Never miss an update

Dingo Womens Leather Willie SD Buff Western Cowboy Boots Collar Brown SD Leather Round Toe Brown 83e0b7b

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
Manufacturer Part Number: DI865
Brand: Dan Post Boot Company MPN: DI865
Style: Western Manufacturer: Dan Post Boot Company
US Shoe Size (Women's): 6 - 10
Never miss an update

Dingo Womens Leather Willie SD Buff Western Cowboy Boots Collar Brown SD Leather Round Toe Brown 83e0b7b -

    Dingo Womens Leather Willie SD Buff Western Cowboy Boots Collar Brown SD Leather Round Toe Brown 83e0b7b
    Dingo Womens Leather Willie SD Buff Western Cowboy Boots Collar Brown SD Leather Round Toe Brown 83e0b7b
    Chic Women Pointy Toe Leather Knee High Boot Shoe Stiletto Heel Zip Fur Ball NewBanfi Zambrelli brown leather booties with full zipper Size 7.5 Made In ItalyWomens Winter Fur Denim Jean Knee High Heel Stiletto Rivet Rock Rhinestones Boot , Crocs Women's Swiftwater Cross-Strap Slip On - Choose SZ/color , JUSTIN 4763 BLACK GENUINE LIZARD SKIN COWBOY WESTERN BOOTS Womens 6.5B USA made , PUMA Women's Rebel Mid WNS FTD MU Cross-Trainer Sh - Choose SZ/colorThigh High Boots Sz 7 Black Patent Leather for women hidden stiletto heel , NEW CLARKS WOMENS EMSLIE MONET BLACK LEATHER MEDIUM AND WIDE ANKLE BOOTS BOOTIE , RAG & BONE ‘HARROW’ WHT & CREAM CROC EMBOSSED LEATHER CROSS STRAP ANKLE BOOTS 37Skechers 49346 Womens Bikers-Londoner Ankle Bootie- Choose SZ/Color.Size 9.5 TOMMY HILFIGER Womens Boot Shoe! Reg$160 Sale$89.99 LastPair!John Deere Women's Crazyhorse Green Cowgirl Boot - Round Toe - JD3286 , Womens British Style Mid-Calf Boots Metal Decor Retro Chic Low Block Heel ShoesSpecchio black leather & pony skin spotted women's Boots SZ 10 Vero Cuoio ITALYDKNY WOMEN’S BLACK SUEDE OVER THE KNEE ZIP BOOTS SIZE 8 MADE IN ITALY , Harley Davidson Womens Tegan 4 inch Zipper Black Leather Biker Boots 9.5 9 1/2Women Flats shoes Round toe Real Fur Pull on Winter Warm Knee high boot Vogue 18 , Luxe Co. Womens Cosy Short Fabric Closed Toe Mid-Calf Fashion Boots , size 8 B ladies dark brown leather Cole Haan high heel zipper ankle boots , Steve Madden Gorgeous Over-The-Knee Dress Boots - Taupe, 8.5 M US free shipWomens Mephisto Azzura Wedge Ankle Boots Shoes Black Leather US 9.5 Buckle ZipThe North Face Women's Nuptse Tall Boots , Palladium Women's Pallaville Hi Rise Waterproof Black 95162-002Naturalizer Womens jump Leather Almond Toe Ankle Fashion Boots Black Size 5.5 , Tommy Hilfiger Neela2 Over The Knee Boots 431, Black Multi, 8.5 USNew Liz Lisa Back Ribbon Short Boots Black L size From Japan w/tracking , Women's Shoes JAMBU CUBE HYPER GRIP Leather Wedge Boots Booties Black Size 6.5Tsubo Suede Open Back Booties Black Women Size 10 , Women Ankle Boots Patent Real Leather Wedge Heels Hook Loop Platform Shoes Size
    Dingo Womens Leather Willie SD Buff Western Cowboy Boots Collar Brown SD Leather Round Toe Brown 83e0b7b ->Dingo Womens Leather Willie SD Buff Western Cowboy Boots Collar Brown SD Leather Round Toe Brown 83e0b7b -
    Abilene Women's Cowhide Western Boots 2124- Dirty Brown size 10 M NEWCole Haan Womens Davenport Bootie Ankle Boot Shoes, Black, US 10.5 , Gentleman/Lady Ankle Boot Franco Colli Alaska Easy to clean surface a wide range of products Seasonal promotion , NIB Paul Smith Women's Hasties loafers, Electric Blue/White, 39/8 M Orig $525 , Nine West Women's Mary Fabric Ballet Flat - Choose SZ/Colormobils by Mephisto Women's Maryse Dark Taupe Fashion SlingbacksWALDLAUFFER WOMENS LEATHER FLATS SIZE 8 WIDE TAN MADE IN HUNGARYBrithish Womens Pointed Toes Mid Block Heel Oxfords Boots Shoes Patent Leather , Rick Owens "Parchment" Brown Leather Wedge Mules SZ 37Man's/Woman's Tory Burch Woman Shoes Good design Win highly appreciated Modern mode , Nike Nikelab Men's Mayfly Lite Camper Green 909555-301 Shoes Sneakers Brand New , Rockport Men's M7100 Milprowlkr, Black, Size 13.0 imHANike Men's SB Check Solarsoft Skate Shoe , AH7334-600 MEN'S NIKE HUARACHE DRIFT TEAM RED/WH Sz 10.5, Eur 44.5 (Maroon) N27 , NEW adidas Originals FOREST HILLS AQ0921 WHITE, METALLIC GOLD & GREEN e1 , Reebok Tech 90s Train size 8.5 Grey 3M M44186 Frank Thomas Big Hurt MLB , Asics shoes gel kayano trainer light grey size 10.5 us men new , Tony Lama USA Mens Sz 9 D Black Leather Western Cowboy Riding Biker Work Boots , Bates 01523 Men's Black Slip Resistant Navy Seal DuraShocks® Boot 13M Steel Toe , Authentic Fur Canadian Bilodeau Snowmobile Boots Warm Winter size 5John Deere Boots Men's WCT 12" WP Safety Toe Wellington 4604 Tan Work BootsMen Double-H Brown BLUE Leather Comp SQUARE 10 2E WESTERN Work Boot DH5137Clarks Men's Tilden Walk OxfordSneakers Femme samples shoes ETNIES PLOVER PLUS PINK WHITE WOMENAdidas - Women's Alphabounce 1 - Ash Pearl/Chalk Coral/Grey - Sz 6.5 - AC6916 , ASICS WOMEN'S GT 1000 6 T7A9N 1706 RUNNING SHOESSperry Top-Sider Women's Crest Vibe Sneaker Dusty Blue Canvas Sneakers , 857872-004 Nike Women SF Air Force 1 Gry Lght Bone Gum s. 8.5 , NIKE W Nike Dualtone Racer Se 940418-200 MUSHROOM Size 8 , SoftWalk Women's Meredith Sport Clog Purple Filing Leather
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Dingo Womens Leather Willie SD Buff Western Cowboy Boots Collar Brown SD Leather Round Toe Brown 83e0b7b -

    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.

    Dingo Womens Leather Willie SD Buff Western Cowboy Boots Collar Brown SD Leather Round Toe Brown 83e0b7b -

    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
    Dingo Womens Leather Willie SD Buff Western Cowboy Boots Collar Brown SD Leather Round Toe Brown 83e0b7b