Never miss an update

FRYE Mens mogochinese-29992 Stone Harness Chelsea Chelsea Motorcycle 10 Boot Leather NIB 10 Med $360 whiskey 64c9898

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
Country/Region of Manufacture: United States
US Shoe Size (Men's): 10 Style: Ankle Boots
Color: Whiskey Material: Leather
Brand: Frye Width: Medium (D, M)
UPC: Does not apply
Never miss an update

FRYE Mens mogochinese-29992 Stone Harness Chelsea Chelsea Motorcycle 10 Boot Leather NIB 10 Med $360 whiskey 64c9898 -

    FRYE Mens mogochinese-29992 Stone Harness Chelsea Chelsea Motorcycle 10 Boot Leather NIB 10 Med $360 whiskey 64c9898
    FRYE Mens mogochinese-29992 Stone Harness Chelsea Chelsea Motorcycle 10 Boot Leather NIB 10 Med $360 whiskey 64c9898
    Cole Haan Men's Williams Wing Ii Oxford - Choose SZ/colorColumbia Men'S Bugaboot Plus Iii Xtm Omni-Heat Snow Boot , New Rock M.391-S1 Reactor Unisex Ankle Boots (Black)Men 5 inch heel cowboy boots made of genuine leather to your size MADE TO ORDER.Dr. Martens Men's Icon Industrial Strength Steel Toe Boot - Choose SZ/ColorReebok RB8845 Work Mens Zigkick Tactical Boot D (M)- Choose SZ/Color.Gentleman/Lady Blundstone Unisex Original 500 Series High grade low cost Diversified new design , ECCO Men's Turn Gore-TEX Chukka Chelsea BootRare Men's MAGNANNI "Ronaldo" Gray Leather Oxford Boots Size US 10.5M , Men's Los Altos Genuine Leather Western Boots Eva Extra Light Rubber Outsole , Ariat Men's Conquest Round Toe 8" GTX 400g Hunting Boot - Choose SZ/Color , Rocky Duty Men's Modern Paraboot Black 12 D(M) US , Vintage Lucchese Burgundy Python Cowboy Boots S-8.5 D , REEBOK Men's Rapid Response RB 6 Side Zip MILITARY hot weather BOOT , Real Leather Mens British Style Mid Calf Boots Military Elegant Casual Shoes Ch , Size 9.5 Men's Nike Zoom MW Posite Boots Fashion Casual Comfortable 616215 040 , CORRAL Urban Men's Black Harness Square Toe Boot, 8.5DVINTAGE STYLE BLACK SQUARE TOE HARNESS DISTRESSED ENGINEER BIKER BOSS BOOTS 8 MNew Thorogood 814-4008 8 inch Round toe wedge sole soft toe waterproof work boot , mens brown cognac ostrich alligator design western cowboy full rodeo boots j toe , Caterpillar Men's Navigator Mid Waterproof Work 6 in Soft Toe - Choose SZ/ColorNEWROCK NR M.MR007 S1 Black - New Rock Boots - Mens , 600$ Tod's Gray Suede Ankle Boots Size US 13 Made in Italy , Corral Women's Western Pointed Toe Studs Ankle Boots Black A3340Thorogood Men's American Heritage 8" Steel Toe Work Boot Style 804-4518Blundstone SOFT TOE WORK BOOTS 200 Chestnut BROWN Leather-Size US 4,4.5,5 Or 5.5 , Forsake Hiker - Men's Waterproof Leather Hiking Shoe 10.5 Brown/GreenSalomon Mens Authentic LTR GTX Backpacking Boot- Select SZ/Color Size 11 USMen's King Exotic Genuine Eel Skin Snip Toe Cowboy Western Boots Handmade Wide ,
    FRYE Mens mogochinese-29992 Stone Harness Chelsea Chelsea Motorcycle 10 Boot Leather NIB 10 Med $360 whiskey 64c9898 ->FRYE Mens mogochinese-29992 Stone Harness Chelsea Chelsea Motorcycle 10 Boot Leather NIB 10 Med $360 whiskey 64c9898 -
    Nike Jordan Formula 23 Low Pure Platinum Men Lifestyle Shoes Sneakers 919724-015Men's/Women's adidas nmd r1 Triple Red Various styles Has a long reputation Contrary to the same paragraphFRYE 71009 Womens Erica Oxford- Choose SZ/Color.Softwalk Napa Ballet Slip On Flat Shoe - WomensJean Michel Cazabat Womens Pumps Size 39 9 Brown Patent Leather WedgesTahari Post Peep-Toe Heels 764, Fawn, 8 USSummer Europe Elegant Womens Buckle High Heels Open Toe Party Stilettos Shoes szBruno Banani Clogs Ladies Ankle Straps Shoes Dk.denim 283 779 Beach Court Shoes , Pleaser Women's Amu20/Ngn Platform Pump - Choose SZ/Color , Dolce Gabbana Mules Sandals Block Heel Pebble 39.5 Double Buckle Couture , Mootsies Tootsies Women's Warren Slip-On Wedge , ECCO Footwear Womens Women's Touch Buckle Sandal Gladiator SandalSteve Madden GLEN01S1 Womens Glenda Fashion Sneaker- Choose SZ/Color. , Airwalk Tempo Canvas Skate Shoes Mens Burgundy Trainers Sneakers Footwear , New Mens New Balance 247v2 'Gelato Pack' Marzipan / Sea Salt , NIKE AIR MAX 1 PRM PREMIUM UNIVERSITY RED "RED OCTOBER" SZ 11.5 12 875844-600 DSSZ 11.5 Nike Zoom Tallac Flyknit ACG 865947-002 Cargo Green Black Khaki BootsNEW COLE HAAN MENS MEN'S GRAND CROSSCOURT SNEAKER - BLACK LEATHER-BLACK , HOKA ONE ONE MEN'S SHOE Tracer, Bondi 5, Clayton 2 sizes 10.5 & 12 & 13 and moreMen/Women Propet Men Truman MBA015L Wear resistant Stylish and charming Rich on-time delivery , Nike Air Force 1 Deconstructed Military Boot Grey 537889-001 8.5NEW! Palomino Burgundy Leather Western Cowboy Boots 13" Shaft Men's 8.5 3E WideMt. Emey NEW Comfort Monk Therapeutic Diabetic Walking Oxfords Men's US 10B , PUMA Men's Jogger OG Sneaker - Choose SZ/Color , Mens Flat Oxfords Tassel Brogue Leather Wing Tip Low Top Slip on Loafer Shoes , 700$ Bally Khaki Brian Leather Loafers Size US 9.5 Made in Switzerland , ATHLETA Soda Jogger by Ash, Midnight/Black SIZE 40Vogue Womens Platform Faux Leather Ankle Boots Chunky High Heel Plus Size Shoes , Cowtown Red Leather Rodeo Riding Western Cowboy Boots Women's 5 M Barrel RacePLEASER Sexy Single Sole 5" Heel Hot Pink Thigh High Boots SED3010/HP
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    FRYE Mens mogochinese-29992 Stone Harness Chelsea Chelsea Motorcycle 10 Boot Leather NIB 10 Med $360 whiskey 64c9898 -

    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.

    FRYE Mens mogochinese-29992 Stone Harness Chelsea Chelsea Motorcycle 10 Boot Leather NIB 10 Med $360 whiskey 64c9898 -

    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
    FRYE Mens mogochinese-29992 Stone Harness Chelsea Chelsea Motorcycle 10 Boot Leather NIB 10 Med $360 whiskey 64c9898