Never miss an update

Gentleman/Lady Danner Men's Men's Mountain Pass International Lifestyle Boot Boot Promotion auction International big name e3a5f8b

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
Brand: Danner
Style: Hiking Boots
Never miss an update

Gentleman/Lady Danner Men's Men's Mountain Pass International Lifestyle Boot Boot Promotion auction International big name e3a5f8b -

    Gentleman/Lady Danner Men's Men's Mountain Pass International Lifestyle Boot Boot Promotion auction International big name e3a5f8b
    Gentleman/Lady Danner Men's Men's Mountain Pass International Lifestyle Boot Boot Promotion auction International big name e3a5f8b
    Tin Haul Men's John 3:16 Square Toe Cross Boots 14-020-0007-0301Ariat Men's Nighthawk Western Cowboy Boot Beasty Brown 10.5 M US , Clarks Mens Katchur Top Chukka Boot- Pick SZ/Color. , Dan Post Men's Albany Western BootPalomino10.5 D USFRYE JACOB BACK ZIP Mens Jacob Back Zip Boot D US- Choose SZ/Color. , Zamberlan Men's 996 Vioz GT Hiking BootDark Grey10.5 M USMen's/Women's ARMANI JEANS Mens Leather Boot 935004-6A408-00020 quality Sales Italy Fashion dynamic , Irish Setter Men's 882 Elk Tracker Waterproof 600 Gram 12" Big Game Hunting B... , Salvatore Ferragamo Clement Mens Leather Boots Brown 10 D(M) Made in Italy , Red Wing Mens Moc Work Lug Boots, Heritage Roughneck, 6" Welt Leather Brn 12D US , Gentlemen/Ladies Danner Men's Acadia 8" 200G Boot Ideal gift for all occasions a good reputation in the world uniqueFRYE Mens Country Chukka Boot, Black, 10.5 D US , Ariat Men's Cutter Classic VX Western Cowboy Boot, Gingersnap, 8.5 2E US , Zanzara Men's Koller Boot - Choose SZ/ColorFrye 87297 Mens Duke Roper Boot D (M)- Choose SZ/Color.Ferrini Boots Men Navy Caiman Cognac Leather S Toe 10493-02Cinch Western Boots Mens Edge Cowboy Race Ready 10.5 D Black CEM108 , Corral Men's Tan Lizard Inlay and Embroidered Snip Toe Boot A3331 , Nocona Boots Men's Legacy 4 Toe BootTan Vintage Cow11.5 D US , Bates Men's Terrax3 Hot Weather Comp Toe Coyote Military & Tactical Boot , FRYE Walter Chukka suede Mens Suede BootDark Brown- Choose SZ/Color. , Danner Men's Acadia 8" Boot Black 12 EE US , ECCO Men's Track II Mid Gore-Tex Boot Bison-Bison 46 EU (US Men's 12-12.5 M) , FRYE Men's Jacob Back Zip Boot - Choose SZ/ColorLucchese Mens M1007 Madras Goat Boot 7 D (M)- Pick SZ/Color.Georgia Men's Athens 14" Wp Snakeproof BootsAsolo Men's Fugitive GTX Hiking Boots 9.5 M US Grigio/Gunmetal , Mezlan 18128 Mens Chelsea BootUS/- Choose SZ/Color.Danner Men's Powderhorn Hunting Shoes - Choose SZ/Color ,
    Gentleman/Lady Danner Men's Men's Mountain Pass International Lifestyle Boot Boot Promotion auction International big name e3a5f8b ->Gentleman/Lady Danner Men's Men's Mountain Pass International Lifestyle Boot Boot Promotion auction International big name e3a5f8b -
    Corral Women's Western Cowgirl Chocolate Lamb Floral Embroidery A3597CHAMPION CHAUSSURE NY ALPHA - BS517NVYGREY - 8 (8052785820528)Salvatore Ferragamo boots leather Gancini fitting dark brown , Gentleman/Lady Mens Suede Loafer New product real comfortable , Vespa Rally V00040-321-71 Mens Shoes Blue Vintage Casual Sneakers Scooter MotorcDesign 10917 Kenneth Cole Shoes Fashion Black Men New , Women Faux Suede Thigh High Boots Fashion Over the Knee Boot Stretch Flock SexyLadies Clarks Knee High Gore-Tex Boots Cheshunthi GTXValentino Black Gladiators Size 39 Worn once. Great conditionEUC TOKIDOKI x London Sole Evil Kitty Cat Flats Size Women's US 6, 6.5 , Geox Women's Euro 63 Moccasin - Choose SZ/ColorNew Womens Party Stilettos pointed Slip on Shallow Genuine leather Mouth ShoesWomens Stitching Color Super High Heels Bowknot Platform High Top Boots ShoesPrada Black White Anthracite Tartan Plaid High Heel Platform Pumps , Jordan Flight Luxe Shoes Lt Orewood Brown Red 919715-142 $120 New Mens US 11Men/Women DC Trase TX Shoes Mens Long-term reputation Online export store At an affordable priceNIKE Air Max Fury Men's Running Basketball Shoes AA5739 009 Sz8-11 L , adidas adiZero Prime Finesse Men's Core Black/Footwear White/Orange CG3833 , Stefan Janoski Max Mens Style : 631303 Mens BLACK/WHITE SZ 4 , NMD CS2 PK S.E. 'KITH X NAKED' - BY2597 - SIZE 11VIC Men Safety Shoes Work Trainers Steel Toe Cap Oil Resistant Ankle Boots BrownP.W. Minor Women's Performance Walker Shoes Women's Size 7.5 White OrthopedicNike Wmns Air Max 270 Flyknit Clear Emerald Green Women Running Shoes AH6803-300 , Gentleman/Lady Fila Womens Disruptor II (6.5, Metallic) Aesthetic appearance Highly praised and appreciated by the consumer audience Exquisite (processing) processingOTBT Women's Universe Slip-On Cocoa Leather SneakersTeva Women's Arrabelle Universal Leather Wedge Sandal Black Sandals , Madden Girl Dramma Boots Ankle Boots Booties Round Toe Cognac Paris Size 8.5 New , Ariat Ladies Fatbaby Cowgirl Distressed Brown/Mossy Oak 10006854 Size 6.5Burlee Luxury Men's, Women's Sheepskin Boots & Slippers MADE in AUSTRALIAWomens CIRCA JOAN & DAVID hadlie Brown Leather Knee High Boots Sz. 7.5
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Gentleman/Lady Danner Men's Men's Mountain Pass International Lifestyle Boot Boot Promotion auction International big name e3a5f8b -

    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.

    Gentleman/Lady Danner Men's Men's Mountain Pass International Lifestyle Boot Boot Promotion auction International big name e3a5f8b -

    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
    Gentleman/Lady Danner Men's Men's Mountain Pass International Lifestyle Boot Boot Promotion auction International big name e3a5f8b