Never miss an update

Dr. Boot Martens 1490/ Boot Black Dr. 12 F(M) UK/ 13 D(M) US b765a4d

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
MPN: 1490-U
Size: 12 F(M) UK / 13 D(M) US Color: Black
Style: Black Brand: Dr Martens
US Shoe Size (Men's): 12 F(M) UK / 13 D(M) US UPC: NA
Never miss an update

Dr. Boot Martens 1490/ Boot Black Dr. 12 F(M) UK/ 13 D(M) US b765a4d -

    Dr. Boot Martens 1490/ Boot Black Dr. 12 F(M) UK/ 13 D(M) US b765a4d
    Dr. Boot Martens 1490/ Boot Black Dr. 12 F(M) UK/ 13 D(M) US b765a4d
    Byblos Black Men's Leather Boots Size 43 (Eur size)Rocky Men's Coffee Long Range Waterproof Pull-On Work Boot - Steel Toe - 6654 , Taft Jack Boots in Grey/Oxblood (size 12) , Asics Japan Onitsuka Tiger RINKAN BOOT 1183A082 Dark sepia × dark sepia , DIESEL Dark Brown Distressed Leather Motorcycle Boots Sz 41 Spain Rare Sold Out! , Nike SB Lunarendor Snowboard Boots - 586532-041 Black Blue Mens Size 9BOTTES HARLEY DAVIDSON HUSTIN D95354 POUR HOMMES EN CUIR NOIR TAILLE 43 , Nike Air Max 95 Sneakerboot Flax/Flax-Ale Brown-Sail (806809 201) , ETRO Men's Blue Suede Boots Size 9 US 42 EU MINT USED A FEW TIMES $970 , NIB FRYE Men's Weston Chelsea Boot Black 11.5 M US $398 veg tanned calf leather , FAMMZ Men Man GARDENA Sylish Fashion Motorcycle Tall Knee High Leather BootVINTAGE DAN POST MEN'S QUILL FULL OSTRICH COGNAC COWBOY BOOTS MEN'S 8-8.5 D , Irish Setter Work Men's 83912 Marshall 11" Pull-On Steel Toe Waterproof Work Boo , Ralph Lauren Black Leather Ankle Boots Size 10D NEW Bench Made In EnglandBelleville 333 Sabre Desert Tan Hot Weather Hybrid Assault Boot, Made in USAAriat 10017413 Workhog 8" H2O Composite Safety Toe Waterproof EH Rated BootsDanner Striker Torrent Side-Zip 8" Work Boots - 43013 - Black All Sizes276 New LUCCHESE (2000) Antique Brown Calf Cowboy Boots Men's 10 D $355New Red Wing Heritage 101 Postman Oxford Black Leather Shoes Factory Seconds 11 , Cowboy boots 18 inch tall 5¨ heels or any height heels men size made to order , New Rock M106X S1- Unisex Tower Platform Shoes - Black , NEWROCK New Rock M.1473 S1 Black Unisex Style Real Leather Biker Goth Rock Boots , Dan Post Boots Men's Pugh Cowboy Boot DPP5210 , Red Wing 9101 9.5 D Postman oxford chocolate brown NWB 101 9197 9196 usa , Men's Jordan Future Boot 854554-002 BLACK/BLACK-DARK GREY JORDAN BOOTTanner Mark Men's Cognac Fish Print Boots 200719Blackstone SZ 8 M 'SCM 004' Leather Chelsea ankle Boot Men Brown NewHarley Davidson 11 Engineer Black Mens Tall Biker Boots All Sizes , VINTAGE DISTRESSED RED WING WESTERN PECOS SHORT USA BROWN ENGINEER BOSS BOOTS 9D
    Dr. Boot Martens 1490/ Boot Black Dr. 12 F(M) UK/ 13 D(M) US b765a4d ->Dr. Boot Martens 1490/ Boot Black Dr. 12 F(M) UK/ 13 D(M) US b765a4d -
    Dansko Lola Womens Boot /-- Choose SZ/Color. , CLARKS Women's Flores Dahlia Ankle Bootie Black Suede/Leather Combi 5.5 M USChinese Laundry Women's Krush Winter Boot, Pink Suede, 8 M USTory Burch Sebastian Shearling Suede Over Knee Boots Size 6 OTK Heels New $550D&G Nordic pattern knit long boots white Size7 Womens 4ot00027OFFICINE CREATIVE Men's Shoes Anatomia/51 Aero Bufalo Cuoio 7 Hand Made In Italy , Air Jordan 1 "Homage to Home" sz10 , Ash Venus Nappa Wax Womens Pink Leather TrainersDr Martens 2976 Wanderlust Backhand Leather Chelsea Boots Black Pink , NOW Women's 2720 Soft Mid-Calf Boots Blue Size: 7 EU Reduced From , Men/Women BETTIE-25 Baby Pink PU Cream Selling Moderate cost Caramel, gentleAnne Klein Womens Black Leather Loafers Flats 6.5 Medium (B,M) BHFO 8249 , Womens Irregular Choice Ascot Grey Floral High Heel Glitter Court Shoe US 5.5-11 , Mia Limited Edition Women Bianka BLACK Leather Boot LE BL4329 Buckle NEW $289 , Durango Philly Head West Womens Black Leather Boots RD9410 size 6KENNETH COLE Womens Beige Suede Ankle Strap Sandals Sz 9.5 MLacoste Avantor 318 1 Spm Mens Black Leather Sneakers ShoesPUMA Men's Ignite Limitless Netfit NC Sneaker - Choose SZ/Color , Air Jordan Retro 1 High OG Men’s 10.5 Black/ White-black 555088-002Nike Roshe One Mens 511881-035 Anthracite Magenta Yellow Running Shoes Size 10Skechers 53546EW Performance Mens Go Golf Drive 2 Shoe- Choose SZ/Color.Clarks Padmore II 2 Navy 63365 Men'sBRASS BOOT Brown CROCODILE & Basket Weave Leather Made Spain Monk Strap Sz 8.5 D , DAMIR DOMA 'Falco' Black Leather High Top Sneakers Eu 44 (fits US 11.5) Shoes , Nike TANJUN Women's White/White-Black 812655 011 Fast ShippingGenuine Real Leather Mens Anti-Slid Roman Beach Sandals Slippers Shoes Casual Sz , Reebok Cl Nylon Cb Classic Women's Shoes Size 9BAR III Trixie Wedge Ankle Boots, Black, size 6 , Man/Woman Tod's Perforated Leather Sneaker High quality and low overhead Low price Selling new productsFrye Women's Campus Zip Boot Brown Leather Booties 6M ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Dr. Boot Martens 1490/ Boot Black Dr. 12 F(M) UK/ 13 D(M) US b765a4d -

    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.

    Dr. Boot Martens 1490/ Boot Black Dr. 12 F(M) UK/ 13 D(M) US b765a4d -

    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
    Dr. Boot Martens 1490/ Boot Black Dr. 12 F(M) UK/ 13 D(M) US b765a4d