Never miss an update

Rockport Men’s Eureka Brown Leather Leather Walking Shoes Size 10.5W Brown 10.5W D1259/ 0cb0228




Item specifics

Condition:
New with defects: A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour ... Read moreabout the condition
Product Line: Eureka
Brand: Rockport Material: Leather
Style: Walking Shoes US Shoe Size (Men's): 10.5
Euro Size: EUR 44,5 Color: Brown
Pattern: Solid Width: Wide (E,W)
Country/Region of Manufacture: Vietnam UPC: Does not apply
Never miss an update

Rockport Men’s Eureka Brown Leather Leather Walking Shoes Size 10.5W Brown 10.5W D1259/ 0cb0228 - blurrypron.com

    Rockport Men’s Eureka Brown Leather Leather Walking Shoes Size 10.5W Brown 10.5W D1259/ 0cb0228
    Rockport Men’s Eureka Brown Leather Leather Walking Shoes Size 10.5W Brown 10.5W D1259/ 0cb0228
    PUMA Men's Suede Classic + Fashion Sneaker, Fern Green, 10 M USConverse CTAS Alpha Hi Aged Gold Yellow Heavy Leather Shoes [153110C] Size 11New Men 6.5 = 8.5 Womens Converse Chuck Taylor All Star Lo Sneaker Pink WhiteCole Haan Men's Sz 8 1/2 GrandPro Tennis Lux - White - C26997 - Fast Ship!Clarks UnKenneth Way Oxfords, Men's Size 13 M, Brown , Funtasma Disco Costume Oxford Shoes Silver Gold Glitter 8 9 10 11 12 13 14 , WeSC Mens Black Dark Shadow Gray Turquoise Emerson Stash Graffiti NY ShoesBrand New VANS SK8-HI Men's Casual Fashion Sneakers [VN000D5IB8C]Skechers Men's Sergeants Verdict 64339 Brown/Multi REALTREE Brand New In Box , Sperry Top-Sider Leeward 2-EYE Boat Shoe Men's Size 14M (0770594) NWOB , Men's Brand New Converse Chuck Taylor All Star II Hi Fashion Sneakers [151221C]Nunn Bush Men's Jason Oxford Size 9.5 W , 8 NEW! Star Wars Sperry Cutter Rebel Slip-On Sneaker Boat Shoes White Canvas , *Demonia 3.5" Mega Stacked Platform Black Faux Suede Sneakers Goth Club Mens 7 , NEW Converse ID Custom Mens 11 Chuck Taylor All Star Canvas Shoes Black Floral , CACTUS Work Boots MS Light Brown STEEL TOE For Men's Size 6 to 12 , Tommy Bahama Linen Casual Slip On Shoes - Men's Size 9.5 D, Dark BrownNew GOG Men's Gray Casual 2.4" Height Increase Slip On Suede Shoes US Size 7 , Neil M Men's Shoes Denver Tie NM172415 Made in USA3C7 1901 Moccasine Slip On Dress Casual Loafers Suede Men Slides Shoes Size 10M2011 CONVERSE STAR PLAYER 75 LOW DELUXE WHIZ KHALIFA , JD Fisk Dario Men's Wing-Tip Oxfords Shoes - Brown , Frye Lewis Venetian Loafer - Men's Size 10.5 - BlackAdidas Mens Pro Model Khaki Sneakers Mid Leather Shell Top , PUMA CLYDE X UNDEFEATED BALLISTIC CB SNEAKERS MELLOW YELLOW WHITE 353920 02 SZ 9Sperry Top Sider Nautical Collection Boat Shoes Men 6W Cream Leather 0195149 New , NEW w/BOX! Men's 10D Eastland Yarmouth 1955 Slip-on Loafer in BrownPUMA Turin Men's Size 12 Black Low Top Classic Retro Fashion Sneakers Shoes77013 Skechers Men's Work Soft Stride Grinnel Slip Resistant EH Comp Toe BKGY ,
    Rockport Men’s Eureka Brown Leather Leather Walking Shoes Size 10.5W Brown 10.5W D1259/ 0cb0228 - blurrypron.com>Rockport Men’s Eureka Brown Leather Leather Walking Shoes Size 10.5W Brown 10.5W D1259/ 0cb0228 - blurrypron.com
    ZARA LAMINATED LEATHER HIGH HEEL ANKLE BOOTS US 6.5-9 REF. 5120/101 , Alaia Grey and Black Platform Studded Flap Boot Ankle Flap Iconic 39.5New $450 Diane Von Furstenberg Pacey Burnt Umber/Sport Suede Ankle Boots Brown 7Gentlemen/Ladies Asics Gel-Lyte III, sneakers Unisex Adult Selling Environmentally friendly Excellent stretchingLadies Tecnica Moon Boot Far Side High Shearling Warm Thermal Boots All SizesBadgley Mischka Womens Trent Dress Sandal, Silver, 7.5 M US Sale NIBJack Rogers Women's Baldwin Fashion Sneaker - Choose SZ/Color , Bordello Teeze 06 White Patent Leather Stiletto 5.75 inch High HeelsWomens Fashion Summer Peep Toe Buckle Strap Block Mid Heels Leather Sandals , Reebok Classic Nylon Neutrals Running Shoes Sneakers Clay Tint BS9377 SZ 4-12.5 , Adidas Chile 62 Vina Del Mar Retro , Adidas Mens Size 13 EQT Cushion Adv Originals Training Shoe Black Pink White , Nike Men Air Zoom Prestige HC Shoes Running White Black Sneakers Shoe AA8020-016Nike Shox NZ EU Mens 501524-106 White Black Leather Running Shoes Size 11.5 , Hi-Tec Men'S Altitude Iv Waterproof Hiking Boot10 M MINTY ROCKPORT WORLD TOUR CLASSIC MENS A10889 BROWN WALKING SHOE , 800$ Balenciaga Red Suede High Tops Sneakers size US 13, Made in Italy , Men/Women Halls 358W Patch Lineman Boot men's10.5 Long-term reputation Selected materials Preferred boutiqueMan/Woman Crevo Men's Rasta Fashion Sneaker Complete specification Selected materials Lightweight shoesNew In Box DC Men's Kalis Lite SE Sneaker Shoes SHIP FREE FAST US , Donald J Pliner Leather Sneaker 9.5 MMens Nunn Bush (83890-64) Brown CAMERON Moc Toe Oxford (19T) , men's shoes TRIVER FLIGHT 11 () elegant brown leather BX558-44 , Shoes Gazelle W adidas Green Women CQ2189hot saleWomens PU Faux Suede Knee High Boots Low Heel Side Zip All US Size Shoes , 916 Jimmy Choo Houston Mink Suede Ankle Wrap Boots Women's Sz 38 M , Chic Women's Stiletto Round Toe High Platform Bunkle Strap PU Leather Ankle BootBottes Cavalières Genoux LUNDI BLEU Tout Cuir Noir T 36 TBE , NEW H By Hudson Women’s Black Leather Zip Heeled Ankle Boots US 7 A917Comfortview The Marsha Bootie - Silver, 7 M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Rockport Men’s Eureka Brown Leather Leather Walking Shoes Size 10.5W Brown 10.5W D1259/ 0cb0228 - 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.

    Rockport Men’s Eureka Brown Leather Leather Walking Shoes Size 10.5W Brown 10.5W D1259/ 0cb0228 - 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
    Rockport Men’s Eureka Brown Leather Leather Walking Shoes Size 10.5W Brown 10.5W D1259/ 0cb0228
    Casual Shoes
    >
    ;