Never miss an update

BLUNDSTONE US MENS LEATHER CHELSEA BOOT NAVY BLUNDSTONE CHELSEA RUB - US 8 69c59ca




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
Size: US M 8
Shoe Type: Boots Material: Leather
Style: Chelsea Boots Upper Material: Leather
Brand: Blundstone MPN: 1430
UPC: 9315891455237
Never miss an update

BLUNDSTONE US MENS LEATHER CHELSEA BOOT NAVY BLUNDSTONE CHELSEA RUB - US 8 69c59ca - blurrypron.com

    BLUNDSTONE US MENS LEATHER CHELSEA BOOT NAVY BLUNDSTONE CHELSEA RUB - US 8 69c59ca
    BLUNDSTONE US MENS LEATHER CHELSEA BOOT NAVY BLUNDSTONE CHELSEA RUB - US 8 69c59ca
    Funtasma COWBOY BOOTS Costume Mens Black Leather Western Pointed SIZE M 10 - 11Milwaukee Leather Mens Double Zipper Motorcycle Biker Black Boots 15 NIB MBM102 , NWT MEN'S SPERRY TOP-SIDER SEAMOUNT WINTER CHUKKA BOOTS.SIZE 9.NEW FOR 2018.RO SEARCH NS Men's Military Issued Leather Combat Black Boots 7 R 1984 issueTan Combat Boots Temperate Weather 11 W Addison New , DANNER-42926 Striker GTX Leather Boots Side Zip CROSSTECH 8" Goretex Mens Size 8 , Vintage Dexter Men's Hiking Mountaineering Leather Trail Boots Suede Size 9 USA , NIB Mens Columbia Peakfreak Venture Mid LT Leather Hiking Trail Casual BootsBOTIN TRABAJO S/C AGUJETAS ESTABLO PIEL MANGO NEGRO ID 13359BOTTES SANTIAG COWBOY COUNTRY T 40,5 EN CUIR ET BRODERIE MURATTI MARRON"IRISH SETTER" GORE-TEX RED WING THINSULATED CAMOU 10" BOOTS MEN SIZE 13 EEMens Steel Toe Boots, Size 11 Snow Gear Insulated, NEW in box, Severe coldNew Wolverine W10514 Tarmac FX Mid Brown Men's Boots US Size 8 Medium safety toeBOTIN CHARRO/A EL BESSERRO BR 2206 PIEL NOBUCK TABACO ID 206 , Men's Hi-Tec Trail Blaze Mid WP I - Tan - Width: med - BootsHIGHLAND CREEK Size 8 Winston Boots Brown Leather Memory Foam Padded Collar NewMen's Harness Boots Motorcycle Biker Full Grain Leather Engineer Riding, SizesTed Baker Men's MIICKE 4 NUBK AM Loafer -OliveModa Essentials Revenant 4 Brown Snow Boots Shoes 11 Medium (B,M) BHFO 9906 , Lugz Sloan WR Waterproof Hiking Trail Boots Green/Black Mens Size 11Mens Metal Chain Strap Buckle Side Zip Military Knee High Boots Leather ShoesRodolfo Valentino Black Leather Dress Fashion Boots Men Footwear Spain sz 13 D , Reef Men's Landis Tx Fashion Sneaker - Choose SZ/color , Delli Aldo Men's Gustavo Buckle Strap Ankle High Mens Brown Dress Boots Size 9.5Quiksilver Men's Shorebreak Deluxe Sneaker - Choose SZ/color , Steve Madden Men's Upswing Loafer - Choose SZ/color , Dr. Martens Safety Toe Boot US Men's 10 Falcon Gaucho Brun Fonce Volcano , Propet MB110 Reggie Orthotics Leather Boots Black Mens 12 N(B) , LL Bean Maine Hunting Shoe Men’s Gore-Tex / Thinsulate Duck Bean Boots Size 8 ,
    BLUNDSTONE US MENS LEATHER CHELSEA BOOT NAVY BLUNDSTONE CHELSEA RUB - US 8 69c59ca - blurrypron.com>BLUNDSTONE US MENS LEATHER CHELSEA BOOT NAVY BLUNDSTONE CHELSEA RUB - US 8 69c59ca - blurrypron.com
    Cole Haan Women's Zoe Small Zip Wallet, Black, One SizeAGL Womens Brown Leather Knee High Boots Sz 39.5 , I35 FrankII Buckle Riding Boots 574, Cognac, 6.5 US , $395 MISSONI ITALY designer PUMPS 38 Black gold pink stripe STILETTO heel SHOETory Burch Womens Suede Shoes Laser Cut Pointed Toe Purple Ballet Flat Size 10KEEN 1009875 WOMEN'S ATLANTA COOL ESD BROWN LEATHER SHOES NEW IN BOX , Badgley Mischka Kiara Pink Womens Shoes Size 5.5 M Heels MSRP $245Womens flip flop womens knitting summer casual western sandals boot shoes 2019ST JOHN PEARL WHITE LEATHER PEEP TOE WOOD HEEL CLASSIC PUMP Sz 9.5 MADE IN ITALYwomen's ankle sandals boots block high heel pointy toes breathable shoes party , Sexy high heel 5 1/4" platform ankle strap pumpsSANTAFE - SANDALES CONFORT LEGERES TOUT CUIR BLEU GRIS 37 & 40 - NEUF & BOITEmanolo blahnik silver leather rhinestone stiletto heels sandals shoes 39 strapsVolatile Women's Sateen Wedge Sandal - Choose SZ/ColorALEXANDER McQUEEN INFRAPELLE STUDDED GLADIATOR FLAT SANDALS US 7 , Men's ADIDAS ORIGINALS ALPHABOUNCE Grey Heather Solid Grey/Utility Black BB9049 , Men's Puma Sky Premium Sneakers, New Brown Green Orange Sport Waling Shoes Sz 9Nike Zoom All Out Low Mens Running Trainers 878670 Sneakers Shoes 301 , Mens Tactical Boots Attack Army Ankle Combat Military Hunting Outdoor Leather , Converse Pro Leather 76 Mid Vintage Tan/White Casual Shoes Mens Size 4 155648C , NIB $2350 KITON Navy Blue Suede Brogued Wingtip Ankle Boots US 9.5 Shoes , Dr Comfort Mike Mens Leather Boat Shoes Diabetic 8660 Black Brown Casual Sz 14XWVasque Womens Grand Traverse Low Leather Athletic Support Hiking Shoes Size 9.5 , Merrell Outright Edge Mid Womens Sedona/Glacier SneakersNike Air Max Sequent 2 Womens 852465-014 Glacier Blue Running Shoes Size 6 , NEW Size 7.5 NIKE Romaleos 3 Weightlifting Training Shoes Black/White 878557-001 , Elegant High Chunky Heels Over The Knee High Boots Rivet Winter Womens Boots## , EU Fashion Womens Genuine Leather Suede Riding Boots Knee High Zipper Boots Sbox , Stephane Kelian Womens Moon Boots Size 7 Black Leather Straps Vintage 1990s , Munro Drew Wedge Bootie - Brown Suede US Size 10
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    BLUNDSTONE US MENS LEATHER CHELSEA BOOT NAVY BLUNDSTONE CHELSEA RUB - US 8 69c59ca - 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.

    BLUNDSTONE US MENS LEATHER CHELSEA BOOT NAVY BLUNDSTONE CHELSEA RUB - US 8 69c59ca - 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
    BLUNDSTONE US MENS LEATHER CHELSEA BOOT NAVY BLUNDSTONE CHELSEA RUB - US 8 69c59ca
    Boots
    >
    ;