Never miss an update

John Varvatos Collection Chelsea Black Boot- Black Size John 10 M Size (B15) 92f3299

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Excellent condition
Brand: John Varvatos Width: Medium (D, M)
Style: Ankle Boots Color: Blacks
US Shoe Size (Men's): 10 Material: Leather
Never miss an update

John Varvatos Collection Chelsea Black Boot- Black Size John 10 M Size (B15) 92f3299 -

    John Varvatos Collection Chelsea Black Boot- Black Size John 10 M Size (B15) 92f3299
    John Varvatos Collection Chelsea Black Boot- Black Size John 10 M Size (B15) 92f3299
    LUCCHESE ROCKABILLY BLACK CLASSIC WESTERN COWBOY RANCH WORK TRUCKER BOOTS 11.5 DALEXANDRE PLOKHOV CROSTA LOW BOOT. RAW LEATHER, GREY , SIZE 43. ORIG $1260 , Baffin Men's Endurance Snow Boot - Choose SZ/ColorLUCCHESE SAN ANTONIO USA VINTAGE DISTRESSED RANCH WORK TRUCKER BOOTS 11 B , DR.MATENS 10072600 1460 8 Eye Boots Mens FS Auth US10 UK9.5 EU44 NOS Mint , Ariat Men’s Fire Catcher Black Leather Cowboy Boots 11 1/2 D. Hardly Worn.Nice Collective Combat Boots - 11 US , B20 NEW GIUSEPPE ZANOTTI FOR ZAYN Brwn Leather Zip Front Boots Shoes Sz 46 $1295700$ Bally Red Hervey Leather High Tops Sneakers size US 9NEW SANTONI Dress Leather Shoes Monk Strap SIZE Eu 46 Us 13 (23R) , NEW SANTONI Dress Black Leather Shoes SIZE Eu 40 Us 7 (19R) , 850$ Tod's Brown Polacco Classico Ankle Boots Size US 13 Made in Italy , NEW SANTONI Dress Leather Shoes SIZE Eu 41.5 Us 8.5 (R53)NEW SANTONI Dress Leather Shoes SIZE Eu 43 Us 10 (R38) , Lucchese HY2503.W8S Archer Mens Anthracite Gry Goat Leather Cowboy Western Boots , NEW SANTONI Dress Brown Leather Shoes SIZE Eu 46 Us 13 (6R) , Polo Ralph Lauren Men Suede Moccasins Shoes Size 9 Made in USANEW SANTONI Dress Brown Leather Shoes SIZE Eu 43 Us 10 (50R)NEW SANTONI Dress Leather Shoes Monk Strap SIZE Eu 40.5 Us 7.5 (28R) , Colt Cromwell Black leather Men's Equestrian Riding Boots. Made in USA. Sz12DGentlemen/Ladies MEN'S LUCCHESE DRESS BOOTS SIZE 15AAA Rich design delicate wonderfulLUCCHESE MADE IN USA VINTAGE BLACK CHERRY LEATHER WESTERN COWBOY BOOTS 9.5 DNEW SANTONI Dress Leather Shoes Monk Strap SIZE Eu 44 Us 11 (30R) , Mens Mango Honey Authentic Crocodile J Toe Leather Cowboy Boots Exotic RodeoAriat Men's Overdrive XTR Pull-on H2O Composite Toe Work Boot - Choose SZ/Color , NEW SANTONI Dress Black Leather Shoes SIZE Eu 41.5 Us 8.5 (29R)VINTAGE GOODYEAR USA HIPSTER DISCO BLACK BEATNIK BEATLE BOOTS 10 M , Twisted X Men's Ruff Stock Whiskey and Olive Bullhide Western Boots MRSL035 SALENEWROCK M616-S1 Black Mens CLASSIC Leather Metallic Chains Goth Punk Biker Boots
    John Varvatos Collection Chelsea Black Boot- Black Size John 10 M Size (B15) 92f3299 ->John Varvatos Collection Chelsea Black Boot- Black Size John 10 M Size (B15) 92f3299 -
    NEW BALANCE MENS ARISHI V1 BLACK MAGNET 4E SHOES **FREE POST AUSTRALIADonald J Pliner Sonoma Ankle Boots 079, Tobaacco Crackled Calf, 5.5 USNIB RED VALENTINO Black with Black Dots Mesh Ankle Strap Flats Shoes Size 8/38STUART WEITZMAN New $335 Shimmery Platinum White Open Toe Silk Pumps Heels 8.5 M , Womens Irregular Choice Lady Misty Glitter Unicorn Courts High Heel US 5.5-11YVES SAINT LAURENT tan tribute pump size 36 US 6 , Women's REGETTA CANOE Sandals Brown(Cocoa) Size 9US/ 40 EUR ~ NEW(Other) , NEW TRULIFE ENERGY PROSTETHIC LEFT FOOT SZ 26 WITH FOOT SHELL , Bare Traps Womens UMMA Peep Toe Casual Platform Black/Bright/Multi Size 7.5New Native Mens Ap Moc Gray Walking Shoes Size 9 , *BRAND NEW* adidas Originals 350 Black Suede Sneakers (BB5287), Size 13 USMen's Under Armour 1298536400 Speedform Gemini 3 Shoes Midnight BlueAdidas ZX Flux Triple White Running Shoes Mens Size 11 Originals Trainers C4 36Adidas Men ZX Flux black core black white AF6323NEW NIKE AIR JORDAN XXXII SHOES MENS SZ 14 AA1253 007 RETAIL $185 , New Balance Fuelcore Sonic Men's Thunder/Energy Red/Black SONIGR2 , ASICS GEL RESPECTOR X CONCEPTS - LA COCA (MONEY BOX COLLECTORS) - / US 9.5 , New Russian (Soviet) VALENKI (WALENKI) felt boots work winter footwearKith x Adidas Consortium Tubular Doom PK - US Size 11 , Brand New DS 2012 Nike Air Jordan VI 9 Retro OLIVE OG black varsity red 10 , HERMES Ankle Boots Size 42 EUR or 9 D US Men Casual Formal Stylish LuxuryMen's/Women's Crocs Men's Santa Cruz Loafer Attractive and durable Modern design German OutletsBALENCIAGA Paris low top sneakers authentic - Size 7 US / 40 EU / 6 UK , NIB Adidas Gazelle Womens BY9364 Black Gold Metallic Suede Athletic Shoes SZ 9.5Nike Internationalist Premium Green/Yellow/Grey 859545-300 Women's Shoes Sz 7 , New Chicago Marathon Nike Lunarglide 8 CHI Women's Size 11.5 Shoes 874771 401adidas Ultra Boost X Parley Uncaged Women's Ice Blue/White BY2707 NMD sz 10Authentic YSL SL/37 Distressed Low-Top Sneaker, White/Silver , Keds Womens Powderpuff Closed Toe Mid-Calf Cold Weather Boots Brown Size 8.0Womens Platform Wedge Creeper Heels Round Toe High Top Mid Calf Boots Knight
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    John Varvatos Collection Chelsea Black Boot- Black Size John 10 M Size (B15) 92f3299 -

    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.

    John Varvatos Collection Chelsea Black Boot- Black Size John 10 M Size (B15) 92f3299 -

    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
    John Varvatos Collection Chelsea Black Boot- Black Size John 10 M Size (B15) 92f3299