Never miss an update

Georgia Boot Men's Brookville 8" Brookville Steel Toe Work Georgia Shoe Work - Choose SZ/Color 6e37448

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: Georgia Boot
Style: Industrial & Construction Boots Manufacturer: Georgia Boot
Size Type: Regular MPN: Georgia Brookville 8" ST Work Boot-M
US Shoe Size (Men's): Multiple Variations Model: Georgia Brookville 8" ST Work Boot-M
Never miss an update

Georgia Boot Men's Brookville 8" Brookville Steel Toe Work Georgia Shoe Work - Choose SZ/Color 6e37448 -

    Georgia Boot Men's Brookville 8" Brookville Steel Toe Work Georgia Shoe Work - Choose SZ/Color 6e37448
    Georgia Boot Men's Brookville 8" Brookville Steel Toe Work Georgia Shoe Work - Choose SZ/Color 6e37448
    Lugz Men's Zeo Moc Mid Fashion Boot - Choose SZ/Color , Merrell Men's Accentor Hiking Boot - Choose SZ/Color , ALTAMA VENGEANCE SR 8" TACTICAL BOOTS / COYOTE - 305303 * ALL SIZES - NEW , ORIGINAL SWAT HAWK 9" SIDE ZIP EN / BLACK 165231 * ALL SIZES - NEWH.S. Trask Vintage Buffalo Boots, USA Made, Vibram Lug Sole, 9 1/2 D, EX , Vintage Vibram Sole Work Working Leather Men's Hiking Soft Toe Hunting Boots 8.5 , Keen Detroit Mid Mens Steel Toe Work Boot 1007004 Size 9.5 , Brand New Red Wing Irish Setter 83600 Men's Brown Ramsey Work Boots , LaCrosse Longwall 16 Safety Toe Met Guard 200G Mining 00552092 NEW Size 10 medLucchese Charlie Horse 8.5 Low Boot Brown Camel Neutral , Muck Boot Company Arctic Outpost Mid Snow Boots (10-12) Mens Waterproof Leather , OLD GRINGO mens Cowboy Boots Size 10 , Red Wing 875 Moc toe boots made in USA size US 6$228 NIB Frye Seth Leather Chelsea Boot Men's Shoes Black Size 10.5 MSkechers USA Men's holdren lender Chukka BootNike SFB BRITISH KHAKI DESERT 329798-221 sz 7.5 Men SPECIAL FIELD BOOTS MILITARY$228 NIB Frye Seth Leather Chelsea Boot BLACK Sz 11M , Harley Davidson Men's Templin Black/Black Boots Shoes D93434Volcom Men's Smithington Ii Boot Winter - Choose SZ/ColorRush By Gordon Rush Leather Dexter Chelsea Boot - Choose Your Size, Dark Brown , NEW MUCK BOOTS ARCTIC PRO BARK 5-14 WATERPROOF INSULATED HUNTING FISHING BOOTColumbia Men's Newton Ridge Plus Ii Suede Waterproof Wide Hiking Shoe , Reebok Work Duty Men's Rapid Response RB8895 8" Tactical Boot , Merrell Men's Everbound Vent Backpacking Boot - Choose SZ/ColorLot of 7 Pair NOS Western Boots Childrens Justin Black/tan Leather NEW W/boxMen's MORESCHI Brown Italian Leather & Soft Fur Lined Ankle Boots Size 8.5 US , Men's Vintage Harness Biker Motorcycle Boots Conchos Rock N Roll US Made 8.5 DBedStu mens ankle boots brown distressed size 11 , RED WING Irish Setter Rutmaster 17" Rubber Boots RealtreeXtra Waterproof 4882 ,
    Georgia Boot Men's Brookville 8>Georgia Boot Men's Brookville 8
    Sam Edelman Women's Hannah Belted Chelsea Bootie 7834 Size 10 MCloud Aline Dark Green Tonal Leather Plush Bootie Comfort Shoe 40New , Bearpaw Women's Boetis Electric Pink Winter BootsNike Womens Roshe One HYP BR Running Trainers 833826 400 Sneakers ShoesAB658 CULT shoes white leather textile men slip on , Disco GoGo Dancer 60s 70s Hippie Burlesque Costume Platform Black BootsNew Pinaz 316 Womens Leather Closed Back Low Wedge Sandals Made In Spain , Casadei NEW leather black color with gold metallic heels 36 EU size (6 US size) , Authentic HERMES H Logos Sneakers Beige Canvas Leather Italy VTG /2 BN02814Womens chic rabbit fur slingbacks matal chain loafers slip on mules sandals size , Anthropologie Darra Croc Pumps Org.$178.00 New In Box! , NIB YSL Yves Saint Laurent DIVINE 85 Pumps Shoes 39.5 , Men's/Women's Tom Ford Shoes Quality products luxurious Very good color*Bella Vita Womens Keaton Leather Peep Toe Casual Ankle Strap, Black, Size US 10[BA8330] Mens Adidas Equipment Support Running Sneaker - Blue , Propper Series 100 6" Side Zip Boots, BlackSANUK YEW-KNIT SIDEWALK SURFER SHOES CHARCOAL MENS SIZE 8 USFlex and Fold technology, ultra-light outsole Hey Dude Wally Stretch Fleece (8)Stegmann Germany Boil Wool Clog Men Size 10.5 Navy Slip-OnNew Dress Shoe Men Leather Slip on Flat Bowtie Business Casual Loafer Shoes B368 , 8" Rocky Mens 800g Insulated Waterproof Boots W051095 Brown Leather Camo Size 12 , Bostonian Men's Ipswich Apron ToeWomen's Nike Zoom Vapor 9 Tour Tennis Shoes Sneakers 543222-045 US Sz 9 , Women's Nike Air Huarache City Low Casual Shoes White/White/White AH6804 100 , adidas Originals WMNS EQT Support RF women lifestyle NEW BY8783adidas Originals Women's Superstar 80s 3D Mt W, Ftwwht,ftwwht,owhite 8 M US , Air Jordan 3 Vogue SE AWOK NRG PACK WMNS Size 8.5 Brand New DSSolid Patent Leather Shoes Fashion Womens Punk Martin Boot Warm Winter Hot BootsA2 by Aerosoles Women’s Make Two Riding Boot Size-US10 , Mojo Moxy Nomad Women's Boot Black-Suede Size 8.5 B(M) US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Georgia Boot Men's Brookville 8

    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.

    Georgia Boot Men's Brookville 8" Brookville Steel Toe Work Georgia Shoe Work - Choose SZ/Color 6e37448 -

    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
    Georgia Boot Men's Brookville 8" Brookville Steel Toe Work Georgia Shoe Work - Choose SZ/Color 6e37448