Never miss an update

Men's/Women's Paul life Green Women's mogochinese-29755 Malibu Ankle Boot Malibu sell New in stock Easy life b1402d9

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
Shipping Weight: 13 ounces
Style: Does not apply Item model number: 9009
Brand: Paul Green Domestic Shipping: This item is not eligible for international shipping. Learn More
MPN: 9009 International Shipping: This item is not eligible for international shipping. Learn More
Never miss an update

Men's/Women's Paul life Green Women's mogochinese-29755 Malibu Ankle Boot Malibu sell New in stock Easy life b1402d9 -

    Men's/Women's Paul life Green Women's mogochinese-29755 Malibu Ankle Boot Malibu sell New in stock Easy life b1402d9
    Men's/Women's Paul life Green Women's mogochinese-29755 Malibu Ankle Boot Malibu sell New in stock Easy life b1402d9
    Old Gringo Noctua Caiman Cowboy Western Boots 7.5 MSRP $1200 Silvery GreyNEW RAG & BONE WOMENS WALKER LEATHER BLOCK HEEL BOOTIESAquatalia Women's Lillian Brush Oil Suede Ankle Bootie Black 7 M US , Gentleman/Lady Lucchese Classics Women's L4721 Boot Many styles Various types and styles Exquisite processing , Man's/Woman's Paul Green Women's Kassy Ankle Bootie Diverse new design Bright colors a lot of varieties , La Canadienne Women's Hope BootBlack6 M US , Cole Haan Women's ARLEAN Boot, Stormcloud 8 M USFRYE Women's Samantha Hiker Combat Boot Black Wool 8 M US , Old Gringo Women's Double D Ranch Ammunition Turquoise Cowgirl Boot Snip Toe 8 MTin Haul Shoes Women's Paisley Rocks Tan/Red 8 B(M) US , La Canadienne Womens Solana Black Suede 8 M USFRYE Women's Claude Patchwork Tall Knee High Boot Black/Multi 8 M USLa Canadienne Women's January Ankle Boot Black 8 B(M) US , Bed|Stu Women's Glaye Fashion Boot Caramal Lux 8 M USProenza Schouler Warrior Peep Toe Ankle Brown Boots , La Canadienne Women's Charlotte Boot Stone 8 B(M) USAquatalia Women's Liana Brush Oil Suede Boot Black 8 B(M) US , La Canadienne Women's Poppie Leather Riding BootBURBERRY PERRIDON BLACK LEATHER BOOTS us $950Corral Boots Womens C2990 Tan/Turquoise 8 B(M) USStetson Women's Serape Snip Toe Ankle BootStuart Weitzman Women's Smashing Black Nappa 8 M USBURBERRY CALLUM BOOT CHESTNUT BROWN us $750Man/Woman FRYE Women's Sabrina Double Buckle Boot Long-term reputation Low price Excellent workmanship , FRYE Women's Veronica Back-Zip Boot - Choose SZ/ColorStuart Weitzman Women's Scrunchy Riding Boot Black 8 B(M) US , Blondo Women's Fabrizia Black Nativo Shearling 8 W US , FRYE Women's Engineer 12R Boot Black-77400 8 M US , Aquatalia Women's Lillian Brush Oil Suede Ankle Bootie Black 8 M US ,
    Men's/Women's Paul life Green Women's mogochinese-29755 Malibu Ankle Boot Malibu sell New in stock Easy life b1402d9 ->Men's/Women's Paul life Green Women's mogochinese-29755 Malibu Ankle Boot Malibu sell New in stock Easy life b1402d9 -
    Via Spiga Women's V-Harlie Ankle Bootie, Chestnut, 7 M US , Dockers by Gerli Womens 40th201-790620 Low-Top Sneakers, Blue Baby Blau 620, , A35 Pippaa Knee High Boots 442, Black, 10 USMarco Tozzi Patent And Metallic Embossed Womens Black Synthetic Brogues - 39 EUJOYA BY KARL MIILER WOMEN'S BLACK/BROWN LEATHER TONE UP ORTHOPEDIC SHOE SIZE 7 M , Men's/Women's ANN TAYLOR Blush Suede Pumps Easy to use fashionable Modern modeSam Edelman DAYNA Womens Beige Khaki Ankle Wrap Dress Pump, Size 9.5 M US , Badgley Mischka Abigail Dress Wedge Sandals 512, Ivory, 9 US , BNWOT HuanQui New England Patriots sneakers size 250 8 40Man/Woman DVS Skateboard Shoes ENDEAVOR BLACK SUEDE superior Won highly appreciated and widely trusted at home and abroad Acknowledgement feedback , Asics Gel Lyte II BAIT “Red Ring” sz 9.5NIKE CORTEZ Original Mens And Womens Running Shoes Breathable Stability Support , Nike Air Max Vapormax R AJ4469-002 NO BX TOPShoes Chima Pro 2 (Spitfire) Vans Pink Men VA3MTIQ2V , Jordan Super.Fly 2017 Mens 921203-446 Royal Griffin Basketball Shoes Size 12adidas Sobakov Shoes Green Men BB8079NIKE OG ORIGINAL 1996 AIR ZOOM FLIGHT FIVE V 96 DUNK JASON KIDD BLACK WHITE 10.5Georgia GB00161 Mid Calf Boot - Choose SZ/ColorKlogs Dusty Unisex Clogs Chestnut - 6 Narrow , Eastland Mens Plainview Oxford D US- Pick SZ/Color. , Saucony Triumph 11 Size US 8 M (B) Women's Running Shoes Gray 10223-3 , NEW Birkenstock Sarina Boots size 7 - 7.5 US color Taupe MSRP $179Ahnu Women's Yoga Poise Ankle-High Cross Trainer Shoe Deep Magenta 8.5 B(M) USNew Balance 990v3 White/Blue Women's Running Shoes W990WB3 , Nike Dunk Hi Skinny Print Womens 543242-006 Black Sail Magenta Shoes Size 12 , WOMENS BROOKS PUREFLOW 5 LADIES RUNNING/SNEAKERS/FITNESS/TRAINING/RUNNERS SHOESNine West Jeriko ankle boot bootie dark taupe suede leather 5.5 Med DEFECTAEROSOLES - BOTTES GENOUX SEMI COMPENSéS CUIR DAIM NOIR 40 - TRÈS BON ETAT , 6 Colors Stilettos Stretchy Boots Party Ladies Over The Knee Thigh Boots Shoes , Roman Suede Slouch High Block Heels Pull On Ladies Women's Ankle Boots US Size
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Men's/Women's Paul life Green Women's mogochinese-29755 Malibu Ankle Boot Malibu sell New in stock Easy life b1402d9 -

    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.

    Men's/Women's Paul life Green Women's mogochinese-29755 Malibu Ankle Boot Malibu sell New in stock Easy life b1402d9 -

    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
    Men's/Women's Paul life Green Women's mogochinese-29755 Malibu Ankle Boot Malibu sell New in stock Easy life b1402d9