Never miss an update

AGL Leombruni Attilio Giusti Leombruni Riding Boot Attilio Size Boot 6.5 N 0147a10

Item specifics

New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Modified Item: No
Pattern: Solid Country/Region of Manufacture: Italy
Fastening: Zip Style: Riding Boots
Features: Zip Boot Shaft Height: Knee-High
EUR Shoe Size (Women's): EUR 36.5 Heel Height: Low (3/4 in. to 1 1/2 in.)
Color: Black US Shoe Size (Women's): US 6.5
Calf Circumference: 13" Material: Leather
Brand: AGL Width: Narrow (AA, N)
UPC: Does not apply
Never miss an update

AGL Leombruni Attilio Giusti Leombruni Riding Boot Attilio Size Boot 6.5 N 0147a10 -

    AGL Leombruni Attilio Giusti Leombruni Riding Boot Attilio Size Boot 6.5 N 0147a10
    AGL Leombruni Attilio Giusti Leombruni Riding Boot Attilio Size Boot 6.5 N 0147a10
    Womens PAUL GREEN "PASSION" light gold suede open toe booties heel sz. 7 UK $325Petit Peton Brown Suede High Heel Boot Crystal Flower On Sale NowWholesale Lot 12 pairs Women's Rain Boots Waterproof Outdoors RB-010 , Womens Marc Jacobs Black Quilted Leather Boots Size 39 / US 9 , Alegria Eliza Suede Bootie Black Women Sz 39 *Justin Women's Antique Brown Smooth Ostrich L3023 Size 10 B NEWMEPHISTO AIR RELAX SLACKER GORE-TEX LEATHER HIKING TRAIL ANKLE BOOT WOMEN'S 7.5Prada Womens Boots Size 37.5 7.5 Brown Suede Wedge Heel Knee High , RALPH LAUREN COLLECTION MADE IN SPAIN STUDDED BROWN LEATHER WOMEN BOOTS SIZE 7.5 , Corral Women's Cognac And Olive Inlay Cowgirl Square Toe Boots A1040Womens CYNTHIA VINCENT black leather peep toe booties sz. 6 $295 , Sam Edelman Loren Womens Size 7 M Black Leather Knee High Boots 1070CLARKS Women's Wynnmere Fox Ankle Wedge Pump - Choose SZ/colorRebecca Minkoff Beige Lizelle Over-the-knee Suede Boots Womens Knee High Boots 7 , -Womens L.K. Bennet Burgundy Suede Ankle Booties Sz. 40.5 NEW! $395BLACK LIZARD LUCCHESE DISTRESSED COWBOY DANCE BOOTS 7 BWomens TORY BURCH ELOISE 218307 dark brown leather knee high boots sz. 10.5 M , FRYE Melissa Button Leather Riding Boot Brown Women Sz 6.5 B 5764 *Man/Woman Archive Shoes Madison Leather Bootie, 8 New market Beautiful appearance Amoy , Ariat boots Brown Leather Gold Stones & Nailhead Work Size 7 1/2 , Women's DONALD J. PLINER Vale 228814 black suede pull on booties sz. 6 MVasque Breeze III GTX Boot - Women's Slate Brown / Tandori Spice 7 Wide , Frye Women's Engineer Boots 6 Size 6.5 M Moto Biker 2 buckle EXCELLENTWOMENS PRIALPAS GOMMA NORDSTROM EUROPEAN PONY HAIR SNAKESKIN BOOTS Italy 33 8.5 , FRYE DISTRESSED CRAZY HORSE LEATHER HARNESS BOOTS Women's sz8 (Retail $328) , US Made Frye RIng Type 12 R Western Pull On Cowboy Rancher Rider Boots Women's 8 , Mally 5612 Black Pebbled Leather Knee-High Zip-Up Riding Boots 41 / US 11 , Women's Brown Leather Lukluks Size 7 Rabbit Fur Mukluks , Jimmy Choo Leather Women's Boots Size 38 ,
    AGL Leombruni Attilio Giusti Leombruni Riding Boot Attilio Size Boot 6.5 N 0147a10 ->AGL Leombruni Attilio Giusti Leombruni Riding Boot Attilio Size Boot 6.5 N 0147a10 -
    Nine West Women's Tanit Leather Ankle Boot - Choose SZ/color , Man/Woman Underground Creeper Wulfrun Black White UM-C10LX-BW High-quality Preferred material Recommended today , Mr/Ms Adidas pharrell nmd human race Various goods Pleasant appearance Good quality , Adidas Edgebounce W Lightweight Breathable Running Black/Black/Night Met BB7566 , WMNS Nike Roshe One PREM Plus [807614-453] NSW Casual Camo Green/Purple-VoltStuart Weitzman Scrunchy Riding Boot Heel Over the Knee Boots, Black, 5.5 US , JCrew $138 Lottie Flats Snakeskin-Printed Leather 7.5 Gold Blue Shoes G7819 AVLDansko Women's Ellie Flat - Choose SZ/ColorNew Balance Womens Black Suede Casual Shoes Athletic 8.5 Medium (B,M) BHFO 6129Pierre Hardy Women Shoes Size 40 (US)9 Heels Sandals Nude-Black Leather , Gentleman/Lady Gabors Ladies Court Shoes 45.135.12 Black Louis, elaborate Selected materials Good qualityMIU MIU Black Glitter Embellished Platform Sandal Peep Toe Criss Cross 8 38 ZipKEEN CNX 1008810 WOMEN'S CASCADE BLUE ATHLETIC SPORT SANDALS NEW IN BOX , Bellini Women's Birdie Loafer Green Velvet FlatsNEW Puma Ignite Limitless Training Shoes Womens 11 Black/White 189496-01 $110.00 , Skechers Men's Harper-Forde Driving Style Loafer Moc Slip-On Sandals Comfort , NIKE AIR HUARACHE RUN SZ 11.5 WHITE BLACK PURE PLATINUM 318429 110 , Men's/Women's Nike Kaishi 2.0 SE "Maroon" Durable service High-quality materials Cheap orderNike Jordan Eclipse Chukka, Black / Dark Grey, 881453 001, Sz 11 , Nike iD Air Huarache Men's Shoes " RED OCTOBER " Size 11 ( 777330 972 ) , Adidas Originals S80037 Men's ZX RACER Retro Shoes Black Red US 11 /3 New , adidas Men's Terrex AX2R Mid GORE-TEX Hiking Boot Night Cargo/NightALLEN EDMONDS Urbino Black Leather Tassel Casual Loafer Shoes Men's Size 9DAdam Derrick Too Boot Oxford Shoes Sz 12 Brown Round Toe Made In Italy EUC E7-2 , AM760 LE VIVALDI shoes blue suede men moccasins , Gladtior Rivet Occident Genuine Leather Mens Summer Beach Casual Sandals Shoes , 14725 Skechers GOstep Lite Reign Womens Slip On Walking SkimmersMen's/Women's vt18242 Philippe Model woman's black sneakers Promotion Affordable Reliable reputationfashion womens block high heels back zipper casual ankle boots size 4.5-8.5Ariat Womens Waverly Fashion Boot- Pick SZ/Color.
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    AGL Leombruni Attilio Giusti Leombruni Riding Boot Attilio Size Boot 6.5 N 0147a10 -

    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.

    AGL Leombruni Attilio Giusti Leombruni Riding Boot Attilio Size Boot 6.5 N 0147a10 -

    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
    AGL Leombruni Attilio Giusti Leombruni Riding Boot Attilio Size Boot 6.5 N 0147a10