Never miss an update

Cowboy Boots JUSTIN Brown Cowboy George Strait Waterproof Item Boot, Waterproof Item GS9050 88a9a6a

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
Modified Item: No
Features: Slip Resistant Style: Cowboy, Western
Color: Brown Fastening: Slip On
Brand: Justin Material: Leather
Never miss an update

Cowboy Boots JUSTIN Brown Cowboy George Strait Waterproof Item Boot, Waterproof Item GS9050 88a9a6a -

    Cowboy Boots JUSTIN Brown Cowboy George Strait Waterproof Item Boot, Waterproof Item GS9050 88a9a6a
    Cowboy Boots JUSTIN Brown Cowboy George Strait Waterproof Item Boot, Waterproof Item GS9050 88a9a6a
    Ariat Men's Sport Ranger Cowboy Boot Roasted Brown Full Grain Leather , Hispar Spirit Man Men's Tall Knee High Leather Equestrian Polo BootsLowa Mens Zephyr GTX Mid TF Boots 310537 0934 Sage Size 14 , Horse Power Men's Honey Crazyhorse Leather Boot - Square Toe Honey 9 D , Mens Brown Full Crocodile Tail Pattern Western Cowboy Boots Round Toe , NEW Muck Pursuit Glory High Performance Hunting Boots 7,8,9,10,11,12,13 PGL-RTXGentleman/Lady Rocky S2V Tactical Military Boot 104 Comfortable feeling Low price cheap priceWolverine Men's I-90 Soft Toe Wellington Boot Sudan Brown Full Grain LeatherMADE IN USA BELLEVILLE USMC DESERT BROWN LEATHER MILITARY ENGINEER BOOTS 10.5 W , Authentic Baldinini Men's sport style leather anckle boots US 9 Made in ItalyJustin Mens Tobacco Cowhide Square Toe Bent Rail Boots BR740Ariat 10010901 Overdrive H2O Safety Toe 10" Pull On Non Slip Wellington Boots , Lucchese A1501.R3 Riviera Mens Tan Burnished Leather Western Cowboy Boots 8.5 EEDanner Mens Size 13 EE Work Boots Brown Leather Gore-Tex Safety Toe , DAN POST Genuine Caiman Cowboy Boots - STYLE : DP 2701 - SIZE : MENS 9D - NICE! , Ariat 10018563 Powerline 8" H2O WP EH Rated Wide Shank Logger & Lineman BootsNIB AUTHENTIC RED WING SUPERSOLE 6 " MOCTOE MEN BOOTS SELECT SIZENIB $415 Boss Hugo Boss Leather Men’s Higlis Light Boots 9 US Dark Red Italy , Band Of Outsiders Men's Desert Boots Italy 40 EU/7 US Black , TSUBO "Lander" men's boots shoes Cuir Noir US 8.5 / / (rrp:) , Brand new RED WING 9.5 D 2942 ROUGHNECK MOC TOE BOOT 6" Vibram soleRed Wing Heritage 2954 Amber Brown Leather Cooper Moc Toe Men's Boots Size 7.5 D , Dr. Martens Men's 1461 Oxford - Choose SZ/colorMens Brown Crocodile Ostrich Design Full Leather Western Cowboy Boots Pointed , adidas Men's Originals AF 1.3 Primeknit Boots BY9781Irish Setter Men's 83606 6" Aluminum Toe Work Boot - Choose SZ/ColorTHOROGOOD AMERICAN HERITAGE CLASSIC STEEL TOE EH WORK BOOTS 804-4372 - ALL SIZES , Versace Versus Men Suede Leather Desert Boots Size EU42 UK8Belleville Men's Wet Weather Steel Toe Flight Boot Chocolate Brown 330ST
    Cowboy Boots JUSTIN Brown Cowboy George Strait Waterproof Item Boot, Waterproof Item GS9050 88a9a6a ->Cowboy Boots JUSTIN Brown Cowboy George Strait Waterproof Item Boot, Waterproof Item GS9050 88a9a6a -
    Madison Black Leather Suede Frange Booties Size 36 6 New $395 25121Pleaser Women's Ado3019/Bpu/m Boot, Black Faux Leather/Black Matte, 9 M USNew Balance MX66MA2 4E Extra Wide Green Black Men Cross Training Shoes MX66MA24E , Asics GEL-Kenun [T7C9N-9090] Women Running Shoes Black/Persian JewelBar III Womens Naomi Leather Pointed Toe Knee High Fashion Boots , Ladies Everlay Mandy Black Leather Boots by Clarks retail .99 (D Fit) , Adrianna Papell Farrel Peep Toe Classic Pumps, Black, 7.5 US Display , Jeffrey Campbell | Women's Sandal Lindsay Ankle Strap Taupe High Heel 10 , Life Stride Women's Juliana Black Synthetic Comfort ShoesCole Haan Women's Pinch Campus Penny Loafer, Lagoon, Size 6.0 , New! Orietta Mancini Natural Woven Leather Upper On Brown Suede Covered Platformcute womens square toe ankle strap block mid heel Lolita party office lady shoes , Jcrew Roxie Ankle Cuff Tassel Pumps In Cabernet Size 7 Heel NWOT , J Crew Strappy Mirror Metalic Silver Pump $278 Sz 36.5 Great Condition! , Kids Nike Air Jordan 1 Low Retro "Bred" 709999-001 Size 5.5 US , Converse Men's Size 10 Thunderbolt Modern Ox Running Training Shoes 155039C , Polo Ralph Lauren Faxon mens shoes sneakers new black red , Puma Shoes Men Sneakers Yellow 90409 BDT SALENWT Tony Lama Americana Jave 7951 Conquistador New Men's Boots Brown Pull On New , Mens Kenneth Cole New York Theme Song Black Driving Loafer [KMF7U7002 001] , New Balance White Sneakers Size: 6 B Fashion Sneakers School , Man/Woman Corkys Footwear Women's Monkey Fashion Sneaker Louis, elaborate Medium cost Human borderWmns Nike Outburst OG White Solar Red Vintage Women Running Shoes AR4669-101 , Nike Womens Roshe One Size 9 New Particle Pink Black Sail Rare 844994 601adidas Originals Superstar Women's White/Light Blue/Gold Metallic BY3723 , Under Armour Womens UA Flow Solid Running Shoes Aluminum- Choose SZ/Color. , V-Luxury Womens 28-MUDD55 Closed Toe Mid Calf Knee High Mocassin Flat Boot , Franco Sarto Black Suede Christine Wide Calf Riding Boot 7 Sale , Sperry Top-Sider Nellie Rain Boots, Navy (Women)Women's Short Top Boot by Corral Circle G Boot Co. Size 11 Black
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Cowboy Boots JUSTIN Brown Cowboy George Strait Waterproof Item Boot, Waterproof Item GS9050 88a9a6a -

    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.

    Cowboy Boots JUSTIN Brown Cowboy George Strait Waterproof Item Boot, Waterproof Item GS9050 88a9a6a -

    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
    Cowboy Boots JUSTIN Brown Cowboy George Strait Waterproof Item Boot, Waterproof Item GS9050 88a9a6a