Never miss an update

Dr. Martens Women's 1B99 NINA Martens 1B99 4201 US 7 RARE!! d9a1d02

Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: The shoes are completely new, but they were tried on so there are some small creases
Heel Height: Low (3/4 in. to 1 1/2 in.) Width: Medium (B, M)
Brand: Dr. Martens US Shoe Size (Women's): 7
Style: Fashion - Mid-Calf Pattern: Black green purple stripes
Color: Multi-Color Material: Leather
Country/Region of Manufacture: Unknown Fastening: Lace Up
Occasion: Casual UPC: Does not apply
Never miss an update

Dr. Martens Women's 1B99 NINA Martens 1B99 4201 US 7 RARE!! d9a1d02 -

    Dr. Martens Women's 1B99 NINA Martens 1B99 4201 US 7 RARE!! d9a1d02
    Dr. Martens Women's 1B99 NINA Martens 1B99 4201 US 7 RARE!! d9a1d02
    Gianmarco Lorenzi leather High Boots open toe ORIGINAL size EU(IT) 37, US 7 , Aquatalia Mushroom Grey Suede Fire Weatherproof Ankle Boot Shoes 6 NewAnyi Lu Womens Brown Leather Boots 39.5Nine West 25029169 Womens Wiseplay Leather Knee High Boot- Choose SZ/Color.BOTTES HARLEY DAVIDSON ABBEY D83865 POUR FEMMES EN CUIR NOIR , Frye Campus Boot-Ladies 8 1/2- Worn Once-Color Sunrise , Vionic Perk Kennedy - Women's Heeled Boot Dark Brown - 8 MediumMONCLER WOMEN SHOES GINETTE ANKLE BOOTS MADE IN ITALY 202430001623FRYE Women's Nora Stud Zip Short Black Soft Oiled Suede Size 7 M 79941 , Manitobah Mukluks Women's Size 6 Vibram Sole Beading Rabbit Hair LinedYSL YVES SAINT LAURENT Black Leather Tall Knee High Heel Boots W/Ties 8.5US 39 , Mr/Ms Isabel Marant sneakers blue. Suede. Portugal Reputation first high quality Fair priceHunter Mackenzie-Childs Black & White Check Rubber Boots US 6 Gummistiefel , MAX MARA Women's Danubio Dark Brown Leather Ankle Booties $725 NIB , Dr. Martens Women's VONDA Rose 1B99 14 eye Zip Boot Black US 8 , Gentlemen/Ladies saint laurent boots 38 Louis, elaborate excellent Various latest designs , Balenciaga Black Leather Flat Studded Boot Ankle Wrap 39 US 8Boulet Fashion Cowgirl Boot - Snip Toe - 2617TORY BURCH SOFIA LUG SOLE SUEDE BOOTIE FESTIVAL BROWN Women's Ankle Boot 10 $428 , Women's Denim Blue Python Snake Tall Leather Cowgirl Boots Flower Design Pointed , Tory Burch Caitlin Stretch Over The Knee Black Tall OTK Boots Size 5.5 M , Sam Edelman ~Winnsford Wood~ Brown Leather w/ Shearling Fur Boots sz 8M NWTBottes NEWBARK Tout Cuir et Fourrure Noir et Blanc FR 41 / US 10 / , (SALE) PRADA suede casual shoes Size US 9(K-18558) , Kodiak Women's Alcona Riding Boot NEW! SIZE 9 $240 Value!Lucchese Women's Handmade Cassidy Tan Mad Dog Snip Toe Cowgirl Boots M4999.S54 , NIB Donald J. Pliner Women's Dante Suede Heeled Ankle Booties in Navy BlueMen's/Women's A.S. 98 Encore Metallic Boots-39-$320 MSRP Moderate price Year-end sale Complete specificationsYves Saint Laurent Tribute Two Patent Navy Leather Pumps ,
    Dr. Martens Women's 1B99 NINA Martens 1B99 4201 US 7 RARE!! d9a1d02 ->Dr. Martens Women's 1B99 NINA Martens 1B99 4201 US 7 RARE!! d9a1d02 -
    GRAYE Italy Black Leather Knee High Boots - Size 39.5 or 9 , Chloe Boots size 39 - Great Condition, Worn One Time , Gentlemen/Ladies Adidas Tapper Evolution Mens Skate Shoes We have won praise from our customers. Impeccable various kinds , Stuart Weitzman Coolboot Stretch Pull On Leather Knee High Boot Black 6.5 37 NEW , Original Helmut Lang Platform High Heel Wrap Sandal Olive Green Sz 37.5 , NEW Easy Steps Earl Red Leather Wedge Pump Women Shoes C-FitFinn Comfort US 8 Women's Bronze Leather Oxford Shoes , Ladies Unstructured Clarks Casual Shoes - Un Haven Cove , Skechers Women's Reggae Fest-Urban Dread Ankle Bootie - Choose SZ/ColorAnkle Strap Womens Soft Leather Chunky Heel Sandals Hollow Out Roman Shoes , SportMax Casars Pumps two tone Burgundy suede black leather heels 37 $495 Italy , Women's Shoes Jessica Simpson FINLAY Platform Heels Sandals Powder Nude SnakeFashion Womens Flower Pearl High Block Heels Peep Toe Pumps Sandals Suede Shoes , CHARLES JOURDAN Shoes 100565 Pink 38 , Madeline Women's Rhythm Slouch BootManolo Blahnik Black Silver Snakeskin Slingback Pointed Toe Pumps Crystal BuckleVia Spiga Lilit Espadrille Sandal 10 M Brittan Leather New w/Defects , Christian Louboutin Orange Pigalle Follies Patent Leather Pumps Size 39.5 , New Women Vans Authentic Black Skateboarding Shoes Classic Canvas size US 6Salomon X-Mission 3 Men's Trail Running Shoe Black Blue Green Size 7 , Air Jordan Retro 5 V - University Blue/Carolina - Size 9Guess Python Size 11 M Black Leather Pull Up Comfortable Ankle Boots Mens Shoes , Carhartt Men's Waterproof 6" Brown Work Boots Made In The USA CMZ6040 , Versace 19.69 914 VITELLO COGNAC Brogue Men's Camel USStacy Adams Men's Royalty 24669 Black Patent Leather/Fabric OxfordsAllen Edmonds "LEEDS 2.0" Oxfords 10 D Brown (342) , Nike Flyknit Zoom Agility Womens Cross Training Shoes 698616-701 , Customized Dog Print (White/Black) Running Shoes For Women Designed By Karin Jan , Womens Sports Sneakers Real Leather Running Wedges Platform Shoes Breathable NewJeffrey Campbell 'Rosalee' Ankle Bootie Taupe Suede Cutout SZ 7M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Dr. Martens Women's 1B99 NINA Martens 1B99 4201 US 7 RARE!! d9a1d02 -

    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. Martens Women's 1B99 NINA Martens 1B99 4201 US 7 RARE!! d9a1d02 -

    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. Martens Women's 1B99 NINA Martens 1B99 4201 US 7 RARE!! d9a1d02