Never miss an update

Doc 9 Martens Mens Size Size 9 Steel mogochinese-29996 Toe Boots 4dc6a70

Item specifics

: An item that has been or previously. See the seller’s listing for full details and ... Read moreabout the condition
Features: Steel Toe
US Shoe Size (Men's): 9 Brand: Dr. Martens
Style: Work & Safety
Never miss an update

Doc 9 Martens Mens Size Size 9 Steel mogochinese-29996 Toe Boots 4dc6a70 -

    Doc 9 Martens Mens Size Size 9 Steel mogochinese-29996 Toe Boots 4dc6a70
    Doc 9 Martens Mens Size Size 9 Steel mogochinese-29996 Toe Boots 4dc6a70
    ECCO 'Harold' Tarmac/Dark Clay Oiled Nubuck Derby Boots - Men's Size 47(EU) , Tony Lama BOOTS 9 WESTERN BOOTS 9D COWBOY BOOTS 9 WALNUT BOOTS TONY LAMAS 8New J Slides Mens 1059657 Sand Ankle Boots Size 10.5 , Columbia Bugabootoo Therma-Shield Boots Snow Duck Bugaboo Men's Shoe Size 12MNew Mens landsends waterproof Boots , hiking boot ,Size 11medium black and grey , Mens Boots - Herman SURVIVORS - 8" hunting - WATERPROOF - size 8 - NEWVINTAGE Vasque Brown Leather Ankle Boots Mens Sz 6 M DISTRESSED VTG , La Milano Premium Grain Leather Oil-Rub Black Ankle Boot*side Zipper+Buckle , Durango DB955 Men's Size 11 D Brown Cowboy Western Half Ankle Dress Boots Botas , Dr. Martens Soft Black Leather 8-Hole Boots w/Air Wear Soles US 5 MINTYJustin Mens Brown Cowboy Western Boots Size 9.5DFRYE Men's Billy Pull-On Western Boot Dark Brown Calf Shine 87689 Size 9.5 , Durango Brown Mens Wing Tip Cowboy Boots Style DB532 Size Sz 9D FREE SHIPPING , Born Mens Brown Leather Ankle Boots Sz 9.5 MMADE USA Xtratuf 15" Neoprene Rubber Boots SIZE 5 right, 6 left INSULATED NEW ! , CUADRA WILD WEST BOOTS SIZE 8 COWBOY BOOTS , Man's/Woman's Studds men's boots Size 7.5 Selling high quality Popular recommendation , Mens Solid Color Chunky Low Heels Side Zip Buckle Pointed Toe Chic Boots B954 , Wolverine 1883 by Men's Gibson Chukka Boot, Navy Suede, 8M , Vintage() Men's JC Penney Brown Leather Knee High Western Boots Size 6.5M , HARLEY DAVIDSON MENS BLACK CROOSROADS II MOTORCYCLE BOOTS 99% TREAD SIZE-11.5 , FRYE Authentic Men Leather Boots Western Cowboy Brown Size 8 D GenuineKenneth Cole, Boot, Black, Reaction, 8 1/2, Slip On , JEAN PIER CLEMENTE Logan Vintage Cowboy/Western Boots Men's Size 12D , Belleville Vibram Soles NWOB Gortex Interior 4.5 Mens 6 Womens desert boots w4Soggs 4 Seasons Mens Boots Size 13 Thinsulate Leather Water Resistant NIB ShoesMen's Pistolero Leather Western Cowboy Boots Size 8.5 Very Good ConditionWorn Once Wolverine Manawa W01074 Dark Brown Work Boots Men's Size 7M , Men's CABELA'S Steel Shank Hunting Hiking Duck Shoes Waterproof Boots Sz 11 ,
    Doc 9 Martens Mens Size Size 9 Steel mogochinese-29996 Toe Boots 4dc6a70 ->Doc 9 Martens Mens Size Size 9 Steel mogochinese-29996 Toe Boots 4dc6a70 -
    Women's CATHERINE CATHERINE MALANDRINO 228887 gray suede ankle booties sz. 7.5 , Andrew Charles 8309 SOFTY LAVAGNA Loafers Men's Dark Grey AU , Mod Comfys Womens/Ladies Mid Strap Memory Foam Ankle Boot (DF1500) , Gola Womens Bullet Glitter Trainers Blush Pink LK, 8 EU , Mustang Metallic Multicolor Womens Black Multicolour Ankle Boots - 41 EUNEW Lalay KKL Model Bathrobe With Fringes Large Lilac , NEW Kelsi Dagger Abbi Loafers Size 6 Maroon Leather Oxfords , Aquatalia Marvin K Sz 9 Ladies Brown & Black Leather Slip On Wedge ~ Worn 1 XStuart weitzman oneliner wedge heels size 10 M new without boxMan's/Woman's Style & Co. Wedges size 7 Selling excellent Elegant and stable packaging , Womens Mary Jane Stiletto High Heel Shoes Pumps Rivet Spike Pointy Toe LeatherNine West Delay 9.5 Wine Red Brown Suede Platform Round Toe Block Heel Pumps NewJ CREW GLITTER HIGH-HEEL STRAPPY SANDAL FUSCHIA BLACK GLITTER 7.5 E0129 NEW , NIKE AIR HUARACHE ID TRAINER BLACK/WHITE-MAGENTA SIZE MEN'S 12 [777330-991] , Mens Nike Air Zoom Structure 21 sneakers Grey/White/ Volt 904695 007 Size 15New Balance MRL247OB Mens 7 D US- Choose SZ/Color.New Balance M515NEC, Wheat / Black, Nubuck / Leather / Gum, Size 13Nike Air Jordan Retro V "Grape" Sz 11Puma Suede V2 PUMA X PINK DOLPHIN Black Blue Caramel Tan 365031-01 Mens Sz 8 NEWMontecatini Mens Folded Cap Oxford Tie Leather Shoes (DF855)MENS CHURCHS HANDMADE BLACK LEATHER WINGTIP TASSEL LOAFER DRESS SHOES SZ 13 MCesare Paciotti 2018 First Line Mod 52458 Bryan Retail 560$ AMan's/Woman's Puma Womens Plat Fsn Cheetah Brown/Natural Complete specification range Good market Non-slip , Nike WMNS Presto Fly [910569-101] Women Casual Shoes White/White Size 7 , nike womens zoom elite+ 6 running trainers 554728 005 sneakers shoes , adidas Originals Swift Run W Grey Silver Women Running Shoes Sneakers CG4146 , Puma Basket Heart DE Womens 364082-03 Toreador Red White Shoes Size 6.5NEW GUESS BRRYAN BROWN ANKLE BOOTIES BOOTS MID CALF WOMENS 7.5 FREE SHIPMarc Fisher Women's Damiya Fashion Boot - Choose SZ/Color , New in Box Hunter Original Tall Hunter Black/Pink Rains Boot Shoe 6 MSRP $ 235 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Doc 9 Martens Mens Size Size 9 Steel mogochinese-29996 Toe Boots 4dc6a70 -

    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.

    Doc 9 Martens Mens Size Size 9 Steel mogochinese-29996 Toe Boots 4dc6a70 -

    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
    Doc 9 Martens Mens Size Size 9 Steel mogochinese-29996 Toe Boots 4dc6a70