Never miss an update

Dan Post Mens Moses Mens Cognac R Toe Dan Moses Boot DP2116 9d1827e




Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Brand: Dan Post
Color: Brown Style: Cowboy/Western
Material: Leather US Shoe Size (Men's): Mens
Never miss an update

Dan Post Mens Moses Mens Cognac R Toe Dan Moses Boot DP2116 9d1827e - blurrypron.com

    Dan Post Mens Moses Mens Cognac R Toe Dan Moses Boot DP2116 9d1827e
    Dan Post Mens Moses Mens Cognac R Toe Dan Moses Boot DP2116 9d1827e
    Cole Haan Men's Dark Brown Original Grand Chukka II Boot Sz 8.5 1087 , JUSTIN USA VINTAGE BROWN E 5646 WESTERN COWBOY TOE BOOTS 10 DDanner Bull Run 8" Brown Work Boots - 9.5D , NEW Frye Billy Harness GOODYEAR WELT GENUINE LEATHER WESTERN COWBOY BOOTS SZ 7 , Gentleman/Lady Bruno magli mens boots High quality and low overhead comfortability Reliable reputation , VINTAGE DAN POST MADE IN USA BLACK LEATHER LIZARD WESTERN COWBOY BOOTS SIZE 9 M/ , Gentlemen/Ladies THOROGOOD SHOES Work Boots,10-1/2,D,Brown,Steel,PR, 804-4375105D, Brown Elegant appearance International choice Valuable boutique , Men's Thorogood 6" Sport Plain Toe Boots, Black Walnut, 9 US, 3EEl Dorado Mens CUTTER TOE ED1130 Vanquished Calf Western BLACK HANDMADE Boot 9 D , Ariat Men's Sport Square Toe Powder Brown Full Grain Leather Cowboy Boots , Corral Men's Western Genuine Rind Lizard Cowboy Boots Cognac 060360 , 1970s work boot nubuck hippy disco clown sole simple square toe vtg 60sCorral Men's A3088 Chocolate Wide Square Toe Boots , $545 Tods 'Polacco' Brown Suede Gommino Chukka Ankle Boots Size 6.5EU/7.5US , Men's/Women's Saks Fifth Men Shoes Exquisite (middle) workmanship Pleasant appearance Popular tide shoesWild West Men's Square Toe Rage Medallion Cowboy Western Boots Diff. Colors , Twisted X Boots Mens Calf Roper Pull On 11" MCR0001 Size 7.5 M , Justin Men's Sierra Tan Square Toe Cowboy Boot 2850 , Gorgeous Authentic New Magnanni Two Tone Men’s Boots US8 , Los Altos Men's Wide Square Toe Bull Shoulder Exotic Cowboy Western Boots , Wild West Men's 6X-Toe Denim Cowboy Western Boots Different ColorsVINTAGE DISTRESSED ORIGINAL MADE IN ITALY THOM McHAN MOUNTAIN BOOTS SIZE 11 EMen's Ariat Heritage Roughstock WST Brown/Black Square Toe Boots 10014024 NIB , NIKE SFB FIELD 8" LEATHER MILITARY COMBAT BOOTS COYOTE AR 670-1 688974-220 , El Dorado Mens ED1102 DISTRESSED GOAT Western BROWN LEATHER HANDMADE Boots 10 D , MENS TWISTED X RUFF STOCK SQUARE TOE WESTERN BOOTS MRS0027 NIB , Twisted X Boots Mens Cattleman 11" MCM0002 Size 7 D , Rocky Men's Mobilite Eight Inch Steel Toe Work Boot , Men's/Women's Carolina Men's CA5520 Copper Work Boots quality Ranked first in its class business
    Dan Post Mens Moses Mens Cognac R Toe Dan Moses Boot DP2116 9d1827e - blurrypron.com>Dan Post Mens Moses Mens Cognac R Toe Dan Moses Boot DP2116 9d1827e - blurrypron.com
    Womens Sexy Hollow Out Thigh Boots Laser Club Peep Toe Shoes Bandage Stilettos J , Vince Women Sandals Tan Leather Heels Booties Zip Ankle Peep Toe Boots Size 8 MReebok ZigKick Side Zip Composite Toe Black Combat/Tactical Boot RB8846--9USMerrell Women's Black Performance Footwear Sz 10 1374 , NEW Sandler Gaze Black Leather Ballerina Flats Womens Shoes , The Kooples Hair Leather Slip-on Casual Dress Loafers Women's Size 38VINCE - ROBIN COBALT SUEDE ESPADRILLE FLAT SZ 8 RETAIL $225 , Naturalizer n5 Comfort Heels 10 Beige Open Toe Loop StrapLadies black leather Betsey Johnson platform wedges size 9.5°°° CHAUSSURES ESCARPINS CHARLES JOURDAN BRUN T 37 EN BON ETAT , JL PRADA WEDGE SHOES PATENT SIZE 40 US 7.5Gentleman/Lady Sigerson Morrison Women's Cailey Platform Sandal Big clearance sale online shop As of the latest modelAUTHENTIC RARE PRADA BLACK LEATHER SHOES HEELS 38 , Womens J. CREW coral / pink patent leather T - Strap sandals shoes sz. 11 NEW , GIUSEPPE ZANOTTI POUR BALMAIN BLACK FABRIC GROMMETED STILETTO BOOTIES sz 38 (8) , $925 NEW MANOLO BLAHNIK BB 50 PUMPS PURPLE SUEDE LEATHER KITTEN HEEL SHOES 40.5DC Shoes Trase SE Skate Shoe- Pick SZ/Color. , NEW CONVERSE CHUCK TAYLOR ALL STAR HI MA-1 ZIP SNEAKERS 149397C SIZE 10.5/12NEW SZ11 Nike Vandal Hi Supreme QS Royal Blue Metallic Silver Cowboys 304715 402 , Air Jordan 11 Retro Snakeskin Men Size 11 Nightshade 528895 033 No Box , Caterpillar Tradesman Chocolate Brown P90888 sz7.5-12 Fast ship LPalladium Men's Sport Cuff WP Lux Boots, Black , High-end Real Leather Men's Bees Embroidery Metal Buckle Formal Casual Shoes sz , Banana Republic mens shoes loafers oxfords dress leather black 11.5NIKE WMNS ZOOM FLY BLACK ANTHRACITE GREY WHITE 897821-001 Women Running shoeNew Adidas Falcon Running Retro Shoes Sneakers - Black/Pink(Blackpink/B28126) , New Balance Women's Boracay V3 Running Shoe - Choose SZ/ColorFranco Sarto Womens Pisces Closed Toe Ankle Fashion Boots, Taupe, Size 8.5 nVfaMARIAGRAZIA RIPARI Bottes Genoux Cavalières Velours Imprimé T 37 TBEMen's/Women's Kamik Women's New York2 Boot Quality queen luxurious Elegant and solemn ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Dan Post Mens Moses Mens Cognac R Toe Dan Moses Boot DP2116 9d1827e - 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.

    Dan Post Mens Moses Mens Cognac R Toe Dan Moses Boot DP2116 9d1827e - 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
    Dan Post Mens Moses Mens Cognac R Toe Dan Moses Boot DP2116 9d1827e
    Boots
    >
    ;