Never miss an update

Panhandle Slim Gray Eel Cowboy Skin Leather Top Cowboy Boots Top Boots Sz 8.5 D ef2738f

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: Great
Style: Cowboy, Western US Shoe Size (Men's): 8.5
Material: Leather Color: Gray
Width: Medium (D, M) Brand: Panhandle Slim
UPC: Does not apply
Never miss an update

Panhandle Slim Gray Eel Cowboy Skin Leather Top Cowboy Boots Top Boots Sz 8.5 D ef2738f -

    Panhandle Slim Gray Eel Cowboy Skin Leather Top Cowboy Boots Top Boots Sz 8.5 D ef2738f
    Panhandle Slim Gray Eel Cowboy Skin Leather Top Cowboy Boots Top Boots Sz 8.5 D ef2738f
    Canadian Military Parade Boots Size 8.5 DMen's/Women's Palladium Men's Pallabrousse Boots, Green durability Excellent performance comfortableTony Lama Men's Brown Cowboy Western Boots Size 9 EE Extra WideDakota Men's 10" Composite Toe Composite Plate Oil Transitional Boot Black 8M , Levis Men's Harrison Construction Tan Wheat Work Boots Suede Boot Camel Shoes 13Mens Shoes Boots Walk Over 8.5 Suede Boots Made In USA Vibram Gumlite Sole , Gentleman/Lady Justin's/ Black Excellent craft Low price Diversified new designEUC Men's Clarks 63531 Originals Desert Boot Tan Nubuck Shoes 10M US 9.5 UK , Justin WK4660 Round Toe Cowboy Western Work Boots Brown 9.5 DJustin Cowboy Boots Chestnut Marbled Deerlite 31663 Western Ropers Men's 11 EESanuk Men's Vagabond Funk Loafer - Choose SZ/color , Climate X Winter Boots Brown Waterproof Rubber Sole Brand New In Box , Men Suede Leather Pointy Toe Chelsea Elastic Decor Fur Lined Pull On Ankle Boots , Propet Ankle Boots WB006 Black Leather Hiking/Safety Boots 3L-6 Men's 10.5 (4E) , Man/Woman columbia snow boots mens Charming design Primary quality Excellent stretching , VANS VN-0EGTY28 Core Classics Men's 11.5 Black Chukka Suede Boot New In Box , Abiline Cowboy Western Boots US Black Leather Made in USA Men Size 9 D , Botin Charro BESSERRO Black Leather Cowboy Western Boots Mens Size 27.5 Mexico , Men's Boots Corcoran Footwear 87257 g27008 12Tony Lama Men's Western Cowboy Boot Size 8 1/2D Brown and Tan Two ToneDurango Motorcycle Boots Mens 14D Harness Strap Black Leather DB510Levi's Brown Leather Campus Boots Mens Size 8 D , Mens ALDO Thinsulate 3M Waterproof Boots Size 7.5 , Grenico Men's 'Bernie' Waterproof Aquaskin Winter Boots 8EFox Outdoor Products TREK OD 07 Vietnam Jungle Boot- Choose SZ/Color.Haix 607618 Size 12M Men's Airpower Bootbrown suede western biker COLE HAAN mens boots size 7.5MSpecial Force Desert Combat Boots Men's Leather Shoes Tactical Outdoor Footwear , Biltrite Square Toe Leather Motorcycle Boots Sz 11 D Men's Biker Vintage Black ,
    Panhandle Slim Gray Eel Cowboy Skin Leather Top Cowboy Boots Top Boots Sz 8.5 D ef2738f ->Panhandle Slim Gray Eel Cowboy Skin Leather Top Cowboy Boots Top Boots Sz 8.5 D ef2738f -
    $350 Freebird By Steven Womens Cyrus Tall Rose Embroidered Boots, Denim, US 7 , Women's Shoes Frye BILLY HAMMERED STUD Cowgirl Boots Leather Burn RedBotega Venetta women shoes size 38.5 black botega venetta women shoesBadgley Mischka Grammy Evening Sandals, Latte, 5.5 US , LADIES SHOES/FOOTWEAR - Pillows sandal Hush mushroomTaos Shoes Leather Comfort shoes - Ta DahWomens Fur Lined Thong High Heel Stiletto Clear Fashion Slippers Shoes SandalsCASADEI Platform Pumps Womens Size 7B Nude Open Toe High Heels ItalyTed Baker Pink Satin Alifair Bow Embellished Peep Toe Pumps Womens Size US 9M , Pleaser 7" rainbow fringe open toe ankle bootsJimmy Choo Glenys Snakeskin Gladiator Strappy Sandals Heels Green 36.5 $1,295Loeffler Randall Women's Sybil Mint/Black Nappa 5 B USBIRKENSTOCK ARIZONA WASHED METALLIC ROSE GOLD LEATHER WOMEN'S FLIP FLOPS , Puma Suede Strap Up Navy Leather Mens Trainers 363653 02 U91Man's/Woman's Nike Dunk Low Premium Adequate supply and timely delivery a wide range of products a wide variety of goodsNEW BALANCE CLASSICS MRL696DN DECONSTRUCTED NAVY BLUE WHITE DS SIZE: 8.5 , Adidas X PLR Dark Blue/Dark Blue-White BB2900 Men's SZ 8 , RARE Famous Stars Stripes Chukka Red Fringe Limited Edition Skate Shoes Sz 10.5Vtg Mens Frye Western Cowboy Riding Boots Sz 11D Brown Leather Made in USA , Cole Haan Black Leather Great Men’s Dress Shoes Size 9.5 C11233NWT $700 DOLCE & GABBANA Mens Green Leather Dress Formal Derby Shoes EU39 / US6 , Nike Free RN 2017 Running Shoes White Black Platinum 880840-101 $100 Womens 9.5Converse Chuck Taylor All Star Selene Basket Woven Mid Top Women's Sneaker ShoeTory Burch Nola High top Sneakers Leather navy women's size 10.5 b , Camper K200403-001 Womens Hoops K200403 Fashion Sneaker /- Choose SZ/Color. , Man's/Woman's Brooks Womens Levitate Attractive and durable Year-end sale Caramel, gentle , Man's/Woman's Toe Warmers Women's Glacier Elegant appearance Various types and styles buy onlineWomens Brown/Black COWGIRL Boots, Western Shoe Cowboy, Calf High 46228 Sz 9Womens Ladies British Motorcycle Thick Platform Shoes Faux Suede Casual Shoes Sz , Gentlemen/Ladies Aerosoles Women's Convincing Boot flagship store delicate Highly appreciated and widely trusted in and out ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Panhandle Slim Gray Eel Cowboy Skin Leather Top Cowboy Boots Top Boots Sz 8.5 D ef2738f -

    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.

    Panhandle Slim Gray Eel Cowboy Skin Leather Top Cowboy Boots Top Boots Sz 8.5 D ef2738f -

    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
    Panhandle Slim Gray Eel Cowboy Skin Leather Top Cowboy Boots Top Boots Sz 8.5 D ef2738f