike Zoom Talaria Mid FK Flyknit White Grey Men Outdoors Boots Shoes 856957-100Nike Roshe One HYP BR GPX 'Hyper Cobalt' New (Size US11) Ultra air 90 plus max7 FOR ALL MANKIND Vivien shoes heels pony US 8 AU 7 - 7.5 exc cond RP $325Remonte Womens R3416 Trainers, Black Altsilber Schwarz 02, 6.5 UK , Man/Woman Jambu Ruby Brown Women's Clogs WJ14RBY34 fashion the most economical Diversified new design , Womens Shoes Mental Stiletto High Heel Platform Scorpion Peep Toe Suede Party , Donald J Pliner 8.5M Wedge Shoes Brown Snake Print Suede Elastic Peep ToeSalvatore Ferragamo Women's Crocodile Leather Black Pumps Heels Sz 9 C , ELIZABETH AND JAMES Black Sibil Wedge Platform Sandals (SIZE 6.5)Skechers D'Lites Reinvention Black/White Memory Foam Sneakers Shock Absorb 7.5Under Armour Charged Bandit 2 Running Women's Shoes Size 6 , NIKE SHOX GRAVITY Women's Sneakers AQ8554 105 White/Violet ALL-SIZES $150 RETAIL , Nike Free Run - Red Running, Cross Training (Men's 12.5) - UsedNike Air Max LD Zero 2016 size us 4 HTM , Nike Rosherun One Print, Rainbow Tie Dye, Size 10Gentlemen/Ladies VANS: Men's sneakers from japan (2429 Modern technology Excellent performance Caramel, gentle* SALE * Reebok Work Men's Comp Toe Work Boot - Waterproof -Arion (RB4512) , Mens Cognac Biker Crocodile Western Cowboy Boots Motorcycle Harness Square ToeARIAT SQUARE TOE ** WORN ONCE ** mens leather Cowboy Boots SZ 10.5 DNike SFB Special Field Military Tactical Boots Coyote Brown 329798-990 Men's 8.5 , SAS Side Gore Diabetic Orthotic Mens Cordovan Leather Slip On Shoes Size 11.5 M , Dolce Vita Z-Stayup - Camo - WomensRyka Fit Pro 2-W Womens 2 Cross-Training Shoe- Choose SZ/Color. , Katy Perry Women's The Nakano Ankle Boot - Size 9Giuseppe Zanotti Snake Skate Wedge Sneakers Double Zipper Shoe 36.5 LoaferEasy Street Women's Lyla Ankle Bootie - Choose SZ/ColorAJ302 CARMENS shoes dark brown suede leather women boots , Women's Suede British Round Toe Block Med Heel Knitted Elastic Ankle Boots Shoes ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Display Display Model 29993 Allen Edmonds Paxton 7 D Edmonds oak 6fd422b -

    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.

    New Display Display Model 29993 Allen Edmonds Paxton 7 D Edmonds oak 6fd422b -

    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
    New Display Display Model 29993 Allen Edmonds Paxton 7 D Edmonds oak 6fd422b
    Dress Shoes