Never miss an update

Mark Nason Caramel CopperBlue 29460 Rock Distressed Boots US7.5 Distressed Caramel Tan (BB) 8a15675

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: Great condition Check pictures
Country/Region of Manufacture: Italy Pattern: Solid
Style: Motorcycle US Shoe Size (Men's): 7.5
Material: Leather Color: Caramel
Width: Medium (D, M) Brand: Mark Nason
Never miss an update

Mark Nason Caramel CopperBlue 29460 Rock Distressed Boots US7.5 Distressed Caramel Tan (BB) 8a15675 -

    Mark Nason Caramel CopperBlue 29460 Rock Distressed Boots US7.5 Distressed Caramel Tan (BB) 8a15675
    Mark Nason Caramel CopperBlue 29460 Rock Distressed Boots US7.5 Distressed Caramel Tan (BB) 8a15675
    Lucchese Since 1883 Mens Cole Squared Off Toe Cowboy Heel Boot- Pick SZ/Color. , 850$ Ralph Lauren Purple Label Black Leather High Tops size 10.5 Made in Italy , JUSTIN BLACK HORNED BACK LIZARD LEATHER WESTERN COWBOY BOOTS SIZE 8 M , Rancho Loco Black & White Double Eagle Cowboy Boots Men's Size 12B 19" tall , Salvatore Ferragamo Leather Rubber 9 Men's Luxury Rain Street Motorcycle BootsVINTAGE "BULLFROG" SKIN "Not" ALLIGATOR EXOTIC "RARE" WESTERN COWBOY BOOT 10 D , Buttero Western Cowboy Boots Size 46 Made In ItalyLucchese GY1509.73 Leadville Mens Red Mad Dog Goat Leather Cowboy Western BootsTod's men's luxury ankle boots in dark brown suede leather Size US 11 - , Tall Paul Bond Boots Custom Handmade Cowboy Western Boots SIZE 11 D ZIPPER BOOT , visvim GRID WOOD Leather Pecos Boots US 9 BLK , Jo Ghost 2713 Men's Python/Leather Luxurious Pointy Dressy Shoes , NIB Jay Kos Prime Shoes Handmade Collection Snakeskin Western Boots Sz. 8 , Lucchese Bootmaker Men's M1608.74 Black Full Quill Ostrich Cowboy Boots , Los Altos Genuine WINTER WHITE Ostrich 3X Toe Boots Handmade Western Cowboy EE , NEW STEFANO RICCI Leather Luxury Shoes Size Eu 42 Us 9 (Cod A209) , BRAND NEW IN BOX MENS TOD'S BLK LEATHER CHUKKA BOOTS UK SZ8/US SZ 9 MADE ITALYMen's Olathe Custom Tall Top Boots, Purple/White Checker Top, Style 0548A , Imperfect $1400 Paolo Scafora Gray Shoes - Boots - 9.5/8.5 - (GEN/GY/10FANGO) , NEW STEFANO RICCI Leather Luxury Shoes Size Eu 41.5 Us 8.5 (Cod A178)FRYE Mens Austin Inside Zip Western Boot- Pick SZ/Color. , Men's Genuine Leather Wild West Real Crocodile Western Cowboy BootsAUTHENTIC LUXURY PRADA HALF-BOOT SHOES 2TE008 BLACK BROGUE NEW US 8 , NEW STEFANO RICCI Leather Luxury Shoes Size Eu 44 Us 11 (Cod A201) , Lowa Mens Z-6S GTX Boots 310668 0934 Sage Size 12NEW STEFANO RICCI Leather Shoes Size Eu 42.5 Us 9.5 (Cod N42) , Lucchese Mens Charles Sienna Boot 11 D (M) , 800$ Balenciaga Red Suede High Tops Sneakers size US 14, Made in Italy , Mens Sand Full Ostrich Skin Leather Cowboy Boots J Toe Size 13 ,
    Mark Nason Caramel CopperBlue 29460 Rock Distressed Boots US7.5 Distressed Caramel Tan (BB) 8a15675 ->Mark Nason Caramel CopperBlue 29460 Rock Distressed Boots US7.5 Distressed Caramel Tan (BB) 8a15675 -
    AllSaints 'Metal Hessian' Leather Ankle Boots in Gold Size /Nine West Women's Quatrina Leather Boot - Choose SZ/Color , Women shoes pumps leather model ANGEL Aus 2 to 10.5Stuart Weitzman Womens lovebuck Closed Toe Mules Black Size 6.5 , Womens party sexy pu leather open toe nightclub pumps dress shoes sizes 4.5-9 USNEW! Vince Camuto Women's VC-Ritz2 Platform Pump sz 6MPLEASER ADORE-1024RSF Ankle Platform Boot Rhinestone Layered Fringe OpenToe Silv , New Chinese Laundry Size 6M Pump Shoe Don't Stop Suede Pump Camel Color $100New Earth Sugarpine wedge leather womens shoes size 10Cynthia Rowley black suede peep-tow high heeled pumps, size 7.5Gentlemen/Ladies BEYOND-009 Charming design Skilled manufacturing Breathable shoesguiseppe zanotti Black Patent Leather Heels W/ Calf Hair , New Adidas Adilette CF+ summer Women Sandals , Women's Asics Kayano 24 Black Running Shoes Size 8.5NIKE AIR FOOTSCAPE WOVEN CHUKKA NM SZ 9.5 BLACK ANTHRACITE WHITE 875797 001 , NIKE AIR FORCE 1 '07 CANVAS DESERT SAND ORANGE 579927 001 US MENS SIZE 13 , nike Air HUARACHE RUN WHITE US MENS SHOE SIZES 318429-111 , adidas Originals Men's Shoes | Superstar PK NM, Lgsogr/Mgsogr/Chsogr, (11 M)NIKE AIR JORDAN XX8 SE SEQUOIA GREEN-VOLT-ICE-BLACK sz 10.5 [616345-305] , NIKE AIR ZOOM SPIRIDON '16 STASH AH7973-400 HARBOR BLUE CYAN DS SIZE: 8 , Adidas Originals Tubular x Knit Sesame/Clay S81673 ( Size ) Primeknit DoomMr/Ms Demonia Riot-12 Combat Boots - Gothic,Goth,Punk,Black,Buckle High quality and cheap Stylish and charming Modern modeKlogs Boca Closed Back Unisex Clogs Navy Blue - 9 NarrowCole Haan Lenox Hill Size 10M Split Toe Oxford Dress Shoes Leather C11628 Brown , BNIB LANVIN HAUTE PIPING HI TOP SNEAKER 10 , HUGO BOSS Dark Brown Leather Cap-toe Men's 10 43 Oxford Dress Fashion CasualGentlemen/Ladies ADIDAS Cloudfoam Advantage Blanc Rose Selling Sufficient supply fineSkechers 15372W Performance Womens Go Walk Lite-15372 Wide SneakerDIADORA HERITAGE WOMEN'S SHOES HIGH TOP LEATHER TRAINERS SNEAKERS MI BASKET B71 , Women's sz 8 B NEW BALANCE Nylon Running Shoes Blue Yellow w1080by7 vegan ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mark Nason Caramel CopperBlue 29460 Rock Distressed Boots US7.5 Distressed Caramel Tan (BB) 8a15675 -

    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.

    Mark Nason Caramel CopperBlue 29460 Rock Distressed Boots US7.5 Distressed Caramel Tan (BB) 8a15675 -

    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
    Mark Nason Caramel CopperBlue 29460 Rock Distressed Boots US7.5 Distressed Caramel Tan (BB) 8a15675