Never miss an update

L.L. Bean Wos 2577 Boots Tall US 6.5 6.5 lined M Brown Leather Pull On lined water proof 2577 c02bede

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: L.L.Bean Boots. Please See Photos
Occasion: Casual Material: Leather
Pattern: Solid Heel Type: Block
Country/Region of Manufacture: Portugal Brand: L.L. Bean
US Shoe Size (Women's): 6.5 Fastening: Pull On
Heel Height: Med (1 3/4 in. to 2 3/4 in.) Style: Tall Boots
Width: Medium (B, M) Color: Brown
UPC: Does not apply
Never miss an update

L.L. Bean Wos 2577 Boots Tall US 6.5 6.5 lined M Brown Leather Pull On lined water proof 2577 c02bede -

    L.L. Bean Wos 2577 Boots Tall US 6.5 6.5 lined M Brown Leather Pull On lined water proof 2577 c02bede
    L.L. Bean Wos 2577 Boots Tall US 6.5 6.5 lined M Brown Leather Pull On lined water proof 2577 c02bede
    Khombu Women Jazzy Tan/Navy Rubber Waterproof Patterned Knit Fabric Boot Size 9M , Man/Woman New Jack Rogers Womens Chloe Rainboots We have won praise from our customers. Low price renewed on timeVia Spiga Beba Women Knee High Boot (5M, Black)Daniella Lehavi Women's Designer Fashion Boots TW4 Black Size EU:37 US:7 , Life Stride Jamie ankle boot bootie tan brown memory foam footbed sz 9.5 Med NEWBare Traps Alesha low ankle boot work shoes black sz 6.5 Med NEWWomen's GC Shoes Betty Boot Black Size 9.5 #NJCHC-457Women’s Vasque Skywalk Leather Hiking Boots Brown Gore-Tex Size 5.5M 7531 , Women's Bandolino Liron Bootie Gray Size 11 #NKVIZ-864 , Nine West Josephine Black Womens Shoes Size 6.5 M Boots MSRP $229REBELS ZEN WOMENS BROWN SUEDE LEATHER ANKLE BOOTS 10 NEW , RICHARD TYLER $200 BLACK STUDDED DISTRESSED LEATHER POINTY ANKLE BOOTS 7.5 MAriat 10004751 Adelaide Gray Black Parent Leather Cowgirl Boots Womens Sz 7 B , Franco Sarto Gabie ankle boots booties brown sz 6 Med NEW , Durango Cowgirl Boots Us 8.5 Snake Print , Franco Sarto Womens Boots Tall PACHOULI US 6.5 M Brown Suede Pull On riding 3200Carlos Santana Encore Black Womens Shoes Size 8 M Boots MSRP $119ROCKPORT Women’s Black Suede Leather Dress Knee-High Pull-On Boots 6.5 M MINTYSmart Weather by White Mountain Women's Downeaster Boots Brown Suede Sz 8 M , Milwaukee MB233 Womens Black Leather Motorcycle Boots SzUS 6.5 C, UK4.5CNIB Steve Madden Womens Mid-Calf Olive Leather Boots Size 7.5, $199 , NEW MADDEN GIRL BOLERO TAUPE ANKLE BOOTIES BOOTS WOMENS 7.5Rebecca Minkoff SIENNA Perforated Wedge Open Toe Bootie,Putty SZ 8,Orig:$295 , Bamboo Limelight 60S Blue Denim Women's Over Knee Distressed Boots , Women's Dolce Vita tan crossed wedges - worn once - size 6.5 - see pictures! , Aerosoles Super Cinter ankle boots brown zip sz 10 Med adjustable ankle NEW , Lucky Brand Maldeev Gray Womens Shoes Size 7 M Boots MSRP $139Danpost Boots ~ Dingo ~ Ladies 6 M ~ Red with Embroidery ~ New with Tags! , New BCBGeneration "Kimba" Women Ankle Boots Size 6.5 (MSRP $150)
    L.L. Bean Wos 2577 Boots Tall US 6.5 6.5 lined M Brown Leather Pull On lined water proof 2577 c02bede ->L.L. Bean Wos 2577 Boots Tall US 6.5 6.5 lined M Brown Leather Pull On lined water proof 2577 c02bede -
    Madewell $310 H by Hudson Levy Motorcycle Biker ankle Boots Black 38 7 shoesSPRING STEP ITILIA-BR - ITILIA Size: - Color:NEW VALENTINO BLACK LEATHER ROCKSTUDS DETAIL ANKLE BOOTS BOOTIES SHOES 41/US 11 , Mr/Ms Vans Era Skate Shoes, Black/black Crazy price Won highly appreciated and widely trusted at home and abroad Current shapeFitFlop Womens Superskate Perf Suede Loafer - Choose SZ/ColorManolo Blahnik Pink Leather Pointed Toe Ballet Flats 36.5pedro garcia Black Pebbly leather Sling Sandal Heels womens Size 37 US 7Mark & James Badgley Mischka Fain Taupe Patent $225 Leather Shoes Heels Pump NEW , Skechers Cali Women's Asana Flip FlopNatural8 M USPRADA Sandals Black Strap Women's 7.5 37.5Folk Womens Sweet Bowknot Hollow Out Sandals SHoes Creeper Thick Heel LeatherWomen Rabbit Fur Metal Slipper Slip on Genuine Leather Mule Loafer Outdoor Shoes2012 Nike Electrolime Foamposite sz 8 314996-330 jordan adidas lebron kobe lotNike Air Jordan 28 XX8 Size 11.5 Gym Red White 584832 601 New In Box DS NIBOFF WHITE NIKE AIR MAX 97 BLACK UK SIZE 7.5 US 8.5 PRE ORDER , TSUBO Lander men's leather shoes shoe boots US 10 / / (rrp:) , Belleville Waterproof Insulated (600g) Combat Boot - Tan - Mens , Gentlemen/Ladies Clarks Men's Stinson Lo Excellent value Sales Italy Direct businessHugo Boss Green - Men's - Trainers Mesh Fabric "Veloz" In 030 MEDIUM GREY , Skechers Women's GOwalk Evolution Ultra Slip-On Walking Shoe , New Balance Women WL574ALB Woven black blue WL574ALBGentlemen/Ladies ara Women's Trixie 43465 Many varieties discount price Cost-effective , Gentleman/Lady ASICS Womens Gel-Kenun for you to choose Ranked first in its class Non-slipNew Lucky Brand Womens Lk-Yenata Rye Ankle Boots Size 8.5 , Brooks Glycerin 13 Womens Runner (B) (644) + Free Delivery Australia Wide , Ladies Red Leather Laredo Roper Cowgirl Boots Sz:7 M (AF ) , Gentlemen/Ladies London Fog Womens Sunday Hiker Boots High quality and low overhead Let our products go to the world best sellerWomen's Butterfly Chunky Block heel shoes Round toe Zip Casual Knee High Boots , NIB Eileen Fisher Tag Bootie Tornado Gray $170 Size 6Man/Woman Franco Sarto Women's Ignition Ankle Bootie Selling Impeccable Preferred boutique
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    L.L. Bean Wos 2577 Boots Tall US 6.5 6.5 lined M Brown Leather Pull On lined water proof 2577 c02bede -

    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.

    L.L. Bean Wos 2577 Boots Tall US 6.5 6.5 lined M Brown Leather Pull On lined water proof 2577 c02bede -

    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
    L.L. Bean Wos 2577 Boots Tall US 6.5 6.5 lined M Brown Leather Pull On lined water proof 2577 c02bede