Never miss an update

NIB Rag Grey & Bone Margot Ankle Boot mogochinese-29915 Booties Harrow 39 9 Asphalt Suede Grey Fringe Harrow 674612e

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: rag & bone
Heel Type: Block Style: Booties
Heel Height: High (3 in. and Up) US Shoe Size (Women's): 9
Material: Leather Width: Medium (B, M)
Pattern: Solid Color: Gray
Country/Region of Manufacture: Italy UPC: Does not apply
Never miss an update

NIB Rag Grey & Bone Margot Ankle Boot mogochinese-29915 Booties Harrow 39 9 Asphalt Suede Grey Fringe Harrow 674612e -

    NIB Rag Grey & Bone Margot Ankle Boot mogochinese-29915 Booties Harrow 39 9 Asphalt Suede Grey Fringe Harrow 674612e
    NIB Rag Grey & Bone Margot Ankle Boot mogochinese-29915 Booties Harrow 39 9 Asphalt Suede Grey Fringe Harrow 674612e
    BeautiFeel Women's Bette Ankle Boot, Black Suede, 350 Medium EU (4 US)Womens LL BEAN Boots 8" GORE TEX THINSULATE Snow Rain Mud Duck Tan/Brown 8M , BOTTINES marque SERGIO ROSSI EN CUIR MARRON T 37,5 F 38,5 , Trippen adorable brown leather boots 38 , Charlie 1 Horse Luchesse Sz 8 B hand painted artist sgnd mid calf suede bootsAndre Assous Women's Milan Motorcycle Boot, Black, 9 M USFRYE BILLY TALL NAVAJO HAND WOVEN PULL ON Sz.6 (M) NWOB WOW!!!Rag & Bone Womens Brown Suede Leather Boots 36.5Blondo Women's Ellie Waterproof Knee High Boot Black Suede Knee High BootsCROCS LODGEPOINT SUEDE PULL ON CROCBAND {Sz. 5}Alexander Wang Vanessa Pull-On Ankle Boots, Black, 10 US / 40 EU Display , FRYE BILLY TALL NAVAJO HAND WOVEN PULL ON Sz.6.5 (M) NWOB WOW!!! , EMU 100% AUSTRALIAN SHEEPSKIN ASHBY CHOCOLATE WATER RESISTANT Size 5 MSRP $270Gorgeous! NEW* Stuart Weitzman Tieright Mid Calf Platform Booties Boots sz 7Tory Burch Rina Black Leather Motorcycle Ankle Boot, Bootie Size 7.5FREEBIRD By Steven Drover Coal Olive Leather Motorcycle Boots Women Size 6 , Naot Women's Love Bootie Antique Brown/Saddle Brown Suede Ankle BootsJOHN FLUEVOG BELLEVUE DEVERE US 9.5 BOOTS in CUT-OUT BROWN LEATHER , FRYE Women's Veronica Slouch Boot - Choose SZ/Color , Man's/Woman's Freebird Sadle Boots NIB Elegant shape Primary quality VariousFrye 77238 Brown Leather Tall Zip Motorcycle Over knee Boots Women's Size 6.5 , Macie Bean Ladies' Square Toe Honey Floral BootsGravati For Neiman Marcus Womens Chukka Suede Boots Sz 7.5 Black Italy MoustacheAquazzura Brown Suede Fringe Moccasin Fringe "Tiger Lily" Booties SZ 36.5 , OLD GRINGO Brown Leather Cowgirl Cowboy Western Boots Women's Size 8.5Stuart Weitzman Women's Harley Motorcycle Boot, Lead, 6.5 M US , Man/Woman Corral Sand Engraved Feather Boots Crazy price Cheaper than the price Speed ​​refund , Women's UNÜTZER Brown Grey Suede Pointy Toe Booties Sz 41 EU (10.5 US) , Ladies Tecnica Moon Boot Far Side High Shearling Warm Thermal Boots All Sizes
    NIB Rag Grey & Bone Margot Ankle Boot mogochinese-29915 Booties Harrow 39 9 Asphalt Suede Grey Fringe Harrow 674612e ->NIB Rag Grey & Bone Margot Ankle Boot mogochinese-29915 Booties Harrow 39 9 Asphalt Suede Grey Fringe Harrow 674612e -
    PRADA STRONG WELL CONSTRUCTED BLACK LEATHER BOOTSHGL Womens 5-10 1321 7600 Trainers, Silver Silber 7600, 4 UK , LADIES DR MARTENS PASCAL BRIT NAVY OXBLOOD WHITE SMOOTH LEATHER 8 EYELET BOOTSMan/Woman Dolce & Gabbana Sneakers Special purchase Sales Italy Immediate deliveryPALOMA BARCELÓ BLACK LEATHER STRIPED PLATFORM MOCCASIN , Salvatore Ferragamo Navy Logo Horsebit Leather Classic Pumps Heels Shoes Sz 9 AA , Neon UV Pink 80s Barbie High Heels Drag Queen Mens Large Size Shoes 11 12 13 14Prada Black Patent Leather Open Toe Strappy Slingback Cork Wedges Shoes 40Men/Women Ladies Rieker Shoes 43736 Various styles special function Preferred boutiqueAuth New Aquazzura Sexy Thing Cut Out Sandals Red Suede SZ 38.5NIB Mephisto Women's Kinny COMFORT Wedge Black Nubuck Leather Pump US 6.5M , AC776 PHIL GATIER by REPO shoes white leather women sandals , $89.99 Supra Skytop (blue / yellow / orange) 18030Nike Mens Air Max 90 Ultra 2.0 Flyknit Sz 11 Running Shoe Green 875943-200 , JORDAN FLIGHT TRADITION SIZE 10.5 SHOES 819472 001 KICKS MENS MICHAEL JUMP MANNIKE AIR MAX 1 ULTRA 2.0 LE NEW SZ 7.5 AIR MAX DAY WHITE VARSITY RED 908091 100Ariat Mens Heritage Roughstock Venttek Western 10019980 Boot Gingersnap 10 DAir Jordan 17 Retro Low Solefly Reverse Lightning Yellow Black [AJ7321-003] Size , British Style Men Causual Loafers Pull On Retro Ethnic Leisure Driving MoccasinsNew John Lobb Shoes Ankle Leather Chukka Boots LOXTON Blue Suede US 10Skechers USA Men's Montz OxfordBlack9.5 M US , Stacy Adams Men's Madison Slip-on Loafer Black Size 14 D(M) US , Mens Casual Shoes Snakeskin Floral Pointy Toe Slip On Breath Loafers Formal new* , Allen Edmonds Wilbert 1951 Brown Outland Leather Oxford Dress Shoes Mens 14 AGiorgio Brutini Mens Jeffers 25043 Leather Woven Derby Shoes Brown Size 10 12 13 , 2018 WMNS Nike Air Jordan 1 Retro High Premium SZ 8 White Gold Toe AH7389-107 , MIA Women's Portia Ankle Boot, Stone, Size 7.5 , NEW NEW SPORTO DARLA 2 WOMENS ROUND TOE LEATHER BLACK WINTER BOOTS WATERPROOF 9MFashion Women Round Toe Tassel Block Heels Suede Ankle Boots Winter Lady Shoes , Steve Madden Womens Hangur Boot, Black SZ 7
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NIB Rag Grey & Bone Margot Ankle Boot mogochinese-29915 Booties Harrow 39 9 Asphalt Suede Grey Fringe Harrow 674612e -

    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.

    NIB Rag Grey & Bone Margot Ankle Boot mogochinese-29915 Booties Harrow 39 9 Asphalt Suede Grey Fringe Harrow 674612e -

    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
    NIB Rag Grey & Bone Margot Ankle Boot mogochinese-29915 Booties Harrow 39 9 Asphalt Suede Grey Fringe Harrow 674612e