Never miss an update

New Black Stacy Adams Mens 25210 Casual Mac Slip On Loafers New Black 24688-001 6d89da8

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
Style: Loafers & Slip Ons
Brand: Stacy Adams Color: Black
Material: Man-Made
Never miss an update

New Black Stacy Adams Mens 25210 Casual Mac Slip On Loafers New Black 24688-001 6d89da8 -

    New Black Stacy Adams Mens 25210 Casual Mac Slip On Loafers New Black 24688-001 6d89da8
    New Black Stacy Adams Mens 25210 Casual Mac Slip On Loafers New Black 24688-001 6d89da8
    Skechers Men's Folten-Rison Oxford - Choose SZ/ColorSkechers USA Mens Superior Milford Slip-On Loafer- Pick SZ/Color. , Unlisted by Kenneth Cole Men's Design 30077 Fashion Sneaker - Choose SZ/ColorZANZARA Men's Picasso Slip-on Loafer - Choose SZ/ColorBen Sherman Men's Ashton Fashion Sneaker - Choose SZ/ColorUnlisted by Kenneth Cole Men's Crown Sneaker - Choose SZ/Color , crocs 203966 Mens Swiftwater Edge MocFlat 7 US- Choose SZ/Color.Skechers Men's Go Flex 2-54014 Sneaker - Choose SZ/ColorUnlisted by Kenneth Cole Men's Santon Boat Shoe - Choose SZ/ColorNunn Bush Men's Quail Valley Venetian Slip-on Driving Style Loafer , Skechers Men's Elite Flex Hartnell Loafer - Choose SZ/ColorNunn Bush Men's Beacon ST Slip-On - Choose SZ/ColorMen/Women Skechers Men's On-The-Go City 3.0 Sneaker Easy to clean surface Orders are welcome Modern and elegantDrew Shoe Womens Fusion Comfort Sneaker Black Leather Size 9 M EUC , Man/Woman Adtec Men's 7" Farm Boot Boot elegant Carefully selected materials Comfortable and naturalSkechers Men's on-The-Go Glide-Premio Boat Shoe - Choose SZ/ColorSkechers Men's Citywalk- Malton Oxford, - Choose SZ/Color , Puma Future XS500 Men's Woven Jogger Sneakers Shoes , Skechers Men's Superior Milford Slip-On Loafer Light Brown 9.5 M USNew Stacy Adams Men's Napa-Moc Toe Slip-on Oxford Casual Shoe White 25096-100 , Rockport Mens Dressports Business Bike Toe Slip On- Pick SZ/Color.Sanuk Men's Sideline Waffle Loafer - Choose SZ/ColorLugz Men's King Lx Sneaker - Choose SZ/ColorDC Men's Heathrow Prestige Unisex Casual Skate Shoe - Choose SZ/Color , Skechers Men's Elson-Amster Moccasin - Choose SZ/Color , Sanuk Mens Chiba Quest Sneaker- Pick SZ/Color.Sanuk Men's Sideline Jean SLUB Sneaker, - Choose SZ/Color , Ben Sherman Men's Parnell Oxford - Choose SZ/Color , Sanuk Mens Staple Sneaker D (M)- Pick SZ/Color.
    New Black Stacy Adams Mens 25210 Casual Mac Slip On Loafers New Black 24688-001 6d89da8 ->New Black Stacy Adams Mens 25210 Casual Mac Slip On Loafers New Black 24688-001 6d89da8 -
    Fly London HEAN BLACK Leather Womens Knee Hi Boots US 6.5-7 , Mr/Ms yeezy boost 350 pirate black Crazy price Ranked first in its class Extreme speed logistics , Jana Womens 23612 Low-Top Sneakers, Beige Taupe Comb 349, 7 UK , New Balance WCSTLLK4 B Black White Women Running Casual Shoes Sneakers WCSTLLK4BAuth Lanvin Pink Patent Leather Ballerina's Flats Shoes SZ 8 , Nine West 25019944 Womens Adelphine Synthetic Pointed Toe FlatMWomens Adidas Response Sonic Drive White Athletic Running Shoes BA7784 Size 9Aerosoles Good Graces Comfort Loafers 345, Black Velvet, 8.5 USWomen 2018 Fashion Round Toe Flat Heel Cross Strap Casaul Spring Shoes Pumps , Stuart Weitzman Clara Black Nappa Ankle Strap Pumps Size 8M D2434/ , Black & Silver Evening/Wedding High Heel Shoes, Women's Size 7Classic Womens Punk Leather High Heels Pointy Toe Buckle Belt Shoes Pumps US 4-9Emporio Armani Womens Shoes Size 37 7 Black Leather Strappy Heels Pumps CasualDonna Piu Celeste, femme Sandales , Multicolore , 40 EU , Naya Lassie3 Strappy Wedge Sandals, Black, 8.5 US / 39.5 EU Display , SUPRA 08027-605-M SCISSOR M's (M) Red/Red Nubuck/Suede Athletic SuedeHOKA One One Men’s Speedgoat Trail Running Athletic Sneakers Sz 8.5 Blue Orange , Air Jordan Son of Mars "Bordeaux" Mens Size 9 - Spike Lee Brooklyn 40 Acres BHMMerrell Avalaunch Tough Mudder Orange Black Men Running Slip On Shoes J37789NEW Nike Air Max Flair mens size 13Nike LeBron Soldier 11 SFG Men's Team Red/Black/White/Total Crimson 97646600 , Common Projects Tennis Pro Black Size 40 46 / 7 13 Brand New Achilles2005 Nike Air Jordan X ICE GREEN Womens Size 8 Mens size 6.5 Rare AuthenticNike Womens TR Fit 4 5 Cross Training Shoes Print (12 B(M) US) , Nike Air Max Invigor Mid Wmns Shoe Port Wine/Black/Platinum 861661-601 Size 12Avenger A7165 Women's Brown Comp Toe EH SR Waterproof Slip-On Work Shoe A7165New Balance Women's 574 Sport Decon Shoes Grey with Off WhiteAltra Women's Lone Peak 3 Trail Runner , NEW ROCKET DOG BEANY TAN TALL BOOTS WOMENS 7 RIDING BOOTS , New Fashion Occident Women Round Toe Flats Tassels Punk Ankle Boots ZIP Shoe Hot
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Black Stacy Adams Mens 25210 Casual Mac Slip On Loafers New Black 24688-001 6d89da8 -

    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 Black Stacy Adams Mens 25210 Casual Mac Slip On Loafers New Black 24688-001 6d89da8 -

    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 Black Stacy Adams Mens 25210 Casual Mac Slip On Loafers New Black 24688-001 6d89da8
    Casual Shoes