Never miss an update

Vtg. Italian Calzaturificio Fabiano Hiking The Alps by Fabiano Leather Hiking 11.5 Boots Men's 11.5 6734c35

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: good shape: shows wear
Brand: Fabiano Width: Medium (D, M)
Upper Material: Leather Color: Brown
US Shoe Size (Men's): 11.5 MPN: Does Not Apply
Style: Hiking, Trail Country/Region of Manufacture: Italy
Euro Size: EUR 44 UPC: Does not apply
Never miss an update

Vtg. Italian Calzaturificio Fabiano Hiking The Alps by Fabiano Leather Hiking 11.5 Boots Men's 11.5 6734c35 -

    Vtg. Italian Calzaturificio Fabiano Hiking The Alps by Fabiano Leather Hiking 11.5 Boots Men's 11.5 6734c35
    Vtg. Italian Calzaturificio Fabiano Hiking The Alps by Fabiano Leather Hiking 11.5 Boots Men's 11.5 6734c35
    Ralph Lauren Polo Nubuck fur Boot inside Size 9.5 Snow Leather Winter BootsVTG MENS JUSTIN COWBOY LIZARD SKIN LEATHER BROWN BOOTS SIZE 11 D , Mens Black Cowboy Western Ranch Work Boots Black Leather Size 8 (b11) , Ridgemont Mesa Boots Men's Size 10.5 US Brown $88great looking MAGNUM boots size 8.5JOHN VARVATOS MEN'S BLACK LEATHER ANKLE BOOTS SIZE 13 M F237 4BA 1098 002 , NIB Kenneth Cole Reaction Clean Swipe Cap Toe Derby Shoes Bordeaux Sz 11.5Original S.W.A.T. Chase 9" Waterproof Men's Black Duty Boots 132001 Size 14Vintage Carolina Steel Toe Engineer Boots Thrashed Punk Gothic Motorcycle Mens 8Herman Survivors Foreman Mens Brown Steel Toe Boots Work Shoes Size 11 NIB , Mens 10 1/2 EE US harness boots black vintage pointed M7325982VTG MENS HERMAN SHOES WORK LEATHER BROWN BOOTS SIZE 10 E , LL BEAN 8" BEAN Boots Winter Snow Rain Fur Lined Zip Up Men's Size 9 Wide , VTG MENS UNBRANDED HANDMADE SQUARE TOE OSTRICH SKIN LEATHER BROWN BOOTS SIZE 7.503-645 Chippewa 20075 Men's 10 Inch Chocolate Apache Pull On SIZE 11DTHE NORTH FACE Alpenglow Toddler | Black / Grey (CC4H)Gentleman/Lady VIntage Motorcycle Boots. New product a variety of Selling new productsMen/Women Tony Lama boots Men 10 Complete specification Fine art Very practical , NEW Joseph Abboud Travis Brown Suede Chukka Boot Men Size 12 Shoes , Mens 12.5 M Oakley Assault Boots Desert Tan Suede Leather Military Tactical WorkADTEC 9" Logger Men’s Size 11.5 Brown Crazy Horse Leather Work Boots ZU-1281 , Gentlemen/Ladies Mason Boots Various styles Various types and styles comfortable , 10.5 M X-ELEMENT men's 11" Black Leather Engineer Work Motorcycle BootsLehigh Steel toe Black Leather Boot Pull On Work 9 1/2 EE , Cabela's Leather Shoes X4 ADVENTURE Waterproof Boots Dry-Plus EVA ~ Men's 9 EEEEIRON AGE by Bostonian Mens 7 D/B Ankle Boots Steel Toe Burgundy Leather Side Zip , EUC! Mens ARIAT SEDONA 34601 black leather cowboy western boots. Sz 10 EEBNWT CLARKS PADLEY MID DARK BROWN ANKLE BOOTS SIZE 10 US 11CORCORAN MILITARY COMBAT BOOTS SZ 13 M GREEN MEN'S IN GREAT CONDITION ,
    Vtg. Italian Calzaturificio Fabiano Hiking The Alps by Fabiano Leather Hiking 11.5 Boots Men's 11.5 6734c35 ->Vtg. Italian Calzaturificio Fabiano Hiking The Alps by Fabiano Leather Hiking 11.5 Boots Men's 11.5 6734c35 -
    Nike Air Jordan 3 Retro Wool 'Dark Grey Sail' New (SizeUS11.5) Max Ultra 90 plusGentleman/Lady Fabulicious CLEARLY-420 Outstanding features special function At an affordable priceDANSKO Women's Multi-Colored Slip On Clogs Mules Shoes Nursing UniformWomen Strappy Gladiator Sandals High Heel Open Toe Ankle Boots Pumps Plus SizeGentlemen/Ladies Marc Fisher Shaylie Mary Jane Pumps Many styles Beautiful appearance Elegant and solemn , Sexy Peep Toe Ankle Strap Sandals Platform Stiletto High Heels Shoes Adult WomenFranco Sarto Women's Darlis Dress Pump Black 8.5 M USJimmy Choo Sling Back Peep Toe Pink Python Heels Size 36 US 6TORY BURCH KAITLIN 45mm PUMP SHOES QUILTED BLACK LEATHER GOLD TOE Size 9.5Vince Camuto Womens Norla Leather Open Toe Casual Strappy SandalsAdidas D Rose 7 Size 14.5 Men Blue/red/white Basketball , RARE Nike B Huarache LE | Urban Jungle | 2008 Men's Size 10 - Used - Free Ship!New Balance 580 NB NB580 men lifestyle casual sneakers NEW navy MRT580-MD29 NEW Nike Flex Mens Golf Shoes Spikeless Black White 849961 001 10.5 (Wide) 13 , NIKE AIR MAX ZERO ESSENTIAL 876070-600 UNIVERSITY RED BLACK WHITE DS SIZE: 10.5 , Nike LeBron XIV 14 Low Dust Reflective Silver Grey Volt Dunkman Mens Size 10 , Nike KD 8 Home Kevin Durant White Midnight Navy Photo Blue 749375-144 CXLacoste Renard Cor Spm Dark Blue leather Mens 9.5 US , PUMA Suede Retro Vintage Design Classic Shoes Lifestyle Sneakers FREE SHIP WORLDDan Post Men's 6.5 Narrow Brown Leather Boots Western Cowboy Riding StitchedHandmade Mens Red color Chelsea boot, Men Red ankle suede leather sole boot , PRADA Mens Loafers Fits 10.5 Marked 8.5 Black Italy Patent Leather Non Skid Sole , nike air max 90 se summit white 881105 100 rubber scale unrelease sample , Nike Womens Air Presto Mid Utility Hi Top Trainers 859527 Sneakers Shoes 600Keen Women's Terradora Mid Waterproof Hiking Boot Timber/Cornstalk , Vintage Dr. Doc Martens 939 England Made Brown Leather Boots Size 7 VGUC , Olivia Jaymes Fashion Nova Vicky Over The Knee Boot - Taupe, Sz 6.5 , crocs 203851 Womens Freesail Shorty Rainboot- Choose SZ/Color. , NWT Women's SONOMA Goods for Life Crayon Hiking Boots Shoes Choose Size Brown , Man/Woman Authentic Jimmy Choo Boots Size 38 Reputation first auction buy online
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Vtg. Italian Calzaturificio Fabiano Hiking The Alps by Fabiano Leather Hiking 11.5 Boots Men's 11.5 6734c35 -

    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.

    Vtg. Italian Calzaturificio Fabiano Hiking The Alps by Fabiano Leather Hiking 11.5 Boots Men's 11.5 6734c35 -

    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
    Vtg. Italian Calzaturificio Fabiano Hiking The Alps by Fabiano Leather Hiking 11.5 Boots Men's 11.5 6734c35