Never miss an update

Fred Perry Byron Byron Mid Mens Chukka Boots Fred Black New mogochinese-29641 Shoes 255b32c

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Product Style: Byron Mid
Material: Suede Lining: Textile
Brand: Fred Perry Gender: Mens
MPN: B7400-102 Style: Chukka Boots
Colour: Black Main Colour: Black
Fastening: Lace-up Sole: Rubber
Never miss an update

Fred Perry Byron Byron Mid Mens Chukka Boots Fred Black New mogochinese-29641 Shoes 255b32c -

    Fred Perry Byron Byron Mid Mens Chukka Boots Fred Black New mogochinese-29641 Shoes 255b32c
    Fred Perry Byron Byron Mid Mens Chukka Boots Fred Black New mogochinese-29641 Shoes 255b32c
    New Steel Blue Mens Work Boots Argyle Zip Black Steel Toe Bump Cap 332152 , Men Embroidery Dragon metal Toe Side Zipper Club party Wedding Leather Shoes CZ8Hot Sale Mens Chelsea Boots Ankle Boots Suede Leather High Top Pointy Toe Shoes , MENS DR MARTENS BLACK SAFETY WORK STEEL TOE CAP ICON 7B10 BOOTS SIZENew Croft Grant Brown Mens Shoes Dress Boots Ankle , Roamers Mens Real Suede Classic Desert Boots (DF116) , Puma Work Boots 630347 'Tanami', Composite Toe Safety, Elastic Sided, Metal FreeThorogood 804-4035 VGS-300 ASR Static Dissipative Composite Toe Safety ShoesMens leather elastic side boots Slatters shoes ArizonaElement Turph Breen Mens Tan Gum Suede Chukka BootsSlatters Rialto Mens Comfortable Leather Dress BootsNew Julius Marlow Prompt Mens Shoes Dress Boots Long , Grafters Mens Original Coated Leather Retro Monkey Boots (DF108)Mens Suede Leather Shoes Handmade Jodhpurs High Ankle Mens Chelsea Leather Boots , New Florsheim Gorton Mens Shoes Boots Ankle , New Dr Marten Cabrillo 2 Eye Desert Boot Gaucho Mens Shoes Casual Boots AnkleMen's British real Leather High Top Pointed Toe Buckle Ankle Boots Dress ShoesFashion Ankle Boots Zipper Mens Pointy toe Slip on Patent Leather Club shoes Ch8 , Mongrel 916040 Work Boots. Non Safety Elastic Sided Wheat Suede. Brand New , New Steel Blue Mens Work Boots Hobart Wheat Steel Toe Pull On AU Size 312101AU Mens outwear Army Tactical Hiking Camo Hunting Warm Winter Boots outdoorJohnscliffe Mens Canyon Leather Superlight Hiking Boots (DF552) , Mens Casual ankle short Boots suede Buckle outdoor shoes zipper British plus sz , AU Mens Real Suede Leather Western Pull on Low Heel Ankle Boots Boots ElasticDafna Scout ( Palladium ) - Black Israeli Commando Canvas boots , Mens Punk Zip Pointy Toe Ankle Boots Leather Cuban Mid Heel Shoes Rivet Boots #Mens Western Cowboy Suede Round Toe Pull On Dress Ankle Boots Combat Boots Shoes , Puma Nevada Mid S3 SRC Composite Toe & Midsole Brown Safety Waterproof Boots , New Men's real leather Ankle boots Formal shoes Side Zip OM7071
    Fred Perry Byron Byron Mid Mens Chukka Boots Fred Black New mogochinese-29641 Shoes 255b32c ->Fred Perry Byron Byron Mid Mens Chukka Boots Fred Black New mogochinese-29641 Shoes 255b32c -
    BCBG BCBGMAXAZRIA Womens Aubrey High Heel Bootie Shoe, Brown Suede, US 10 , Vince Camuto VC-HADRIEN Womens Hadrien Ankle Bootie- Choose SZ/Color.New Balance MVERSLC1 4E Extra Wide Black White Men Running Shoes MVERSLC14E , Brand New | Brooks Glycerin 15 Womens Running Shoes (B) (088)Nine West Lovelost Platform Dress Pumps, Light Gold Metallic, 8.5 US , PLEASER Sexy Strappy Chrome Silver Platform 7" Stripper High Heels Shoes SKY-330Womans Bally Brown High Heel Shoes - Size 9MDansko Lolita Brown Comfort Sandals from - Golden Gate Collection 42/11.5Schutz Mulan Sandal Lightwood Rare Anthropologie Flat Tie Up Braided & stitched , Nike Benassi JDI Fanny Pack Men's Hyper Punch/Black/Hyper Grape O1037600 , DS Adidas EQT Cushion ADV sz7 Grey/White NMD Human waverunner 700 Boost DA9533Adidas Original Superstar BW3S Slip On Sneakers Grey CG3695 SZ 4-11 HiphopNike Air Jordan XII 7 Mens Sz 10.5 White Blue Red Gold Olympic Shoes 304775-171Jordan Retro 13 Men's Elemental Gold/Baroque Brown/Gum Yellow 14571705 , TRIED ON Nike AIR JORDAN 12 XII RETRO NUBUCK UNC Carolina 130690-018 SIZE 10.5 , KSWISS GEN-K Icon KNIT GARY VEE 001 Crushing It GaryVee Sneaker Vaynerchuk Sz 9Ariat Men's Heritage Cowhorse Western Cowboy Boot - Choose SZ/ColorJohnston Murphy Brown Leather Moc Square Toe Slip On Loafer Mens Size 47M E7 , Men/Women Rocky AlphaForce Zipper Waterproof Duty Boot Fashion pattern Upper material Diversified new design , Raymond Weil Men's 4899-ST-00208 Tango Stainless Steel Black Chronograph WatchNew 1st Quality Allen Edmonds Westchester 17 D black (5477) +1 AE , Vtg. Allen Edmonds ASHLAND Black Wingtip Leather Men Size 9.5B Oxford Shoes USA , Mens Genuine Leather Dress Business Pointed Metal Toe Formal Wedding Shoes Party , Women's FRYE KIRA Studded Taupe Leather Fashion Sneakers Sz. 6 $198NIB Opening Ceremony Cici Varsity Platform Slip On Sneaker Black 38,39 $250VERO CUCIO BLACK W ROSES GENUINE ITALIAN LEATHER COWGIRL BOOTS, US 7.5, , Womens Suede Lamb Fur Lined Thick Ankle Boots Snow Booties Casual Flat Shoes NEW , Women's Propet Madison Tall Zip W4411 Espresso Size 8.5MFLY London Suede Ruched Ankle Boots with Tie Detail Yebi Diesel EU37 US 6-6.5Naturalizer Women's Cassandra Ankle Bootie, Black, 9 W US
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Fred Perry Byron Byron Mid Mens Chukka Boots Fred Black New mogochinese-29641 Shoes 255b32c -

    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.

    Fred Perry Byron Byron Mid Mens Chukka Boots Fred Black New mogochinese-29641 Shoes 255b32c -

    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
    Fred Perry Byron Byron Mid Mens Chukka Boots Fred Black New mogochinese-29641 Shoes 255b32c