Never miss an update

Ariat 10014100 Desert Holly 29979 13" Distressed Cowgirl Cowgirl Boots Fashion Riding Boots SZ 7.5 B 84314f5




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: STORE DISPLAY WITHOUT BOX
Fastening: Pull On Width: Medium (B, M)
Style: Cowboy, Western Features: Embroidery
Boot Shaft Height: 13" Color: Brown
Calf Width: Medium Brand: Ariat
US Shoe Size (Women's): US 7.5 Toe Type: Round Toe
Heel Height: Med (1 3/4 in. to 2 3/4 in.) Heel Type: FASHION
Material: Leather UPC: Does not apply
Never miss an update

Ariat 10014100 Desert Holly 29979 13" Distressed Cowgirl Cowgirl Boots Fashion Riding Boots SZ 7.5 B 84314f5 - blurrypron.com

    Ariat 10014100 Desert Holly 29979 13" Distressed Cowgirl Cowgirl Boots Fashion Riding Boots SZ 7.5 B 84314f5
    Ariat 10014100 Desert Holly 29979 13" Distressed Cowgirl Cowgirl Boots Fashion Riding Boots SZ 7.5 B 84314f5
    NEW LAREDO Women's Keyes 12" Stars & Stripes & Tan Boot 52165 NIB , NEW Diesel Musikalls Ozys Women's Leather Metallic Ankle Boots Shoes sz 37 (7)Fiorentini + Baker Buckle Booties - Women's Size 4, Black , Ladies Brown Leather Ariat Pointed Toe Boots sz: 9 B (M)Fiorentini + Baker Brown Leather knee hi Boots w/4" heel & back zip,sz.39.5(9.5)Tory Burch Eloise Leather Riding Boots Black Women Size 8.5M 1025 , JEFFREY CAMPBELL SHOES MCGOVERN BUCKLED ANKLE BOOT FLATS BLACK LEATHER $230 7 , $595 Pour La Victoire Over the Knee Boot Caterina Pointed Thigh High Booties 9 , Tory Burch Amelie Shearling Lined Suede Dark Gray Boots Tall Size 11 Rubber Sole , Stuart Weitzman Comely High Heel Ankle Boots Booties Black Leather, 40, 9.5 , FREE PEOPLE Ladder Boot Over the Knee Cutout Black Suede by Farylrobin Sz 8 $248 , Donald J Pliner Womens Nickki Leather Riding Ankle Boots Taupe 8 NEW IN BOXToe Warmers Women's Olivia Waterproof BootAriat Womens Heritage Roughstock Western U-Toe Boot Size 6 1/2 10001594 (29324)LAREDO LUCRETIA WOMENS 12" COWBOY WESTERN SNIP TOE LEATHER BOOTS 52133 NIB , Sofft Women's Shoes Belfast Suede Ruched Boots Brown Size 7.5 NEW NWOB FREE SHIPTory Burch Black Canvas Sneaker Espadrille Size 850's Classic Cowboy Boots - Womens 8B Brown Inlaid Cloth Pulls Pee Wee Tex TanWomen's Jessica Simpson WEXTON Studded Block Heel Booties Suede Black Size 9Schutz - Tamarah Women's Shoes - Black - Size 9 MA.S. 98 Free People Leather Buckle Ankle Boots SZ 40/10-EUCWomens Genuine Leather Embroidered Casual Western Cowgirl Boots Snip ToeBarneys New York Flat Boot - Black Suede Knee Height - Size 36Frye Melissa Button Boot- Cognac- Size 7.5 B (B71) , NEW!! Stuart Weitzman 'Kent" Flatform Oxford - Grey-Size 10 M - $455-(J2)Gentleman/Lady Frye Melissa Button Boots Cognac 8.5 Clearance price discount price Complete specifications , Tory Burch Black Crinkle Patent Leather Whitney Booties Size 6.5 MAustralia Luxe Collective Women's Earth Nylon Snow Boot, Multiple ColorsDonald J Pliner - Kaden-01D - Open Toe Bootie - Black Leather - 8.5M - NEW
    Ariat 10014100 Desert Holly 29979 13>Ariat 10014100 Desert Holly 29979 13
    rag & bone 'Shipley' Platform Bootie- Brown- Size 7.5 US/ 37.5 EU $598 (B7) , Merrell Vapor Glove Size US 11.5 (Brand new, purchased wrong Size)leather Mens Ankle cheslea boots Formal dress shoes Zip Up low heel stylish new , Franco Sarto Women's Vincenza Flat , Sergio Rossi Gray Suede Ballet Ballerina Flats Size 38.5 US 8.5 (NEW) , Easy Spirit Womens Cindie Leather Round Toe Ankle Strap D-orsay PumpsPEDRO GARCIA 'Libby' Slingback Navy Blue Sandal 4379 Size 39.5 EUR NEWCorso Como Women's Genni Peep Toe Rear Zip Dress Sandals Nude Size 11.0M , Donald J Pliner Men's Bryce Sandal - Choose SZ/ColorAuth Chloe $210 Mare Donna Flat Thong Jelly Sandals Black / Grey Size 8 / 38Nike Zoom Rival M 8 Men’s Track Spikes 806555-999 Volt Pink Black RIO Size 11.5 , Men's AIR JORDAN 2011 West All-Star Team Shoes Size 9 (436771-602)Men's Nike Zoom Domination TR Training Shoes, 917708 400 Multip Sizes Blue/SilveCreative Recreation dicoco HI Shoes Mens LIME/OLIVE/SKY CR39 size 9.5 new , adidas Ace Tango 17+ PureControl Men's Turf Soccer Football Shoes BY1943 1801 , Cole Haan Tucker Venetian Loafers Tan Mens Size 12 Two TonedMen Soft Sole Comfort Driving Shoes Leather Round Toe Casual Chic Loafers sIZE , Invicta Womens Angel Quartz Stainless Steel and Leather Casual Watch, Color:BlueGeorgia Boot Men's G56 12" Safety Toe Pull On MUDDOG Comfort Core Soggy Brown , Steve Madden Size 10 Squared Toe Oxford Black Leather New Mens ShoesADIDAS Tuscany Goodyear Brown Leather Driving Fashion Sneaker 6 WomensGentleman/Lady Luna Origen 2.0 Unisex Sandals Moderate price Quality and quantity guaranteed Fair priceAllen Edmonds "DELRAY" Oxfords 13 D Brown (472) , Nike ZOOM FLY Running Women's SZ 5 NEW 897821-001 QS PRM LAB NOLID , Womens ASICS gray fabric running sneakers sz. 7.5 () , HOGAN women shoes Interactive black leather sneaker lurex HXW00N0W661FQJ0353 , Adidas Performance Women's Pureboost X Running Shoe - Choose SZ/Color , NIB ISOLA ODIN ~TAUPE BROWN LEATHER & SUEDE FASHION WESTERN ANKLE BOOTS~SZ 8.5/8 , Carlos by Carlos Santana Women's Gramercy Taupe Boot 5 MCall It Spring Women's Zaffaria Ankle Bootie, Camel, 8 B US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Ariat 10014100 Desert Holly 29979 13

    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.

    Ariat 10014100 Desert Holly 29979 13" Distressed Cowgirl Cowgirl Boots Fashion Riding Boots SZ 7.5 B 84314f5 - blurrypron.com

    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.

    Conclusion

    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
    Ariat 10014100 Desert Holly 29979 13" Distressed Cowgirl Cowgirl Boots Fashion Riding Boots SZ 7.5 B 84314f5
    Boots
    >
    ;