Never miss an update

Men's British Real Leather mogochinese-29869 Casual Formal Shoes Loafers Low Heel Real Formal Dress Shoes Plus b95f41e




Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Brand: Unbranded
Occasion: Casual Style: Oxfords
Pattern: Solid Country/Region of Manufacture: China
Width: Medium (D, M) Material: Suede
US Shoe Size (Men's): 8
Never miss an update

Men's British Real Leather mogochinese-29869 Casual Formal Shoes Loafers Low Heel Real Formal Dress Shoes Plus b95f41e - blurrypron.com

    Men's British Real Leather mogochinese-29869 Casual Formal Shoes Loafers Low Heel Real Formal Dress Shoes Plus b95f41e
    Men's British Real Leather mogochinese-29869 Casual Formal Shoes Loafers Low Heel Real Formal Dress Shoes Plus b95f41e
    british men's wing tip Real Leather dress formal vintage shoes brogues low heelsTURTELSON | Ford Penny Loafer in Brown - Size 10.5 W , Hairdresser Barber Mens Leather Party Pointy Mental Toe Slip on DJ Dress Shoes , COLE HAAN Men's 7 D - BROWN LEATHER PENNY LOAFERS - SLIP ON SHOES , GORDON RUSH Men's Black Leather Oxford Shoes 9 M NWOB $129.90COLE HAAN Brown Leather Kiltie Tassel & Buckle Loafers Slip On Shoes - MEN'S 9.5 , Rockport Mens TMD Cap Toe Shoe , Black , CG7229 *VARIOUS SIZES*Allen Edmonds "GRAYSON" Loafers 9 D Black (284)FRONT SHOES MADDOX MENS TAN LEATHER BROGUESMens 100% Leather Punk Rock Metal Chain Side Zip Ankle Boots Pointy Toe Shoes SzMezlan Santander Men's Dress Shoes Brown Leather Tassel Loafers Size 10.5 MMen's Rhinestones Sequins Leather T Stage Pointed Metal Toe Slip On Party Shoes , Hot Size 5-12 Comfort Leather Loafers Casual Prom Dress Slip On Mens Shoes SzNew Fashion Men Embroidery Printing Pointy Toe Slip on shoes Metal head LoafersClarks Men's Becken Step Slip-On Loafers Black Leather Size 9 MLa Milano Men's Monk Strap Black Dress Boots B51717Stacy Adams Baldwin Black Moc Toe Double Monk Strap Buckle Dress Shoes Size 11Allen Edmonds "SIESTA KEY" Loafers 10 D Black (588)Bostonian Men's Dezmin Plain Toe DerbyNew Mens pointy toe slip on dress Casual formal British business metal Toe ShoesZASEL MENS BLACK LEATHER WORK FORMAL CASUAL DRESS LOAFERS SLIP OP MEN'S SHOES , Mens British Retro Suede Leather Block Heels Formal Dress Shoes pull on LoafersSpring MensLoafer Patent Leather Pointy Toe Block Heel Wedding Party Dress ShoesMens Metal Decorate Pointed Toe Floral Shoes Low Heel Pumps Formal Shoes WeddingNunn Bush Men's Newton Brown Leather Monk Strap Dress Shoe 84548-200 , Men Slip On Leather Dress Driving Loafers Dress Formal Gothic graffiti Shoes 99 , Men's European Pointy Toe Business Formal Shoes British Style Wedding Flat Shoes , Man/Woman XL155 Clevis Fashion Shoe Loafer Black Strong heat and wear resistance product quality Fair price , Mr/Ms Rivera 23242 Cogna STACY ADAMS Exquisite (middle) workmanship Let our products go to the world Various ,
    Men's British Real Leather mogochinese-29869 Casual Formal Shoes Loafers Low Heel Real Formal Dress Shoes Plus b95f41e - blurrypron.com>Men's British Real Leather mogochinese-29869 Casual Formal Shoes Loafers Low Heel Real Formal Dress Shoes Plus b95f41e - blurrypron.com
    Stetson Western Boots Womens Vivi Snip 7 Brown 12-021-6115-0972 BRWINDSOR SMITH Burmingham Tan Leather Dress Boots Sz 9.5 US BRAND NEW IN BOX , Camper Beetle K400292 Black Womens Hi Leather BootsRieker Women s 54950 Ankle Boots, Black Schwarz 00 , 8 UK , SanSidewalk Surfers Womens Pick Pocket Fleece Flat- Pick SZ/Color.FRYE Women's Gwen Perf Slide Mule - Choose SZ/Color , 2017 Womens Peep toe Stilettos Super High heel Slip On Patent Leather shoes SizeVIA SPIGA Sz 8 B, Two-tone Brown Pebbled Leather Slingback Kitten heel, Toe BowsSteve Madden Santi Gold Womens Shoes Size 6 M Heels MSRP $109 , Rachel Zoe Paloma Womens Black Leather Dress Sandals Heels Shoes 9 M , Men's/Women's NEW F.LLI BRUGLIA WOMENS PUMP Modern and elegant fashion Sufficient supply a wide variety of goods , $785 New MANOLO BLAHNIK SEDARABY 90 Black Satin Silver Jeweled SHOES 41NEW FREE PEOPLE TORRENCE BROWN LEATHER STITCH FLAT SANDALS US 7(833413-003) WOMEN'S NIKE FREE TR 6 WOLF GREY/WHITE/HYPER TURQ/GHOST GREEN- SZ 9 , Puma X Alexander McQueen Serve Low - Black - MensNike Kyrie 3 HOT PUNCH 852395-681 Size 10.5Men's Nike Free Train Force Flyknit Training Running Shoes 833275 018 Size 11.5 , NIKE AIR MAX SEQUENT MEN'S'RUNNING SHOES, RACER BLUE/BLK/ GREY/WHITE 719912 405NIKE AIR JORDAN XX9 MEN'S NEW IN BOX 695515 403 RETAIL $225 SIZE 10.5 US , Jordan Horizon Premium "Black History Month" Men Size 8.5 Authentic New RareAdidas Originals Men's Deerupt Runner Shoes Size 9.5 us B27779 LAST PAIR , Nike Air Max Force Strong High 1994 US 17 / Eur 51,5 Vintage Basketball Shoes , NIB Frye Belted Harness 12R Boots Mens Chestnut Made In USA size 9 W Wide $375 , New Men's Rocky Aztec 5639 Waterproof Wellington leather pull on work boots , NIB SPERRY BAHAMA Grey WASHABLE leather MENS size 8.5 , Skechers Men's Relaxed Fit Segment Garnet Boot Dark BrownWMNS NIKE AIR MAX 1 ULTRA SP LT CRIMSON-CHAMPAGNE-WHITE SZ 9.5 [789564-661] , women's shoes 2 STAR 9 () sneakers brown suede AP706-39Women's Air Jordan 11 Retro PRM Heiress - CHOOSE SIZE - 852625-030 Gold StingrayFirts Love By Penny Loves Kenny Royal Blue Pumps Size 7.5 new
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men's British Real Leather mogochinese-29869 Casual Formal Shoes Loafers Low Heel Real Formal Dress Shoes Plus b95f41e - 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.

    Men's British Real Leather mogochinese-29869 Casual Formal Shoes Loafers Low Heel Real Formal Dress Shoes Plus b95f41e - 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
    Men's British Real Leather mogochinese-29869 Casual Formal Shoes Loafers Low Heel Real Formal Dress Shoes Plus b95f41e
    Dress Shoes
    >
    ;