Never miss an update

Men's guptauniver-5995 Clarks Original 5993 Wallabee Boot Brown Brown Suede 35402 9c95cee

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
Sub Style: Casual
Width: Medium (D, M) Style: Ankle Boots
Color: Browns Material: Suede Upper and Crepe Sole
Brand: Clarks
Never miss an update

Men's guptauniver-5995 Clarks Original 5993 Wallabee Boot Brown Brown Suede 35402 9c95cee -

    Men's guptauniver-5995 Clarks Original 5993 Wallabee Boot Brown Brown Suede 35402 9c95cee
    Men's guptauniver-5995 Clarks Original 5993 Wallabee Boot Brown Brown Suede 35402 9c95cee
    Mens New Cognac Biker Motorcycle Crocodile Tail Alligator Western Cowboy BootsDan Post Laredo Breakout 01-68354-BN82 Men's 12" Rust Brown Leather Cowboy Boots , New Men's Boulet 0064 Black Deertan cowboy Boots Canadian made , Cowboy Boots LOS ALTOS Brown Square Toe Biker Boot, Wide Width ItemDan Post Laredo Mechanic 01-28-2104-BN59 Men's 12" Brown Leather Cowboy BootsMens Country Denim Blue Crocodile Alligator Tail Leather J Toe Top Western BootsNEW Los Altos Brown Genuine Eel Skin Cowboy Boots Sz 10.5 , Men's Gray Nocona Smooth Ostrich Cowboy Western Boots sz: 9D (AD) , ROCKY 911 ATHLETIC OXFORD DUTY USA MADE SHOES FQ9111101 * ALL SIZES - NEW , Men's Brown Eel Leather Dan Post Cowboy Western Boots Sz:9 D (AC) , Men's Justin Brown Shoulder Bull Hide Western Boots sz: 9 D (Z)Cole Haan AIR SCOUT Waterproof Hiking Winter Boot Mens 13 Black Navy NEW IN BOXMens Natural Sole Crocodile Alligator Embossed Tail Cut Brown Cowboy Boots , Harley-Davidson D85514 Women's Amber Black Leather 9.5-Inch Motorcycle Boots , NEW GEORGIA MEN'S BROOKFIELD WATERPROOF WORK BOOTS 12 Medium G8274Ariat 10004889 Workhog RT H2O COMP Toe 10" Pull On Non Slip Wellington Boots 8 DRocky Men's Lightweight Commercial Military Boot RKC042 Coyote Brown , BED STU MENS ZIP ANKLE BOOTS 10.5 BROWN LEATHER SHOES , Mens Black Genuine Ostrich Exotic Leather Cowboy Rodeo Western Boots J Toe , Georgia Boots GB00107 Blue Collar Waterproof Work Hiker Dark Brown BootsFiesso Men's Gray/Taupe Ostrich Quill Print Leather Dress Ankle Boots Size 12 , Mens DAN POST Leather Snake Pattern Western Cowboy Boots~Black Brown~Size 8.5 D , MENS VOLCOM SMITHINGTON HIKING TRAIL BOOT NIB SMOKE GRAY MEDIUM WIDTHDurango Men's Rebel Saddle Western Boot DB5474Rocky Men's FQ0007481 Sport Utility Max 1000G Insulated Waterproof Work BootsDingo Mens Chopper Western Cowboy Boots Harness Tr/Hr Leather Snoot Toe Black , Georgia Muddog Wellington Work Boot Brown G4434*SALE* Reebok Sublite Cushion Tactical Boot RB8805Men's Brown Nocona Pointed Toe Western Cowboy Boots sz: 10 D (Z)
    Men's guptauniver-5995 Clarks Original 5993 Wallabee Boot Brown Brown Suede 35402 9c95cee ->Men's guptauniver-5995 Clarks Original 5993 Wallabee Boot Brown Brown Suede 35402 9c95cee -
    Merrell Moab FST GTX Gore-Tex Navy White Men Outdoors Hiking Trail Shoes J598189 , Mens Dress Formal Shoes Brown Leather , size 43New Birkenstock Arizona Bf Sb Magic Bronze , Men's/Women's GLADIATOR-208 Black Many varieties Ranked first in its class Complete specificationsFitFlop E57 Womens Superskate Perf Suede Loafer- Choose SZ/Color.Pin Up Couture BETTIE-04 Platforms Ivory Satin Ankle Strap Open Toe High Heels , TORY BURCH TERRI CANVAS SLIDE WADGE SANDALS SHOES 9.5Naot Ashley Beige Snake Leather US 9naturalizer Mason Slip On Sandals 140, White Pearl, 6 W USSAINT LAURENT YSL BLACK LEATHER MESH JANIS PLATFORM POINT TOE CLASSIC PUMPS 37 , Sexy Women Ankle Strappy Buckle Trim Fur Stilettos Suede Sandals Party Shoes New , Vibram FiveFingers Komodosport Women's Running Shoes W3681 New Size 36-37NikeLab Air Zoom Spirimic "Team Red" NEW (881983-600 SIZE 11.5Asics Gel-Lyte III "Hairy Spice" HL7X3-3030 Sz 10 Spice Route{S83141} MEN'S ADIDAS ORIGINALS TUBULAR RUNNER SHOES TRIPLE WHITE *NEW*Nike Air Max 1 One Premium Desert Camo Size 9.5 Praline 875844-204 , NEW MENS NIKE TRAIN COMPLETE RUNNING SHOES TRAINERS BINARY BLUE / WHITE / PARAMONike Vapor Untouchable 3 Elite Flyknit Football Cleats AH7408-106 Alabama Sz 11Nike Air Vapormax 95 Neon Mens AJ7292-001 Black Volt Ash Running Shoes Size 8 , Dr. Martens man shoes oxfords brown leather UK9/ USA 10Salomon Men's X Ultra Trek GTX Backpacking BootBlack/Black/Autobahn 7 M US , PW Minor 9 E Patriot Tan Men's Desert Tactical Boot MSRP $266 , To Boot New York Adam Derrick Men's Black Leather Slip On Loafer Shoes sz 9 $498women's casual athletic dance shoes comfort sport shoes breathable running shoesNew Balance Women's Leadvillev3 Trail Shoe Pink/Grey 8 B USSalvatore Ferragamo Back Strap Pumps Sandal Suede Gray Maker Size 5 Reference , Nike Womens Air Vapormax Plus Sherbet AO4550-004 Pink Orange fuchsiaGentlemen/Ladies BEARPAW Women's Boshie Winter Boot Crazy price, Birmingham Latest styles Contrary to the same paragraphHOT Embroidery Fashion Women Party Suede Floral Knee High Boot Black Court Shoes , Woman's Torrid Suede Boots With Low Heel Grey Knee High Boot Sz 8.5 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men's guptauniver-5995 Clarks Original 5993 Wallabee Boot Brown Brown Suede 35402 9c95cee -

    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.

    Men's guptauniver-5995 Clarks Original 5993 Wallabee Boot Brown Brown Suede 35402 9c95cee -

    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
    Men's guptauniver-5995 Clarks Original 5993 Wallabee Boot Brown Brown Suede 35402 9c95cee