Never miss an update

Womens Fur Bearpaw Kana Goat Fur Sheepskin Tall Boots Feather Trim Kana Shearling Sheepskin Lining 9ae5b37

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: Some feathers seem loose and Left boot missing small section of feathers see last photo
Brand: Bearpaw Heel Type: Block
Style: Fashion Winter Heel Height: Low (3/4 in. to 1 1/2 in.)
US Shoe Size (Women's): 7 Material: Goat Fur / Shearling
Width: Medium (B, M) Pattern: Solid
Color: Beige Fastening: Pull On
Never miss an update

Womens Fur Bearpaw Kana Goat Fur Sheepskin Tall Boots Feather Trim Kana Shearling Sheepskin Lining 9ae5b37 -

    Womens Fur Bearpaw Kana Goat Fur Sheepskin Tall Boots Feather Trim Kana Shearling Sheepskin Lining 9ae5b37
    Womens Fur Bearpaw Kana Goat Fur Sheepskin Tall Boots Feather Trim Kana Shearling Sheepskin Lining 9ae5b37
    Steve Madden Tillis Round Toe Synthetic Duck Boots Rain Boot Brown Size 9MVia Spiga ITALY Leather Dark Brown Zip up Square Toe Heel Booties 8.5 M , Ralph Lauren 3 3/4" Heel Suede Leather Knee High Boots 17" Black Womens 9.5 New , NEW BORN B.O.C. LEVANZO ANKLE BOOTS ZIP SIDES WOMENS 8 LIGHT BROWN LATTE Z23541BORN W62173 9 M/W STUDDED BROWN OILED LEATHER KNEE HIGH HARNESS BOOTS 9Free People Dark Horse Distressed Leather Boots , Marc Fisher Grey Suede Wynie Buckle Zipper Dtail Ankle Boots 9.5 NEWJ.Crew SHEARLING BOOTS 11 SHEARLING BOOTS 11 FUR BOOTS 11 WINTER BOOTS 11 SNOW 1Rivets Pearls Women's Round Toe Wedge Heel Side Zipper Over The Knee Boots Ths01 , BP Trolley Perforated Side Zip Ankle Boot - Chestnut - Sz 9.5 MAQUATALIA Marvin K WOMENS Weatherproof Suede Wedge Zip Winter Boots Brown 10.5 MBritish women's punk square toe zipper block kitten mid heel leather ankle boots , BEARPAW Women's Abigail Fashion Boot Hickory 8 M US , BANDOLINO BDCLARA BLACK LEATHER HEEL BOOTS W/BUCKLE SIDE ZIPPER SIZE 8MSTEPHEN NEIL COLLECTION SHOES WESTERN BOHO BOOTS 8 VINTAGE VTG BROWN LEATHER , Jack Rogers Womens Deborah Smooth Ankle Boot- Pick SZ/Color. , Frye Pink Leather Studded Harness Tall Boots Womens Sz 5M , Ladies Antonio Melani Black Leather Pointed Toe Boots Sz:7 MPura Lopez Gray Suede Round Toe High Heel Ankle Boots SZ 39 , BORN ~SUEDE BROWN Leather HARNESS ANKLE BOOTS W's 9.5 (40)Gentle Souls Leather Covered Wedge Sandals - Inka Black med 8.5Cole Haan Country Black Leather Tall Western Boots Women's 7.5AA SUPER CUTE!!!!! , New Bogs Drake Boots Women's 10 Rubber TallCabi Women’s Boots Bisset Black Veno Leather Bootie Size 8 New A1 , Minnetonka Women's Calf Hi 3-Layer Fringe Boot Dusty Brown 8 B(M) USDolce Vita Womens spicy boot black suede 11m , NEW BUENO ANTALYA WOMENS LEATHER BOOTS MADE IN TURKEYDIANE VON FURSTENBERG Over-the-Knee Taupe Leather Pirate Tall BOOTS SIZE 6NEW STEVE MADDEN AWSUM LEATHER WESTERN ANKLE BOOTS WOMENS 9.5 BLACK NEW IN BOX ,
    Womens Fur Bearpaw Kana Goat Fur Sheepskin Tall Boots Feather Trim Kana Shearling Sheepskin Lining 9ae5b37 ->Womens Fur Bearpaw Kana Goat Fur Sheepskin Tall Boots Feather Trim Kana Shearling Sheepskin Lining 9ae5b37 -
    Cole Haan Rockland Women's Black Tall Boot Sz 7.5 3083 * , Adidas Outdoor Terrex Fast GTX-Surround Mid Hiking Boot - Women's Black/Grey , Men's Shoes Sneakers PHILIPPE MODEL Paris Bercy Geometrique Sable Made In Italy , Mustang Women's 1199-505 Ankle Boots, Off White (243 Ivory), 41 UKNWT! Fabulous Bernardo leather boots from Saks 5th Avenue in boxGentle Souls Eliott Loafers-Women's size 9.5M Black , Lanvin Studded Iridescent Espadrille Sandal New Size $595Casadei Heels Black Green Purple EUC Sz 6 1/2 B Career Formal PartyChaco ZX/1 Unaweep Terrano Sole Light Purple Strappy Sandals Size 8Gentleman/Lady ADORE-708LS Guarantee quality and quantity Fast delivery Different goodsConverse One Star Ox Black Egret Mens Chambray Low-top Trainers , Adidas Men Sport Shoes Inspired Cloudfoam Lite Racer BB9819 Training Workout NewNike Air Force 1, Black On Black, Patent Leather / Leather, 488298 024, Size 14Men's Jordan Super.Fly 5 PO Basketball Shoe 881571-406NIKE AIR MAX 90 LEATHER Triple Black running training sneakers newNike Komyuter Black White Commuter Sz 9.5 AA2211-001 , ADIDAS NMD R2 PK PRIMEKNIT TRACE CARGO OLIVE KHAKI BA7198 YEEZY , Vans Disney collaboration sneakers from japan (216 , Nike Air Max 90 PRM 'Ale Brown' 700155-201 Mens Sz 10 Ale Brown / Midnight Navy , Air Jordan Retro Black Grey Laser 4 Rare Air 10.5 2005KONXIDO Men's Business Quartz Watch, Casual Fashion Analog Wrist watch...Man/Woman V-CREEPER-565 High quality and low overhead Impeccable best sellerMARC FISHER LEMMY Women Sneakers (6 M, LIGHT PINK)New Balance WL574ASB Women Black Silver Mink Sneaker Art SchoolNike Air Huarache Run Womens 634835-202 Beige Desert Sand Running Shoes Size 6.5 , WOMENS NIKE CITY LOOP SUMMIT WHITE ANTHRACITE AA1097-101 s 9Men's/Women's Custom Bling Sneakers Wedding Prom Birthday Elegant shape Settlement Price Very good classificationFashion Women Round Toe Buckle Strap Block Heels Ankle Boots Punk Shoes Size , Steve Madden Jaydun Black Womens Shoes Size 6.5 M Boots MSRP $149 , B35 Rene Over The Knee Boots 925, Black, 7 US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Womens Fur Bearpaw Kana Goat Fur Sheepskin Tall Boots Feather Trim Kana Shearling Sheepskin Lining 9ae5b37 -

    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.

    Womens Fur Bearpaw Kana Goat Fur Sheepskin Tall Boots Feather Trim Kana Shearling Sheepskin Lining 9ae5b37 -

    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
    Womens Fur Bearpaw Kana Goat Fur Sheepskin Tall Boots Feather Trim Kana Shearling Sheepskin Lining 9ae5b37