Never miss an update

Old Gringo Noctua Caiman Noctua Cowboy Western Boots 7.5 MSRP Cowboy MSRP $1200 Silvery Grey 95bc6a5

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
Brand: Old Gringo
Width: Medium (B, M) Style: Cowboy, Western
Color: Metallic grey US Shoe Size (Women's): 7.5
UPC: Does not apply
Never miss an update

Old Gringo Noctua Caiman Noctua Cowboy Western Boots 7.5 MSRP Cowboy MSRP $1200 Silvery Grey 95bc6a5 -

    Old Gringo Noctua Caiman Noctua Cowboy Western Boots 7.5 MSRP Cowboy MSRP $1200 Silvery Grey 95bc6a5
    Old Gringo Noctua Caiman Noctua Cowboy Western Boots 7.5 MSRP Cowboy MSRP $1200 Silvery Grey 95bc6a5
    Bed|Stu Women's Glaye Fashion Boot Caramal Lux 8 M USProenza Schouler Warrior Peep Toe Ankle Brown BootsLa Canadienne Women's Charlotte Boot Stone 8 B(M) US , Aquatalia Women's Liana Brush Oil Suede Boot Black 8 B(M) USLa Canadienne Women's Poppie Leather Riding BootBURBERRY PERRIDON BLACK LEATHER BOOTS us $950 , Corral Boots Womens C2990 Tan/Turquoise 8 B(M) US , Stetson Women's Serape Snip Toe Ankle Boot , Stuart Weitzman Women's Smashing Black Nappa 8 M USBURBERRY CALLUM BOOT CHESTNUT BROWN us $750 , Man/Woman FRYE Women's Sabrina Double Buckle Boot Long-term reputation Low price Excellent workmanship , FRYE Women's Veronica Back-Zip Boot - Choose SZ/Color , Stuart Weitzman Women's Scrunchy Riding Boot Black 8 B(M) USBlondo Women's Fabrizia Black Nativo Shearling 8 W USFRYE Women's Engineer 12R Boot Black-77400 8 M USAquatalia Women's Lillian Brush Oil Suede Ankle Bootie Black 8 M USAquatalia Women's Lillian Sport Thumbled Calf Ankle Bootie Black 8 M USMephisto Women's Cassandra Boot Black Velcalf Premium 8 M USFRYE Women's Deborah Studded Side-Zip Boot Leather Cowgirl Cowboy Pull On , Danner Women's Mountain Light Cascade Hiking Boot , FRYE Women's Campus 14L Boot Blazer Brown-77050 7 M USFRYE Women's Claude OTK Leather Slouch Boot Black 8 M USBURBERRY HAVERSTOCK DARK FOREST GREEN NUBUCK LEATHER us $750FRYE Women's Julie Front Zip Combat Boot Forest Soft Oiled Suede 8 M USGianvito Rossi Women's Red Leather Pointed Toe Buckle Heels IT37/US7 RTL$1690 , Men's/Women's FRYE Women's Veronica Back-Zip Boot Strong heat and wear resistance Fast delivery The first batch of customers' comprehensive specificationsCorral Womens Wing and Cross Sequin Western Boot Brown 7 B(M) US , Man's/Woman's FRYE Women's Cece Seam Tall Boot Louis, elaborate Excellent performance Valuable boutiqueAquatalia Women's ISLA Calf Ankle Boot Whiskey 7 M M US
    Old Gringo Noctua Caiman Noctua Cowboy Western Boots 7.5 MSRP Cowboy MSRP $1200 Silvery Grey 95bc6a5 ->Old Gringo Noctua Caiman Noctua Cowboy Western Boots 7.5 MSRP Cowboy MSRP $1200 Silvery Grey 95bc6a5 -
    Mr/Ms Corral Beige Embroidered Ankle Boots G1452 durability real TRUEVince Camuto Kyah Low Top Slip On Fashion Sneakers 602, Dark Silver/Taupe, 10 US , Calvin Klein Women's Jeremi Knee High Boot , SOPHIA WEBSTER SERAPHINA SANDAL. Size 37 **NEW WITHOUT TAGS**nike air odyssey shoes trainers size US 12 WHITE/BLUE 652989 404Klogs Missy Women's Clogs Black Smooth Leather Display Model Shoes 8 M , Badgley Mischka Giana Ivory Satin Crystal Open Toe Pump Size 8.5M RH13498/ , Fashion Womens Rhinestones Chains Flower Casual Boho Flats Summer Sandals Shoes**Naot Harbor - Source by Naot Sandal - Women's Size 8 - Black/RedLacoste Graduate LCR 3 Mens Classic Casual designer Retro Trainers NavyDiadora Men's B Elite Ankle-High Leather Fashion Sneaker , Men's/Women's nike air flight for you to choose New style value , Nike Men's Lunar Prime Iron II 2 Shoes Sneakers (Black/White/Red - Size 12) NEW!Anne Klein Women's Zarenna Espadrille Flat , Nike NSW Tiempo '94 Mid QS Green Abyss / Gold Mens Size 10 DS NEW!! 641147-378MINT Nike Zoom Run The One PEMen's Sz US 8 Blue 685779 302adidas Originals Nizza Mens Shoes Trainers White BZ0496 , Skechers Performance 54358 Mens Go Run-Mojo Running Shoe- Choose SZ/Color. , Merrell All Out Terra Light Mens Shoes/Sneakers/Trainers/SportNike Free RN Flyknit 2017 Black White Grey OREO 880843-003 Men's Running Shoes , Bates E22682 Men's Cobra 8" Sage Side Zip Hot Weather Jungle Boot, Size 9.5 MCROCS Santa Cruz 2 Luxe Loafer Shoes Canvas Espresso Walnut Sz 7 Standard Fit , FRYE Men's Russel Venetian Slip-On Loafer - Choose SZ/ColorPUMA Women's Rebel Mid WNS VR Sneaker - Choose SZ/Color , Man's/Woman's Chaco Women's Pineland Moc-W Hiking Shoe selling price Cheaper than the price TRUENike WOMEN'S Air Jordan 1 Rebel XX OG TOP 3 SIZE 8.5 NEW AJ1 BRED ROYAL RED TOE , GIORGIO ARMANI Women's Black Leather Side Zipper Calf Boots Sz 36.5 (6.5) Italy , Manas Women's Double Zip Riding Boots Black Size 5.5M , Gentlemen/Ladies Bianchi Women's Booties Italy Leather Good design Optimal price Known for its excellent quality , SALEWA Women's Firetail Evo Mid Gore-Tex Trekking Hiking Boots US 10 Climb ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Old Gringo Noctua Caiman Noctua Cowboy Western Boots 7.5 MSRP Cowboy MSRP $1200 Silvery Grey 95bc6a5 -

    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.

    Old Gringo Noctua Caiman Noctua Cowboy Western Boots 7.5 MSRP Cowboy MSRP $1200 Silvery Grey 95bc6a5 -

    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
    Old Gringo Noctua Caiman Noctua Cowboy Western Boots 7.5 MSRP Cowboy MSRP $1200 Silvery Grey 95bc6a5