Never miss an update

Muck Boot Men's Arctic Ice Muck Mid D(M) Work Boot 12 Brown/Tan 12 D(M) US f019c6a




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
EAN: Does not apply
Color: Brown/Tan MPN: Arctic Ice Mid-M
Size: 12 D(M) US Brand: Muck Boot
US Shoe Size (Men's): 12 D(M) US UPC: Does not apply
Style: Brown/Tan
Never miss an update

Muck Boot Men's Arctic Ice Muck Mid D(M) Work Boot 12 Brown/Tan 12 D(M) US f019c6a - blurrypron.com

    Muck Boot Men's Arctic Ice Muck Mid D(M) Work Boot 12 Brown/Tan 12 D(M) US f019c6a
    Muck Boot Men's Arctic Ice Muck Mid D(M) Work Boot 12 Brown/Tan 12 D(M) US f019c6a
    Muck Boot Men's Arctic Outpost Tall (16") Work - Choose SZ/Color , Ariat Men's Sport Outfitter Western Cowboy Boot - Choose SZ/ColorAriat Men's Rambler Renegade Western Cowboy BootArmani Jeans Ankle Boots Sz. 43 Man Black 9351157A432-51520 PUT OFFER , Ariat Men's Heritage Roughstock Western Cowboy Boot, Earth/Brown Bomber, 12 D , Hunter Men's Original Short Black 12 D(M) USWolverine 1883 by Men's Ramon Boot - Choose SZ/ColorArmani Jeans Ankle Boots Sz. 43 Man Black 9351157A432-51420 PUT OFFER , Ariat Men's Sport Outfitter Western Cowboy Boot Fiddle Brown/Blue 12 D(M) US , Ariat Women's Quickdraw Venttek Western Cowboy Boot - Choose SZ/ColorDunham Men's Exeter Low Chukka Boot - Choose SZ/Color , Harley-Davidson Men's Dunleer Work Boot - Choose SZ/ColorStacy Adams Madison Mens Cap-Toe Spat Boot- Choose SZ/Color.Ariat Sport Outfitter Western Cowboy Boots, Men's Leather Square-Toe Brn 10 M US , Rocky Men's 8" IronClad Steel Toe Waterproof Work Boots-6693 , Irish Setter Men's Waterproof Hunting BootColumbia Men's Buga Original Omni-Heat Snow BootAriat Men's Sport Western Wide Square Toe Cowboy Boot - Choose SZ/Color , Wolverine Men's Clarence Boot - Choose SZ/ColorCaterpillar Men's Carbondate Nano Toe Dark Brown Industrial Boot , ALDO Men's Benis Winter Boot - Choose SZ/Color , Baffin Men's Blizzard Snow Boot - Choose SZ/ColorFRYE Men's Ethan Double Zip Boot Black 10 M USOld Gringo Mens Razz 13" Boot Black Leather Size 9.5 (D) M 340-73 , John Deere Men's 11-in Steel Toe EH PO Work Boot - Choose SZ/Color , ALDO Men's Gilmont Chelsea Boot, Black Leather, 7.5 D US , Danner Men's Gavre 6 in Work Boot - Choose SZ/ColorWolverine Men's I-90 Waterproof Soft-Toe 6" Construction Boot , Polo Ralph Lauren Willingcot Mens Boot- Choose SZ/Color.
    Muck Boot Men's Arctic Ice Muck Mid D(M) Work Boot 12 Brown/Tan 12 D(M) US f019c6a - blurrypron.com>Muck Boot Men's Arctic Ice Muck Mid D(M) Work Boot 12 Brown/Tan 12 D(M) US f019c6a - blurrypron.com
    ay125 GIANCARLO PAOLI shoes black suede studs women ankle boots EUMaison Martin Margiela 22 Paneled Mid-Calf Boots, Black, Size 37NIB $1898 CHLOE CH11203 GOLD STUDDED BOOTS 36.5 Made in Italy , Fly London Men TOBI236FLY Low-Top Sneakers, Blue Navy 000 , 8 42 EU , Bandolino Lethia Dress Ankle Boots 285, Dark Brown/Dark Brown, 7.5 US , Womens Office Fabric Tassel Flats BLACK LEATHER FlatsWomens Alegria Shoes Kourtney Slickery Black Leather Mary Jane Size 38 US 8 , 2017 Women's Rhinestone Platform Block High heel Slip On Wedding Formal shoes US , Man/Woman Steve Madden Women's Jodi-P Leather Pump for you to choose excellent Simple , NWT NIB La Perla G&S Metallic Embellished Open toe Boots Shoes Heels sz 36 $890 , Saucony Hurricane ISO 3 Size: US 10 2E WIDE Men's Running Shoes S20349-1 , New* Reebok ZPUMP RISE Men's Shoes Sz 12 BASKETBALL EXCELLENT RED BLACK AR2448 , Polo Ralph Lauren Men's SPIELMAN Athletic Shoes Black 143109001 a5 , New Five Ten by Adidas Men's Guide Tennie Hiking Shoes - Tent Green - Size 11 , Men's/Women's The Ten: Air Jordan 1 Attractive and durable new Reliable reputation , Nike LEBRON XI 11 PREMIUM NBA 2K14 RED GOLD ICE BLUE LEOPARD WHITE 650884-674 12CORRAL Men's Vintage Cognac mestizo Snip Toe Cowboy Boots C1912 , Steve Madden Men's Hardin Combat Boot - Choose SZ/ColorBorn Men's Leather Slip On Shoes, US Men’s Size 11.5 M Preowned Lightly wornLacoste Men's Jouer Slip On 316 1 CAM NAVY Casual Sneakers Canvas , New Sperry Top-Sider Men's Striper - Size US 9 , Twisted X Men's Casual Gray Driving Mocs MDM0073Cole Haan Men's Zerogrand Wing Oxford, British Tan, 8 M US , Gentleman/Lady (844931-007) WOMEN'S NIKE ROSHE TWO BLACK/WHITE Many varieties discount price Human borderVintage Leather Tommy Hilfiger Sneaker TWO1521 Tti-color sole Shoes Womens 7.5 MNIKE AIR MAX 1 SHOES WOMENS ONE PREMIUM SC SNEAKERS - PLATINUM / ROYAL TINTDe Blossom Collection Black Colorful Dot Snow Knee Boot Small Fur Inside Size 7Gentlemen/Ladies Baretraps Clancy2 Women's Boots Brush Brown Outstanding features luxurious International big name , NINE WEST LEATHER KNEE HI BOOT BLACK 10 NEW SALE HOT , Fashion Women's Over Knee Thigh Boots Stiletto Heel Zipper Fur Trim Pointy Toe ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Muck Boot Men's Arctic Ice Muck Mid D(M) Work Boot 12 Brown/Tan 12 D(M) US f019c6a - 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.

    Muck Boot Men's Arctic Ice Muck Mid D(M) Work Boot 12 Brown/Tan 12 D(M) US f019c6a - 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
    Muck Boot Men's Arctic Ice Muck Mid D(M) Work Boot 12 Brown/Tan 12 D(M) US f019c6a
    Boots
    >
    ;