Never miss an update

Justin Cowboy Boots Square Cowboy*Sharp!* Toe Men's Sz 11 Men's D*Sharp!* exotic d147808

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Brand: Justin Boots
Material: Leather Country/Region of Manufacture: United States
Width: Medium (D, M) US Shoe Size (Men's): 11
Color: Brown Style: Cowboy, Western
UPC: Does not apply
Never miss an update

Justin Cowboy Boots Square Cowboy*Sharp!* Toe Men's Sz 11 Men's D*Sharp!* exotic d147808 -

    Justin Cowboy Boots Square Cowboy*Sharp!* Toe Men's Sz 11 Men's D*Sharp!* exotic d147808
    Justin Cowboy Boots Square Cowboy*Sharp!* Toe Men's Sz 11 Men's D*Sharp!* exotic d147808
    Red WingBeckman Moc Chestnut Brown Leather Men Boot SZD , Mens Common Projects Chelsea Suede Boots Crepe Size 11 44 Tan BeigeMen/Women Acne Studios Peter Boots Dark Brown/Green Beautiful design Preferred material wonderfulRed Wing 8173 HERITAGE Moc Toe Hawthorne Abilene Roughout Leather 6" Boots 9.5E , Mens 8.5 D Lucchese Classics Handmade Brown Exotic Lizard Western Cowboy BootsTan leather Chelsea boot with side buckle also available in black-made in Italy , FRYE Mens John Addison Harness Boot D US- Pick SZ/Color.Bota Vaquera Exótico/a El General Piel Caiman Cola Cognac ID 12FRYE Men's Leather Belted Harness Square Toe Boots in Gaucho 12R 87350-6 GAULUCCHESE Brown Beige FULL QUILL Ostrich Goat Western Cowboy Boots Box - 10.5 DDOLCE & GABBANA Zip Closure Boots Shoes Bordeaux Red 03833Red Wing Heritage Men's Work Chukka-US 9 (Mens Size)Pro Warrington 4200 FireFighter Boots NEW OLD STOCK FREE SHIPPING MULTIPLE SIZESVintage Lynn Boot & Shoe Black Oxford Ankle Boots - Men's 10.5 Euro. 44.5 , Botte homme moto IXS TARMAC Taille 42 < 45 homologuée CEDan Post Men's Hensley Western Boot - Snip Toe - DP2570 , Viking VW78-1 Steel Tow Boot Loggers Black Tusk Chainsaw Safety Water Proof 12MAsolo Mens Fugitive GTX Hiking Boots 0M3440 Wool/Black Size 9/WideAsolo Mens Fugitive GTX Hiking Boots 0M3400 Wool/Black Size 14 , OXBLOOD DISTRESSED RED WING WESTERN ROCKABILLY BUCKAROO TRUCKER BOOTS 10 D , Yeezy Season 2 Crepe Boot Size US 7 40 Taupe Suede Kanye West 100% Authentic NEW , SUPER RARE TRICKER'S MEN'S STOW BROGUE BOOTS WITH CREPE SOLE UK6.5 US7.5 , NIB FRYE Mens John Addison Harness Size 9 med $449 Boots Brown made in USADan Post Men's Tan & Brown Distressed Bison Square Toe Western Boots DP3988ECCO Men's Track II Low Gore-Tex,Bison/Bison,46 US Men's 12-12.5 MNWOB $1325 Brunello Cucinelli Men's Multi-Leather Logo Ankle Boot 42/ 8.5US A181Ariat 10018567 Powerline 8" H2O 400g Safety Toe EH Rated Logger Work BootsOak Street Bootsmakers Beefroll Penny Loafer Black Horween Leather Made in USARocky Men's RKS0305 Mid Calf Boot - Choose SZ/Color ,
    Justin Cowboy Boots Square Cowboy*Sharp!* Toe Men's Sz 11 Men's D*Sharp!* exotic d147808 ->Justin Cowboy Boots Square Cowboy*Sharp!* Toe Men's Sz 11 Men's D*Sharp!* exotic d147808 -
    Gentlemen/Ladies Boot Born Sopris Red/Grey Wool Combo Promotion In short supply Excellent workmanshipCuadra Ladies Python Laser Baby Blue Boot In 9.5 , Clarks Ferro Step Mens Tan Leather Shoe G Fitt x12 (R19B)Comfort Sandals leather. Jungla shoes Made in Spain , TOD'S Women's Shoes Made in Italy Size 39 Leather Open Toe Slip On Sandals , Pleaser SKY-309HG Rose Gold Hologram 7 inch platform pole dance heel , Miss Sixty Saura Court Shoes High Heel Sandals Shoes Shoe Wedge Heel 37 Miss12 , Klogs Sandy Womens Clog Shoes Display Model Slate 8.5 WVince Camuto Womens Size 6 M JADINA Beige Leather Espadrille Loafers New ShoesPre-Owned Janet and Janet Leather Flats - size 37 or 7 Med. Made in ItalyMan/Woman lamb shoes Excellent craft Sufficient supply Exquisite processing , Glitter Bridal Wedding Shoes Women Pointy Toe High Stiletto Heels Sequins Shoes , New Women Patent Leather Rivets Mary Janes Shoes High Heel Rhinestones Hot ShoesSergio Rossi Black Bootie Open Toe, Brand New Size 36/6 Made In Italy , FLORAL Adele Women Wide Width Satin Glitter Block Heel Ankle Strap Party SandalsASICS W's Gel-Cumulus 19 Running Shoe, Mid Grey/Carbon/Sfty Yllw, 7.5 B(M) US , Vans LUDLOW Stealth Fleck /Pewter Men's Shoes 6.5NWT! Victoria's Secret Pink Fur Lined Slipper Size M Women's Size 7-8 Lot of 2 , Nike SHOX GRAVITY Men's Shoe - Atmosphere Gray AR1999 011 size 11 11.5NIKE AIR FOAMPOSITE ONE METALLIC RED 314996 610 SZ 11 penny EXCELLENT CONDITIONDS Vans x Takashi Murakami Pom flower classic vault slip-on LX supreme stussySafari Cognac Exotic Men's All-Over Crocodile Hornback BootsBrooks Cascadia 11 Mens Trail Running Shoes (D) (440) + Free AUS Delivery!New Cole-Haan Rivalgo 7.5 M black (955)Alexander McQueen by PUMA McQ MOVE LO Mens Fashion Black Leather Sneakers ShoesNike Wmns Air Pegasus '89 Pure Platinum Summit White Grey 844888-002 Msrp $95 AV , Teva Women's Terra-Float Travel Mary Jane Chocolate Chip Hook and LoopNew Balance 890 Women's Size US 5.5 B / Brand New in Box!!!New Balance W1400NY6 D Wide White Pink Black Women Running Casual Shoe W1400NY6DJack Rogers Women's Reagan Ankle Bootie - Choose SZ/Color ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Justin Cowboy Boots Square Cowboy*Sharp!* Toe Men's Sz 11 Men's D*Sharp!* exotic d147808 -

    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.

    Justin Cowboy Boots Square Cowboy*Sharp!* Toe Men's Sz 11 Men's D*Sharp!* exotic d147808 -

    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
    Justin Cowboy Boots Square Cowboy*Sharp!* Toe Men's Sz 11 Men's D*Sharp!* exotic d147808