Never miss an update

Rancho Loco Cowboy Vintage 7D Cactus Hand Made Cowboy 29992 boots Men's Size 7D 3d50319

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
Brand: Rancho Loco
Width: Medium (D, M) Style: Cowboy, Western
Material: Leather US Shoe Size (Men's): 7
Gender: Men Color: Black
UPC: Does not apply
Never miss an update

Rancho Loco Cowboy Vintage 7D Cactus Hand Made Cowboy 29992 boots Men's Size 7D 3d50319 -

    Rancho Loco Cowboy Vintage 7D Cactus Hand Made Cowboy 29992 boots Men's Size 7D 3d50319
    Rancho Loco Cowboy Vintage 7D Cactus Hand Made Cowboy 29992 boots Men's Size 7D 3d50319
    Belvedere Men's Libero Genuine Alligator & Leather Boots 819 Ant. WineDan Post Men Caiman Everglades Camel - Brown (DP3862)Danner Men's Flashpoint II 10" Black Leather Work BootsNEX TECHNICOL 20505 MEN'S Ankle Boots ITALIAN Lizard PrintLos Altos, Western Men's Boots, Caiman Belly, H-65 Round Toe, Cowboy Boots , Los Altos Mens Black Authetic Genuine Exotic Stingray Western Stylish 3X Toe ...New $1375 Fiori Di Lusso Green Boots - Monk Straps - (FGN11373) , Kenetrek Hardline ST 400 Work Boots - Insulated, Composite Safety Toe Sz 10.5 M , Men's/Women's Georgia Men's G8040 Mid Calf Boot High grade Fast delivery General product , WESTERN BOOTS, LOS ALTOS OSTRICH COWBOY BOOTS J-TOE 990304 WINTERWHITE , DOLCE & GABBANA BROWN/BLACK WASH CALF/WOOL CAPTOE ANKLE BUCKLED BOOT 9 US 42 NEWGentleman/Lady Desert Boots Packaging diversity Wholesale trade Preferred boutiqueDanner Men's Canadian 10" 600 Gram Brown Work BootsLOS ALTOS BLACK LEATHER CAIMAN TAIL NEW J BOOTS STYLE , Size 8.5 EE EXTRA WIDE 21 INCH WIDE CALF! Men's Motorcycle Patrol Boots , Belvedere Mens Nino Genuine Ostrich & Eel Oxford (0B4) , Dan Post Men Caiman Everglades Camel - Brown (DP3860)Alessandro Dell" Acqua Side Zip Leather Ankle Boot Black Men Sz 43 2203!!!! Authentic !!!! Limited Edition Skull Studded Men's FRYE Boots, Black New , Wild West Men's XXX-Toe Caiman Tail/Deer Cowboy Western Boots Diff. Colors , stingray boots 8.5 PISTOLERO boots 8.5 WESTERN boots 8.5 COWBOY BOOTS 8.5 , Davinci Italian Men's Mid Calf Brushes Suede Round Toe Boots Black 1085 , LOS ALTOS OSTRICH COWBOY BOOTS J-TOE 990302 BUTTERCUP , LUCCHESSE CLASSICS HANDMADE DISTRESSED MENS WESTERN BOOTS SZ 11 1/2Rancho Loco Black & White Double Eagle Classic Cowboy Boots Men's Size 12D , Man/Woman Asolo Shiraz Gv Boot - Men's Rich design Primary quality Elegant and stable packagingVintage Soft Dark Brown Red & White Inlaid NOCONA Special Order Boots 10BLos Altos Men's 3X Toe w/ Cowboy Heel & Stingray w/ Deer Cowboy Western BootsLos Altos 3X Toe Genuine Caiman Tail Mens Western Cowboy Boots Diff.Colors/Sizes ,
    Rancho Loco Cowboy Vintage 7D Cactus Hand Made Cowboy 29992 boots Men's Size 7D 3d50319 ->Rancho Loco Cowboy Vintage 7D Cactus Hand Made Cowboy 29992 boots Men's Size 7D 3d50319 -
    Tommy Hilfiger Gigi Hadid Black Leather Buckle Accent Sz 9.5 Knee High BootsVIA SPIGA Womens 'Vashti' Black Leather Almond Toe Sz 5 M Booties NEW! 132421STUART WEITZMAN LUXE REPTILE REMINISCENT LEATHER KNEE HIGH BOOTS SHOES~8.5 MNew in Box Bruno Magli Ladies Boots Blader in Dark Brown SuedeBare Traps Womens Olympia Closed Toe Ankle Fashion Boots , MOLLY BRACKEN W ANKLE BOOT ECO-SHEEPSKIN - BROWN - 38 (3542911782455)Stuart Weitzman Mocnroll Horsebit Brown Suede Loafer Shoes Size 4.5 B NewStuart Weitzman Bandexsvelt Burgundy Suede Pumps Pointy Toe Size 7.5 SALE!Womens Fashion Summer Beads Straps Open Toe Pumps High Heels Sandals Shoes Sizenew $525 PRADA open-toe black T-strap platfroms shoes 37.5 US 7.5 - very comfy , Christian Louboutin Greissimo Knotted Leather Pumps Black 100mm 39/9 RT $875 , NWT TORI BURCH Red flowered Flip Flops Size 11Men's/Women's Badgley Mischka Women's Wade Slipper Strong heat and wear resistance buy retail price , inov-8 Men's F-Lite 195 CL (M) Cross Trainer - Choose SZ/ColorMens Riding Knee High Boots jockey boot Leather honour guard Boots Shoes , Men Snow Work Mid Calf Boots Buckle Outdoor Pull On Shoe Fur Lined Zipper WinterEL PASO BLACK LABEL TONY LAMA VINTAGE WESTERN ROCKABILLY BUCKAROO BOOTS 11 DVINTAGE WELLCO BLACK LEATHER STEEL TOE DISTRESSED USA MILITARY BOOTS SIZE 4.5 W , CHIPPEWA 25388 APACHE INSULATED WATERPROOF COMPOSITE TOE WORK BOOTS MEN 10 ETony Lama, Vintage Black Label, "Teju Lizard Wing Tip" Boots, Size 8 DPreowned Converse John Varvatos Grey Suede Leathers Side Zipper Hi Top Men’s 10MEN WORX BY RED WING WORK OUTDOOR STEEL TOE ANKLE BOOTS SHOES SIZE 10.5 WWAdidas Originals AO HOOK SHOT II Hi green white leopard pony retro men shoes NIB , Blackstone Women's IL84 Black Full Grain Leather Size 37 MWomens Zipper Flat Stretch Knee High Tall Boots Sz 5-10SANTONI Bottines Pointues Tout Cuir Noir Petits Talons T 37.5 BEEthnic Womens Embroidery Pointy Toe Real Leather Ankle Boots Shoes Stilettos , $170 ECCO TOUCH 75B BLACK LOW CUT ZIP LEATHER ANKLE BOOT SZ / US 10M , Ana Lublin Shoes Women Ankle boots Blue 83280 moda1 SALE , Plenty By Tracy Reece Women's Rebel Boots Cognac Brown Leather Size /US 8M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Rancho Loco Cowboy Vintage 7D Cactus Hand Made Cowboy 29992 boots Men's Size 7D 3d50319 -

    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.

    Rancho Loco Cowboy Vintage 7D Cactus Hand Made Cowboy 29992 boots Men's Size 7D 3d50319 -

    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
    Rancho Loco Cowboy Vintage 7D Cactus Hand Made Cowboy 29992 boots Men's Size 7D 3d50319