Never miss an update

Genuine Style Smooth Lucchese, Black Smooth Belly (9.5 Caiman Crocodile, Style #CL8114, (9.5 D) a2efa65

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: Boots are in an Excellent, "Almost New" Condition, having been only a couple of times by prior owner. Some very hardly seen rear edge wear to the Serrated Rubber Heel Plates, and very minor wear to the thick leather Soles.
Modified Item: No Material: Genuine Smooth Caimen Belly Crocodile Skin
Country/Region of Manufacture: United States Features: Oil & Slip resisting Rubber Serrated Heel Plates, Thick Leather Soles
Style: Cowboy, Western, Ropers US Shoe Size (Men's): 9.5
Fastening: Pull Tabs Upper Material: Goat Skin
Product Line: Lucchese Bootmaker Color: Black
Width: Medium (D, M) Brand: Lucchese Since 1883
Never miss an update

Genuine Style Smooth Lucchese, Black Smooth Belly (9.5 Caiman Crocodile, Style #CL8114, (9.5 D) a2efa65 -

    Genuine Style Smooth Lucchese, Black Smooth Belly (9.5 Caiman Crocodile, Style #CL8114, (9.5 D) a2efa65
    Genuine Style Smooth Lucchese, Black Smooth Belly (9.5 Caiman Crocodile, Style #CL8114, (9.5 D) a2efa65
    Asolo Mens TPS 520 GV Evo Hiking Boots A11012 Chestnut Size 9.5 , RARE Vintage R M Williams Full-Grain Leather Boots Diamond Stitching 6.5G UnisexCheaney Men’s Made in England Tweed C Country Boots - Walnut Grain , J Crew Alden Plain Toe Boots In Beige Suede 11 Goodyear Welt , $960 Authentic Cesare Paciotti Italian Designer Mens Leather Boots Shoes US 11CESARE PACIOTTI ITALIAN HANDMADE FANCY PYTHON BOOTS US 12Ferragamo TRAMEZZA MAXIMO Leather Wingtip Ankle 6.5 EE Fashion Men's Dress Boots , PRE-OWNED - Saint Laurent Paris - Black Leather Chelsea Cowboy Boot - SizeAnderson Bean Men's Cigar Matte & Rust Mad Big Bass Square Toe Fish Boots 3090M , Red Wing Heritage Men's Iron Ranger Work Boot Copper Rough and Tough 11.5 D USNIKE KOBE VI 6 PRELUDE PACK Sz US15 UK14 Rare 640220-001 All STAR MVP 2013 WTK , Men's Frye Boots 87923 TAN Logger Tan Oiled LeatherMezlan Men's Genuine Alligator Monkstrap Ankle Boots Brown Size 9.5 , FOG Fear of God Black Military Boot Sneaker US 9 , Ludwig Reiter Boots Size 11.5 UK Brown Leather Winter MaronibraterSaint Laurent - Duckie Boots - Spring/Summer 2014NIKE JORDAN 4 CAVS QS US 11 Legit+ Receipt 2012 Bred Thunder DB , “RARE” LUCCHESE CLASSICS HANDMADE FULL PATENT LEATHER BOOT 13 D BLACK WHITE GOATLowa Men's Bighorn Hunter G3 GTX Brown Winter BootsSantoni boots short wing tip suede brownDOLCE & GABBANA Zip Closure Boots Shoes Mat Black 03832Ralph Lauren Mens Black Italy Barnham Calfskin Leather Chelsea Boot Boots NIBNIKE KOBE 9 IX ELITE MASTERPIECE Sz US11 UK10 AS 630847-001 MVP PRELUDE 2014 HTM , Gentleman/Lady Rare RAF SIMONS SS2009 Printed Boots excellent quality Sufficient supply Elegant and stable packaging , Ferragamo Lavorazione Tramezza Men's black Ankle Boot leather SUEDE 7 EEEMen's Shoes Ankle Boot MOMA 67701-R3 Pelle Leather Firebrick Vintage Made IT NewMENS Yves Saint Laurent NWOB Brown Leather Boots SZ 42.5 , Whites Boots Men's Hathorn Rainier Black Roughout Leather Made in USARalph Lauren Men's Fidel II Black Leather Boots ($1500) ,
    Genuine Style Smooth Lucchese, Black Smooth Belly (9.5 Caiman Crocodile, Style #CL8114, (9.5 D) a2efa65 ->Genuine Style Smooth Lucchese, Black Smooth Belly (9.5 Caiman Crocodile, Style #CL8114, (9.5 D) a2efa65 -
    Mr/Ms Adidas NMD R1 Womens US7 sell Used in durability leading the fashion , LOEFFLER RANDALL Loeffler Randall Womens Nellie (Metallic Leather) Chelsea BootCaterpillar P714970 Drysdale Dark Beige Mens Ankle Boots UK Sizes 7 x 12 (MR)ENFIELD CANAL LADIES CLARKS BLOCK HEEL LOW CUT ZIP SUEDE SMART ANKLE BOOTS , Womens Ravel Brown Suede Leather Animal Print Snake Skin Mid Heel Ankle Boots , Loeffler Randall Lois Tassle Boat Shoes, Silver/Black Natural, 7.5 USKlogs Footwear Women's Austin Slip Resistant Mules Clogs Cocoa Cinnamon US SizesManolo Blahnik Womens Size 37 (US 6.5) Black Leather Flats Button Stitchingwomen faux suede high heels pumps open toe gladiator sandals hollow out rivet szCAT by Caterpillar Women's Display Model Tiki Sandal Black Leather 9.5 M , Calvin Klein Garena Open Toe Casual Slingback Sandals 135, Black, 9.5 US / 40 EU , BIRKENSTOCK ARIZONA WASHED METALLIC ROSE GOLD LEATHER WOMEN'S FLIP FLOPSAGL Women's Taupe Patent Leather Platform Wedge Sandal 2740 Size 39.5 EURMNX15 Women's Elevator Shoes ENVY GRAY Height Increase 7cm by FedEx Fast ShipADIDAS ORIGINALS EQT CUSHION ADV SZ 13 COLLEGIATE ROYAL WHITE KNIT CQ2380Skechers Shoes – Go Walk 4-Expert blackNIKE AIR MAX TAVAS MEN'S NEW BLACK ANTHRACITE-BLACK SHOES , New Balance Running Mens Shoes White MS574SWTAdidas Iniki Originals I-5923 Men's Ultra BOOST! Sz 9,10,11 $130 RetailHaflinger Jade Mens Slippers SZ - 40- Choose SZ/Color. , VANS CLASSIC SLIP-ON TRUE WHITE TRIPLE CANVAS LOAFERS SKATE 0EYEW00 US MEN SIZES , Vionic Size 8.5 Brown Leather Loafers New Mens Shoes , New Nike Womens Lunarepic Low Flyknit 2 Run Running Shoes 863780-001 Sz 7Calvin Klein E6236 Womens Janie Sneaker- Choose SZ/Color. , Women's Asics GEL-Kayano 25 Running Shoes Carbon/Mid Grey 1012A026 020 , Mr/Ms DELIGHT-1013 The color is very eye-catching Beautiful best seller , AU BANNISTER Shoes 787045 Black 35 , N.D.C. Vaquero Stripe Burgundy Suede Leather Women's Boots Size 39.5 / 9.5 - 10LADIES ARIAT CONTENDER STEEL TOE WESTERN WORK BOOTS 10018574Prada Sport Black Leather Round Toe High Heel Ankle Boots SZ 41
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Genuine Style Smooth Lucchese, Black Smooth Belly (9.5 Caiman Crocodile, Style #CL8114, (9.5 D) a2efa65 -

    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.

    Genuine Style Smooth Lucchese, Black Smooth Belly (9.5 Caiman Crocodile, Style #CL8114, (9.5 D) a2efa65 -

    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
    Genuine Style Smooth Lucchese, Black Smooth Belly (9.5 Caiman Crocodile, Style #CL8114, (9.5 D) a2efa65