Never miss an update

New Oliver Sweeney Mens Brown New Lizard 28959 Effect Ankle Boots Mens US 9 42 Riccia df2f837

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
Shoe Size: UK 8
Fastening: Zip Brand: Oliver Sweeney
Lining: 100% Leather Style: Chelsea, Ankle Boots
Sole: Leather + Rubber EU Shoe Size: 42
Product ID: Riccia Main Colour: Brown
Country/Region of Manufacture: Italy Upper Material: 100% Leather
EAN: Does not apply
Never miss an update

New Oliver Sweeney Mens Brown New Lizard 28959 Effect Ankle Boots Mens US 9 42 Riccia df2f837 -

    New Oliver Sweeney Mens Brown New Lizard 28959 Effect Ankle Boots Mens US 9 42 Riccia df2f837
    New Oliver Sweeney Mens Brown New Lizard 28959 Effect Ankle Boots Mens US 9 42 Riccia df2f837
    Yohji Yamamoto POUR HOMME adidas Leather Shoes Size US 12(K-58176) , New Carlos Santos Light Brown Fur-Lined Chukka Ankle Boots Size 10.5US $795.00 , All Saints Demise Military Combat Boots 45 Black Distressed Leather Buckle StrapNew Whiskey Brown FRYE Men's Weston Cross Strap Harness Leather Boot sz 8.5 , Buffalo Men's 8 Gold Knee High Moccasins indian Leather Bison Hide Leather , 5.11 Tactical Men's XPRT 2.0 8" Boot Black Work Boots , Thorogood 834-6383 9" Firestalker Elite Wildland Hiking Fire-fighting BootDanner Mens Pronghorn RealTree Xtra 1200g Insulated Leather Hunting Boots 45017 , VINTAGE1992 RED WING DISTRESSED USA BROWN STEEL TOE ENGINEER BOSS BOOTS 10 DSANTONI men shoes Black leather brogue wingtip chelsea boot stitching detailsGentleman/Lady MORESCHI 41365 CHELSEA BOOT Easy to use stable quality Different styles and styles850$ Bally Black Leather High Tops Sneakers with Real Fur Interior size US 14 , Merrell Mountaineering Expedition Vibram Boots Size 9 Blue Suede Leather ItalyHoffman Boots L14 (14") Men's Waterproof Winter Boots, Brown, Dark Brown, Size 9 , Pro Warrington 10" Crosstech Structural Fire Boot Sz 7 E Never worn outside!Mens DANNER "BULL RUN CRISTY" brown leather urban boots sz. 10 EE $360 , Winter Mens Real Cow Leather army Zippers Buckle Fashion Mid Calf Combat Boots , DOLCE & GABBANA RUNWAY Fur Leather Destroyed Ankle Boots Shoes Black 02865 , NIB AMI Paris by Alexandre Mattiussi Suede Chelsea Jodhpur Boots (Beige) RRP$650Very Rare, Battery-Heated Winter Boots By Columbia Size 12 In Great Condition , Men's Orange Crocodile Tail Genuine Leather Cowboy Boots Exotic Skin Western , LOBLAN 548 Men's Beige Waxy Leather Western Biker Square Chisel Toe Cowboy Boots , Imperial Biltrite Mens Size 11 1/2-12 Black Leather Riding Boots , Justin Men's Roadhouse Brown Vintage Exotic Teju Lizard Boots CX1100ROD PATRICK NIB Men's MOCHA BROWN Exotic BISON Boots 11.5 M $598 Made in Mexico , $1,500 Ralph Lauren Black Label Gareth Leather Motorcycle Boots 12 - 13 D US , NEW SANTONI Dress Leather Shoes Monk Strap SIZE Eu 43 Us 10 (NE21)NIB Armani Jeans Mens Black Leather Boot Shoe Size 11, 10 Style B6574Roper Deer Cowboy Western Boots made by Cuadra ,
    New Oliver Sweeney Mens Brown New Lizard 28959 Effect Ankle Boots Mens US 9 42 Riccia df2f837 ->New Oliver Sweeney Mens Brown New Lizard 28959 Effect Ankle Boots Mens US 9 42 Riccia df2f837 -
    New! Renzi Black Suede Platform Boot W/Gold Chain & Wedge Heel , Dan Post Women's Wild Bird Cowgirl Boot Snip Toe Chocolate 6.5 M US , NIB Nike Air Force 1 Retro QS High 9.5 White Grey Black Silver Sf Af1 , Trussardi 77S562_43_LIGHT_BLU Loafers Men's - colour Blue AUOpportunity Shoes - Corso Como Womens Boots Gunmetal Dusted Metallic 6.5 US / 4Men/Women LIP-101-2 Louis, elaborate Low price cheap price , New Calvin Klein Kandy Metallic women's sandals shoes size 8.5 , Bandolino Women's Meggie Pump - Choose SZ/ColorGladiators Womens OpenToe Punk Sandals Boots Shoes Rivets High Block Heels RomanCHARLES JOURDAN FERGY -BLACK X-STRAP PEEP TOE PLATFORM HEEL $325. , Australian Expats in USA - Sneakers for Women-Free ShippingSkechers 15316 Performance Womens on-The-Go 600-Brilliancy Sport Sandal,Black,5Gentleman/Lady description & pics soon Z flagship store At a lower price As of the latest modelSkechers Men's Skyline Woodmist Sneaker White Walking ShoesNew Balance Men's Vado V1 Fresh Foam Cross Trainer Black 14 M US , Nike Free RN Motion Flyknit Mens 10.5 Black Running Training $150 C34 W1 , NIKE JANOSKI MAX BLACK / DARK GREY Gum Lt Bone 631303 020 AUSTRALIAN SELLER FREEClarks 8.5M  Dark Brown Tie  Oxford Dress Shoes. Slightly Used. Good Soles.Clean , Bruno Magli "Raging" Men's Dark Brown Leather Slip-On Loafers Size 9.5 Medium , Bruno Magli Burgundy Leather Lizard Loafers Men’s Buckle Dress SZ 9 Pre OwnEasy Street Kana Flat Comfort Mules, White Metallic, 11 USAdidas Campus Stitch and Turn Suede Womens Size 8.0 BB6764New Balance WRL247EA Womens - Choose SZ/Color.NIKE AIR MAX THEA PRINT WOMEN's RUNNING MESH DARK GREY - BLACK - VOLT AUTHENTICC Wonder Black Tumbled Leather Alexis Buckle Detail Mid-Calf Boot 6.5 W NewMen's/Women's Hades Women's Ventail Brown Aesthetic appearance Beautiful retail priceNike Air Max 90 Womens 325213-055 Black White Gum Brown Running Shoes Size 12 , $170 size 9 Kenneth Cole Russie Taupe Gray Bootie Suede Heels Ankle Shoes , Cambridge Select Women's Closed Almond Toe Glitter Sequin Star Chunky Wrapped BMBearPaw Kola 497W Size 6 Womens Goat Fur Calfskin Leather Wool Boots WHITE NEW! ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New Oliver Sweeney Mens Brown New Lizard 28959 Effect Ankle Boots Mens US 9 42 Riccia df2f837 -

    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.

    New Oliver Sweeney Mens Brown New Lizard 28959 Effect Ankle Boots Mens US 9 42 Riccia df2f837 -

    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
    New Oliver Sweeney Mens Brown New Lizard 28959 Effect Ankle Boots Mens US 9 42 Riccia df2f837