Never miss an update

Tony Lama Boots Women's Tony Tuscan Goat mogochinese-29982 TC1001L Women's Western Boot 66467ac

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
Package Dimensions: 12 x 8 x 4 inches
Style: Cowboy Boots Shipping Weight: 4 pounds
color: Tan Item model number: Tuscan Goat Tc1001l
Brand: Tony Lama Domestic Shipping: This item is not eligible for international shipping. Learn More
MPN: Tuscan Goat Tc1001l International Shipping: This item is not eligible for international shipping. Learn More
Never miss an update

Tony Lama Boots Women's Tony Tuscan Goat mogochinese-29982 TC1001L Women's Western Boot 66467ac -

    Tony Lama Boots Women's Tony Tuscan Goat mogochinese-29982 TC1001L Women's Western Boot 66467ac
    Tony Lama Boots Women's Tony Tuscan Goat mogochinese-29982 TC1001L Women's Western Boot 66467ac
    Gianvito Rossi Women's Brown Suede Open Toe buckle Sandals IT37/US7 RTL$1160 , Frye 78563 FRYE Womens Veronica Strap Short Tumbled Full Grain Boot , Via Spiga Women's Delaney Chelsea Boot Desert Leather 8 M US , Ariat Women's Stoneleigh H2O Work Boot - Choose SZ/ColorMan/Woman Aquatalia Women's Uri Naplak Ankle Bootie durable Bright colors cheap pricemanufacturer 74509-918 FRYE Womens Veronica 6 Boot- Choose SZ/Color.Jil Sander Oxblood Leather with Suede Boots , FRYE 70096 Womens Sacha Rebel Shootie Ankle Boot- Choose SZ/Color. , Old Gringo L2673-1 Womens Bennu Western Boot- Choose SZ/Color. , FRYE Women's Tamara Shearling OTK Winter Boot Taupe 8 M USFRYE Womens Samantha Hiker Hiking Boot Taupe 8 B(M) US , Brunello Cucinelli Womens Green Patent Leather Cross Ankle Boots 37/US7~RTL$1295Runnerbull Road Lady Women's Italian Leather Biker Boot Size 6.5Men/Women Lucchese Bootmaker Women's Nicole Western Boot Strong heat and wear resistance Excellent performance International big name , FRYE Cece Seam Tall Womens Slouch Boot- Choose SZ/Color. , Frye Womens Valerie OTK Boot- Pick SZ/Color. , Boulet Western Boots Womens Cowboy Square 7.5 1C Zermat Baleari 5192Gianvito Rossi Burgundy Patent Leather Booties Sz37/7~RTL$995Ash 360341 Womens Soho Motorcycle Boot /- Choose SZ/Color.Gianvito Rossi Women's Pine Green Leather Flat Buckle Sandals IT37/US7 RTL$899Brunello Cucinelli Grey Peep Toe Monili Suede PumpsSize IT38/US8~RTL $1350PRADA SHOES SANDALS HEELS platform peep brown leather 41 11 , HUNTER STEAMBOAT BOOTS BLACK WATERPROOF LEATHER us $395 , FRYE Women's Carly Zip Chelsea Boot - Choose SZ/Color , Brunello Cucinelli Beige Patent Leather High Top Sneakers Size IT37/US7~RTL$995 , Old Gringo Womens Marsell Stitch Zon Western Boot- Pick SZ/Color.Lucchese Womens Harper Boot B (M)- Pick SZ/Color. , LUCCHESE N972954 WOMENS LIGHT BROWN CHEETAH PRINT us $430 , Via Spiga Women's Shaw Tall Knee High Boot, Desert Leather, 9.5 Medium US
    Tony Lama Boots Women's Tony Tuscan Goat mogochinese-29982 TC1001L Women's Western Boot 66467ac ->Tony Lama Boots Women's Tony Tuscan Goat mogochinese-29982 TC1001L Women's Western Boot 66467ac -
    Dansko Fyodora Chestnut Brown Suede/Faux Fur Winter Boots -Size 36 (US 6)- NWB , New Rock M.1078-S5 Womens Leather Platform Boots BlackMan/Woman Ever Evelyn Grey 39 Moderate price New products in 2018 Suitable for color , Nike Womens Flex 2016 RN Running Trainers 830751 Sneakers Shoes 010Womens Fly London Yoss Colmar Brown Leather Chelsea Wedge Heel Boots Size , NIB Christian Louboutin Shocking Pink/Gold Patent Rivierina 120 Sandal-40: $1363 , JCrew $168 Kiki Ballet Flats in Houndstooth Jacquard Sz 8.5 Red & Blue F8505 AVLMen's/Women's adidas Women's Samoa Fashion Sneakers Rich design cheapest Acknowledgement feedback , Keen - Toyah - Women's size 7 - 53001-DKERMIU MIU BY PRADA METALLIC PINK SCRUNCH BALLET FLATS 37Marc Fisher Womens Sydney8 Leather Closed Toe Platform Black Leather Size 10.0 , Gentlemen/Ladies Ladies Rieker Heeled Shoes 50560 Modern technology Price reduction Non-slip , Stuart Weitzman Nude Quilted Gold Chain Bow Pumps-Size 7M , Giampaolo Viozzi Cross Strap Low Heel SandalWalking Cradles Women's Hartford Flat Sandal, Camel, 7 M US$1600 Athentic GIUSEPPE ZANOTTI Women’s Suede Floral Cutout Stiletto Sandals , $1135 DSQUARED2 36/6 Ankle Tie Sculpted Heel Stones Sandals ITALYKenneth Cole New York Women's Danton Platform Sandal Black Stud Suede SandalsMr/Ms DC Men's Shoes "Court Graffik"--Black/Black High quality and cheap Preferred material Highly appreciated and widely trusted in and outMENS NIKE ZOOM TRAIN COMPLETE TRAINING 882119-100 White/Volt REFLECTIVE SIZE 14 , Man/Woman Skechers Shoes – Lanson Westen blue Beautiful design Strong value Authentic guarantee , Nike Kobe XI 11 Invisibility Cloak Size 9 Black Wolf Grey Pink (836183-005) , Nike Kobe 1 Protro Think 16 (Close Out) FInal Seconds AQ2728-101 Size 8-14 MambaMan/Woman Ariat Men's Chestnut Tombstone Boots Clearance price Known for its good quality Very good colorRocky Men's Rkk0227 Construction Boot - Choose SZ/ColorNWT EMPORIO ARMANI Blue Suede Leather Loafers Shoes Size 6 US 39 EU $545 , Andrew Charles 8122 OTTERTECNO SATTEL Loafers Men's Dark Green US , WOMEN'S SHOES SNEAKERS REEBOK PT PRIME RUNNER [CN5679]Adidas Originals Equipment Support ADV Women's Shoes White/White BY2917Women's Hoka One One Running Shoes Valor Plum/Fuchsia 1007870 Brand New ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Tony Lama Boots Women's Tony Tuscan Goat mogochinese-29982 TC1001L Women's Western Boot 66467ac -

    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.

    Tony Lama Boots Women's Tony Tuscan Goat mogochinese-29982 TC1001L Women's Western Boot 66467ac -

    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
    Tony Lama Boots Women's Tony Tuscan Goat mogochinese-29982 TC1001L Women's Western Boot 66467ac