Never miss an update

Los Altos BLACK Genuine BLACK Rowstone Los Stingray Boots guptauniver-25597 Pointed 3x Toe EE 7e75659

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
Style: Cowboy, Western
Width: Wide (E,W) Color: BLACK
Brand: Los Altos Boots Material: STINGRAY
Never miss an update

Los Altos BLACK Genuine BLACK Rowstone Los Stingray Boots guptauniver-25597 Pointed 3x Toe EE 7e75659 -

    Los Altos BLACK Genuine BLACK Rowstone Los Stingray Boots guptauniver-25597 Pointed 3x Toe EE 7e75659
    Los Altos BLACK Genuine BLACK Rowstone Los Stingray Boots guptauniver-25597 Pointed 3x Toe EE 7e75659
    LOS ALTOS CHERRY GENUINE CROCODILE BELLY ROUND TOE WESTERN COWBOY BOOT 3RT818 , LOS ALTOS GENUINE LIZARD STINGRAY NAVY BLUE MEN ANKLE BOOT (EE) WIDTH ZA2068205 , LOS ALTOS GENUINE CHERRY OSTRICH SNIP TOE WESTERN COWBOY BOOT EE+LOS ALTOS BLACK GENUINE STINGRAY ROWSTONE ROUND TOE WESTERN COWBOY BOOT DKING EXOTIC BLACK SNIP TOE GENUINE OSTRICH WESTERN COWBOY BOOT 94DR0305LOS ALTOS STINGRAY ROWSTONE MOTORCYCLE BIKER WESTERN COWBOY BOOT (EE) 551105LOS ALTOS GENUINE ORYX OSTRICH SNIP TOE WESTERN COWBOY BOOT (EE) , WILD WEST CHERRY GENUINE CROCODILE BELLY WESTERN COWBOY BOOT SNIP TOE (EE+)LUCCHESE COLLINS Mens SOFT Black Leather CLASSIC STYLE Cowboy Boots SZ 9 DLos Altos Genuine BLACK Ostrich 3X Toe Boots Handmade Western Cowboy EEWILD WEST COGNAC CROCODILE BELLY COWBOY BOOT RODEO-SQUARE-TOE RUBBER SOLE (EE) , Men's Brown Genuine Crocodile Belly Exotic Skin Leather Cowboy Boots 3X PointedLos Altos Men's Medium Round Toe Genuine Teju Lizard Ankle BootsLOS ALTOS GENUINE COGNAC OSTRICH SNIP TOE WESTERN COWBOY BOOT (EE)Los Altos Genuine ORYX Caiman CROCODILE Belly Snip Toe Western Cowboy Boot DLOS ALTOS COGNAC CROCODILE CAIMAN SQUARE-WIDE-TOE WESTERN COWBOY BOOT EE , Men's Cognac Genuine Crocodile Belly Exotic Skin Leather Cowboy Boots 3X Pointed , Bota Vaquera Exótico/a El General Piel Caiman Cola Cogñac ID 34479Bota Rodeo Exotico/a El General Avestruz Cognac ID 33010 , Los Altos Genuine Authentic Ostrich Skin Leg White Cowboy Western J Toe Boot , Los Altos Genuine CHERRY Caiman CROCODILE Belly Snip Toe Western Cowboy Boot EE+Los Altos Genuine CHERRY Caiman CROCODILE Tail 3x Toe Western Cowboy Boot EE , Bruno Magli Cuba Men's black leather ankle boots sz. 10.5 MLOS ALTOS BROWN GENUINE CROCODILE SQUARE 7 TOE WESTERN COWBOY BOOT (D) 58G8207 , LOS ALTOS MEN NAVY BLUE GENUINE CROCODILE CAIMAN TAIL COWBOY J-TOE BOOT (EE)LOS ALTOS GENUINE CHERRY BLACK QUILL OSTRICH ROUND TOE WESTERN COWBOY BOOT EE , Men's Dan Post 13" Genuine Apache Flank Caiman Western Boots DP2392Giorgio Armani Mens Shiny Patent Leather Cap Toe Ankle Boots Sz. 44.5 $900 , Bota Vaquera Exótico/a El General Piel Caiman Cola Negro ID 34477
    Los Altos BLACK Genuine BLACK Rowstone Los Stingray Boots guptauniver-25597 Pointed 3x Toe EE 7e75659 ->Los Altos BLACK Genuine BLACK Rowstone Los Stingray Boots guptauniver-25597 Pointed 3x Toe EE 7e75659 -
    Pour La Victoire Riley Womens Brown Suede Fashion Mid-Calf Boots Size 8.5 , La Canadienne 8358130 Camel Shearling Boots Waterproof 7 Canada w/ Box Receipt , Ivanka Trump ITSARENA Womens Sarena Boot- Choose SZ/Color.Tory Burch Brown Leather Riding Boots Size 5Dries Van Noten Burgundy Velvet Mid Calf Boot With Metallic Heel , LADIES LEATHER COLLECTION BLACK SUEDE KNEE HIGH BOOTS STYLE - F50536MOA MASTER OF ARTS WOMEN'S SHOES LEATHER TRAINERS SNEAKERS NEW DISNEY WHITE BCENEW WOMENS INOV8 ROCLITE 290 TRAIL RUNNING SHOES - ALL SIZES , Nike Air Zoom Pegasus 33 Shield Water-Repellent Grey Women Shoes 849567-001Lucky Brand Brand Basel2 Perforated Ankle Boots, Black, 6 US / 36 EU , Rebecca Minkoff Harlis Loafers Red Suede Women's US Sizes 5.5,6. 8, & 11 M $225 , 10 Color Size 5-11 Suede Leather Dress Party Casual Platform Wedge Womens ShoesJ Crew Women’s Shoes Kitten-heel Sandal Size 8 Made In Italy Navy , Women's Shoes Heels Lot Collection 8 8.5 9 Franco Janto Lower East Side Dexternew PRADA pink patent leather open-toe WEDGES shoes 39 US 9 or 8.5 - HOT , Spenco Yumi Snake - Supportive Sandals Navy - 11 , NIKE TANJUN 812654 001 BLACK/BLACK MEN US SZ 8.5NIKE Air Max MVP Elite 2 Mid Metal Spikes Baseball Cleats Mens 8 10.5 11 11.5 12 , Polo Ralph Lauren Men's Gaven Camo Print Suede High-Top Sneakers 10Gentleman/Lady Adidas Superstar Xeno Men's Shoes Fine workmanship Make full use of materials Exquisite workmanshipNike Air Max ST sneakers 652976 003 Size 8.5 NWB , Mens Nike Kyrie 4 CTC BV04286-900 Metallic Gold Coin Brand New Size 9.5Man's/Woman's lucchese mens boots 10.5 Long-term reputation Price reduction a wide variety of goodsPuma Basket Classic Citi 35993801 Casual Shoes Black White Medium (D,M) Men , SKU 25 Arab - Muslim - Arabic Sandal, Slipper, Arabian Chappal for Men NaalMan's/Woman's Skechers Plus 3-Trois Boots Women's Shoes Diverse new design auction Perfect processingNew Balance Women's 711v3 Mesh Trainer Fun Pack Shoes Navy with White , Sneakers Femme DC SHOES STANCE HIGH Metalic Silver Purple , Brand New Nike Air Max 1 Premium SC Women Athletic Fashion Sneakers [AA0512 001]Call It Spring Womens MOILLAN Round Toe Ankle Fashion Boots ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Los Altos BLACK Genuine BLACK Rowstone Los Stingray Boots guptauniver-25597 Pointed 3x Toe EE 7e75659 -

    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.

    Los Altos BLACK Genuine BLACK Rowstone Los Stingray Boots guptauniver-25597 Pointed 3x Toe EE 7e75659 -

    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
    Los Altos BLACK Genuine BLACK Rowstone Los Stingray Boots guptauniver-25597 Pointed 3x Toe EE 7e75659