Never miss an update

Muck Moss Boot's Unisex Camp Edgewater Camp Shoe Size Moss Boot - Mens Size 11/ Womens Size 12 4a6ff1c

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
Brand: The Muck Boot Company
MPN: Unisex Edgewater Camp Shoe Moss M11/W12 Style: Camp Shoe
US Shoe Size (Men's): 11 UPC: 664911400283
Never miss an update

Muck Moss Boot's Unisex Camp Edgewater Camp Shoe Size Moss Boot - Mens Size 11/ Womens Size 12 4a6ff1c -

    Muck Moss Boot's Unisex Camp Edgewater Camp Shoe Size Moss Boot - Mens Size 11/ Womens Size 12 4a6ff1c
    Muck Moss Boot's Unisex Camp Edgewater Camp Shoe Size Moss Boot - Mens Size 11/ Womens Size 12 4a6ff1c
    CONVERSE 1970s CHUCK TAYLOR ALL STAR MEN'S 157544C VINTAGE , adidas EDBERG 86 - FOOTPATROL b35022 scarle/whtvap/cwhite Size 9.5 , Reebok ZPump Fusion 2.0 SIZE trainer v72805 running , NIKE FREE ACE LTHR 749627-004 black/black-black-white Size 8NIKE WMNS AIR MAX ESSENTIAL 599820-005 anthracite/black-red violet Size 11.5Skechers Men's Relaxed Fit Elected Horizon Boat Shoe Light BrownNew Balance NM636TRR Numeric Logan Tawny Red Brick Red All Sizes BNIB MSRP$95 , New Balance NM636TRS Numeric Logan in Grey Orange All Sizes BNIB MSRP$95REEBOK CLUB C 85 SO BS5213 MEN'S SHOES BLACKPuma men's trainer R698 Remaster 361418-02 2016 vintageGenuine Grip Footwear Men's Slip-Resistant Twin Gore Boot Black Leather , Reebok FURY ADAPT ar2624 brazen berry/black/white Size 10.5NIKE WMNS AIR MAX ESSENTIAL 599820-005 anthracite/black-red violet Size 11Adidas SL Loop CT Berry/Black-White D69867 Men's , REEBOK CLUB C85 WHITE SHOES CM9163 , WMNS NIKE ROSHERUN PRINT 599432-200 linen/crg khaki-mrcry gry-mrtr Size 11 , Men/Women Funtasma Men's Spartan 105 Brown PU Crazy price Cheaper than the price Quality and consumer first , Skechers Men's Vigor 2.0 The Beard CamouflageASICS GEL SAGA "CHRISTMAS PACK" h41vk-2628 burgundy/dark brown Size 12 , PUMA Men's IGNITE Limitless NETFIT NC Training Shoe Puma Black/Energy Yellowconverse chuck taylor all star high top mono black shoes 147070CVANS OLD SKOOL SUEDE NEW STYLE dry rose VN0A38G1U64NIKE AIR FORCE 1 '07 315122-001 black/black Size 9.5New Balance 288 Suede Black/Brown CT288BL Men's , Converse All Star Ox Men's Black/White/Wizard Grey 147997FMan/Woman vans men's sk8 VN-2XSBLYT Outstanding features product quality Fine wildBORN Women's Post Pe - BORN Women's Post PennywiseMan/Woman Funtasma Men's Glamrock 02 Silver/Gold Glitter Good world reputation product quality Exquisite workmanship , NEW BALANCE MEN'S SHEOS 17SEASON YELLOW nbpd7f824l ,
    Muck Moss Boot's Unisex Camp Edgewater Camp Shoe Size Moss Boot - Mens Size 11/ Womens Size 12 4a6ff1c ->Muck Moss Boot's Unisex Camp Edgewater Camp Shoe Size Moss Boot - Mens Size 11/ Womens Size 12 4a6ff1c -
    BUSSOLA, Cloud Ruched Boot, Microtec Charcoal, 37 , Muck Boots Pink Realtree Women's Arctic Hunter Tall Boot - Size 7 , JCREW $428 Collection Rory Calf Hair Ankle Boots 6.5 Navy Black Leather HeelsMan/Woman Clarks King Ross Brown Leather Slippers Special price Fast delivery Contrary to the same paragraphBettye Muller Barrow Block-Heel Pumps, Red Suede, 10 US / 40 EULADIES SHOES/FOOTWEAR - Earthies high heel sandal Veria Too red , Simple Womens Hallie Suede/Leather Mule Clog Slip-on Shoes Taupe Size 7 MSalvatore Ferragamo Womens Shoes Pumps Heels Brown Leather Suede Work Size 7.5 BI love Baltimore Ravens Canvas Sneakers Size US Bradford Exchange NFL , Nike revolution running shoes size 8.5 us new with box , Karhu Men's Size 8 Fast 5 Running Shoes F100134 Gray GreenConverse All Star 70s Hi Space Pack 150873C Winter White Men Size US 11 NEWAdidas NMD_R1 Primeknit Mens Shoes Core White/Multi Color bw1126 , Adidas Originals Nmd_R2 Mens Running Trainers Sneakers BY2500adidas Originals Girls' EQT Support ADV C Sneaker, Black/Turbo Fabric, 3 M US Li , 9D, Mens Leather Cowboy Boots Black Slip On Pointed Toe White Double Band StitchPOINTY JUSTIN ROCKABILLY BOOTS USA DISTRESSED RANCH WORK BOOTS 8 D , Dr. Martens Woolwich Women's Slip-On Casual Shoes Black Canvas 15823001 Sz6-9 LLos Altos Men's 3X Toe Genuine Ring Lizard Pull Up Leather Cowboy Western BootsConverse Jack Purcell Lifestyle Cork Tumbled Leather Low Shoe 147574C Size 10.5Cole Haan ZeroGrand Wingtip Oxfords Pewter Grey Mens Shoes C14025 Sz 8M - 1273 , Nike Air Force 1 HI SP Riccardo Tisci Givenchy Men Sz 5.5 /Wmn Sz 7 [669919-200] , Merrell Mens All Out Blaze Sieve Comfortable Closed Toe SandalsNew Balance Women's 514v1 Cross Trainer Phantom/Classic Gold 11 B USNike WMNS Roshe One women lifestyle sneakers rosherun NEW ember glow 844994-800 , Vans Classic Slip On (Velvet) Oxblood/Black Women's 7Kenneth Cole New York Women's Tyler Sneaker , NATURALIZER BROWN WOMENS FASHION BOOTS SZ8 M , Eden Adisson, Bottes Classiques femme, Noir, 38 EUùùùùùùùùùùùùùù , SPERRY Top Sider Stella Prow Black Suede Wedge Ankle Boots Women’s 7M NEW ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Muck Moss Boot's Unisex Camp Edgewater Camp Shoe Size Moss Boot - Mens Size 11/ Womens Size 12 4a6ff1c -

    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.

    Muck Moss Boot's Unisex Camp Edgewater Camp Shoe Size Moss Boot - Mens Size 11/ Womens Size 12 4a6ff1c -

    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
    Muck Moss Boot's Unisex Camp Edgewater Camp Shoe Size Moss Boot - Mens Size 11/ Womens Size 12 4a6ff1c
    Athletic Shoes