Never miss an update

Journee Lawren Collection Lawren Wide Calf Riding Boots Riding Brown Wide Size 9.5 a9760ce

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: Excellent Condition, Store tried on
Brand: Journee Collection Material: Synthetic
Style: Fashion - Knee-High Country/Region of Manufacture: China
Width: Medium (B, M) US Shoe Size (Women's): 9.5
Color: Brown Heel Type: Block
Heel Height: Low (3/4 in. to 1 1/2 in.) Pattern: Solid
Never miss an update

Journee Lawren Collection Lawren Wide Calf Riding Boots Riding Brown Wide Size 9.5 a9760ce -

    Journee Lawren Collection Lawren Wide Calf Riding Boots Riding Brown Wide Size 9.5 a9760ce
    Journee Lawren Collection Lawren Wide Calf Riding Boots Riding Brown Wide Size 9.5 a9760ce
    Catherine Malandrino Thigh High Black Suede Boots Womens Size 10 , Speedo Women's Offshore Amphibious Water Shoe - Choose SZ/Color , SANUK New Blue Multi SIDEWALK SURFER BOOTS YOGA MAT SOLE SIZE 7.5$139 STEVE MADDEN Midnight Western Ankle Boot - Sz 6 , Diesel Suede Wedge Brogue Ankle Boots 41LAUREN RALPH LAUREN Womens Rubber Barn Boots Size 9b, BNIB$189 BCBG BCBGeneration Women Bekki Western Layered Cuff Bootie Shoe,Black,US 5 , Skintone 5.5" High Wedge Heel 1.5" Platform Round Toe Sexy Mid-Calf Size 9.5 , New Joules Womens Gold Ankle Boots Size 9Womens Faux Suede High Heels Warm Fleece Lined Fur Trim Over Knee High Boots SzXAPPEAL Womens Faux Leather Chelsea Ankle Boot ShoesSteve Madden Women's Hanna Boots Size 11 Black SuedeNINA Lillian Black Micro Fiber Platform HIgh Heel Bootie Retail $119 Sz 7 NEWBAFFIN WINTER BOOTS Womens Sz 9 DANKA Suede Fleece Lining Traction Sole , 80% OFF NEW Womens ROSE PETALS Tamara Black Leather M, W, WW Reg shaft $250Gray 4" High Heel Round Toe Side Buckles Sexy Knee Boot Size 6.5 , Cole Haan Callie Slip-On Waterproof Rain Shoes 900, Black, 6.5 US , Womens Gothic Round Toe Ankle Boots High Wedge Platform Nightclub Shoes HOT E837Baretraps Sharleen Gray Womens Shoes Size 8.5 M Boots MSRP $99$140 STEVEN STEVE MADDEN GIINA Black Suede Designer Wedge Ankle Boots 8.5Nine West Nolynn Black Womens Shoes Size 5.5 M Boots MSRP $99Steven By Steve Madden Women Dahlya High Heel Open Toe Bootie, Black Suede, US 8 , NIB Bearpaw NELLY ALL WEATHER SNOW BOOTS~L GRAY/BURGUNDY WATERPROOF Sz 7 New!Women's Minnetonka 3 Layer Fringe Boots - 1631T - Grey - New! , 68% OFF NEW Womens STEVE MADDEN Denay Perforated Suede Open Toe Boots BlackMan's/Woman's Jessica Simpson Caysy Women's Boots Black Attractive and durable Modern design Various , BC Footwear I'm With The Band Women's Black Ankle Boot , ARRAY Womens Love Leather Closed Toe Ankle Fashion Boots , VINTAGE CLASSIC EDDIE BAUER Duck Boots Made In USA Womens Size 10 Leather ,
    Journee Lawren Collection Lawren Wide Calf Riding Boots Riding Brown Wide Size 9.5 a9760ce ->Journee Lawren Collection Lawren Wide Calf Riding Boots Riding Brown Wide Size 9.5 a9760ce -
    Splendid Women's Ravi Ankle Boot Black 7 M USBlowfish Womens Korrekt Cowboy Boots, Brown Whky LSWhky DS, 4 EU , Dansko Vegan Veda Canvas Clogs Sneakers Denim Blue Size 40 USAUTHENTIC CHRISTIAN LOUBOUTIN STUDS SNEAKERS 35 1130918 RED GRADE A USED-AT , 7" High Stiletto Heel Clear Ankle Support Dancer Pageant Bikini Contest Size 5 , Alexander McQueen Yellow Canvas High Heeled Sandals Shoes , High Heel Pointed Toe 6-in Stiletto Sexy Women's Pumps White US-11 , Valentino metallic gold leather sling back platform wedge W/ Flower SZ 40mChloe Blue Patent Leather Heels Sandals Made in Italy, Size 39Womens Peep Toe Sexy Strappy High Heels Formal Stiletto Court Shoes Zip SandalsMen's/Women's Azura Women's Fleurde Loafer online sale Trendy As of the latest modelMen's Nike Roshe One Lifestyle Shoes Midnight Navy/Wht-Blk NIB 8-12 511881-405 , Nike Air Force 1 Ultraforce Leather White/White 845052-100 Men's SZ 8 , Gentlemen/Ladies Jordan Retro 7’s Obsidienne. Size 8 Queensland Year-end sale Vintage tide shoes2003 Nike Vandal Supreme 9.5 US / 43 EUR , VTG 1961 VIETNAM CAPTOE COMBAT BOOTS SLIPKNOT SOLES 14 REGULAR , Camper Morrys Boot Mens Chukka Boot /- Choose SZ/Color. , Johnston & Murphy Signature Series Brown Leather MOC toe Oxfords Shoes 10.5 MMr/Ms Steve Madden Men's Jagwar Oxford Practical and economical Latest styles Personalization trend , Rockport M79890 Mens Rocker Landing Ii Penny Loafer- Choose SZ/Color.Vans Slip-on Hemp Linen White Blanco New In Box Womens ShoesMen's/Women's Spring Step Women's Tender Complete specification range a variety of Selling new productsCESARE PACIOTTI women shoes sz 8.5 Europe 39 black leather S6979Nike Metcon 2 Women's Cross Training Shoe 821913 002 Size 11.5 , Nike Free TR Focus FluKnit Womens Running Shoe 844817 501 Size 6 , BT279 LIU JO shoes yellow textile women sneakers , FREE SHIPPING Tommy Girl Womens Sz 6 M Brown Suede Leather Wedges Fashion BootsRed & Leapard High Heel Studded Fancy Boots $ 54.95 Beautiful Any OccasionNew Balance Women's Fresh Foam 1000 Boots (Size 7.5) BW1000WT White with Grey , JBU by Jambu Lined Rain Boots, Army Green/Brown, 7 US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Journee Lawren Collection Lawren Wide Calf Riding Boots Riding Brown Wide Size 9.5 a9760ce -

    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.

    Journee Lawren Collection Lawren Wide Calf Riding Boots Riding Brown Wide Size 9.5 a9760ce -

    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
    Journee Lawren Collection Lawren Wide Calf Riding Boots Riding Brown Wide Size 9.5 a9760ce