Never miss an update

$398 COLE HAAN COUNTRY F8828 FULL EQUESTRIAN-RIDING GRAIN LEATHER COLE EQUESTRIAN-RIDING COUNTRY BOOTS 91/2 B 8924d8a




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 were and show wear and residue underneath the toe/heel as well as cosmetic imperfections such as natural and store created scuffs that occasionally occur during the manufacturing or delivery process.The original shoe box is missing as are the original packaging materials (such as the original COLE HAAN store tag), However these boots will be packaged within a shipping or non brand specific shoe box.The department store tags are NOT attached. No fit/function issues.”
Modified Item: No US Shoe Size (Women's): US 9.5/UK 7.5/EU 40
Sub-Style: Buckle Material: Leather
Pattern: Solid Width: Medium (B, M)
Color: Caramel/Light Brown/Butterscotch Theme: Festival
Occasion: Casual, Outdoor Fastening: Slip On
Brand: Cole Haan Features: Buckle
Country/Region of Manufacture: Brazil Toe Type: Round Toe
Style: Riding Boots Heel Type: SEE BELOW
Heel Height: Low (3/4 in. to 1 1/2 in.) UPC: Does not apply
Never miss an update

$398 COLE HAAN COUNTRY F8828 FULL EQUESTRIAN-RIDING GRAIN LEATHER COLE EQUESTRIAN-RIDING COUNTRY BOOTS 91/2 B 8924d8a - blurrypron.com

    $398 COLE HAAN COUNTRY F8828 FULL EQUESTRIAN-RIDING GRAIN LEATHER COLE EQUESTRIAN-RIDING COUNTRY BOOTS 91/2 B 8924d8a
    $398 COLE HAAN COUNTRY F8828 FULL EQUESTRIAN-RIDING GRAIN LEATHER COLE EQUESTRIAN-RIDING COUNTRY BOOTS 91/2 B 8924d8a
    VINTAGE DUNHAM HIKING MOUNTAINEERING WELT BOOTS WOMEN'S 7.5 8 MADE IN ITALYDolce Vita Tana Anthracite Suede Block Heel Boot Shoe Size 8 New (KM)AWESOME > Muck Boots Womens Arctic Apres Cuffed Faux Fur Black Spruce BRAND NEW , Pikolinos Verona Womens Comfortable Boots Made In Spain , ARIAT BOOTS EQUESTRIAN CHELSEA LEATHER ZIPPER CAPTOE 57401 Womens Size 8.5B , Women's Durango Harness Boot RD510 Size 6.5Brand New WITTNER "Whitney" Waxy Tumbled Wedge Booties Tan Size 10 (Aus 9) , EUC CORSO COMO Women Riding Boot Brown Leather Tall Knee High Size US 7 MTEVA DE LA VINA ANKLE SUEDE BLACK OLIVE BOOTS BOOTIES SIZE US 6.5 WOMENS NEWFRYE 77515 pull on ENGINEER motorcycle BOOTS size 8Free People X Faryl Robin Grayson Distressed Natural Leather Ankle Boots 8 , TEVA DE LA VINA ANKLE SUEDE BLACK BOOTS BOOTIES SIZE US 11 WOMENS , Slate Green Fly London Zip-Up Ankle Boots with Brown Rubber Heels 6.5 37 , Free People X Coconuts By Matisse Vegan Lambert Boots Tan Size 6.5 Women , $109 LUCKY BRAND LK-GALLEY FRINGE BRINDLE OILED SUEDE TAUPE ZIP UP BOOTIE 10 M , Donald J Pliner Signature Knee High Boots Size 9 N Brown Gunmetal Heel , EUC 1937 Footwear Madewell 52551 Olive Green Suede Wedge Ankle Boots US 8 $248New Nine West Womens Black Leather Knee Boots 4.5 MWomen Patent Leather Bead Chunky Block heel shoes Square toe Ankle boots Pull On , Bare Traps Tommy Black Buckle Wide Calf Detail Riding Boot NEW , CLARKS Women's Faralyn Rise Boot - Choose SZ/Color , Flamingo 891 Black Vegan Suede 8" High Heel Platform Shoe With Ankle Cuff 5-12 , La Canadienne Black Leather Zip Heel Ankle Fashion Boots US 7.5 M Style 20888 A9 , Sam Edelman Womens Size 6 Tall Riding Boots Black Leather Suede Zip PatriceJeffrey Campbell Deanne Brown Leather Strap Chunky Square Toe Moto Boots SZ 8 , Bottes Genoux Talons Compensés SAN MARINA Cuir Noir T 39 TBE , Mia Brown Leather Boots To The Knee, Women’s Boots, Size 7M , Bottes MANFIELD Made in Italy Tout Cuir Marron T 38 TBELucky Brand Emily Women's Fashion Ankle Leather Boots Booties Black ,
    $398 COLE HAAN COUNTRY F8828 FULL EQUESTRIAN-RIDING GRAIN LEATHER COLE EQUESTRIAN-RIDING COUNTRY BOOTS 91/2 B 8924d8a - blurrypron.com>$398 COLE HAAN COUNTRY F8828 FULL EQUESTRIAN-RIDING GRAIN LEATHER COLE EQUESTRIAN-RIDING COUNTRY BOOTS 91/2 B 8924d8a - blurrypron.com
    VERSANI WOMEN'S 2326 ANKLE BOOTIES BROWN NAPPA LEATHER US SIZE 5.5 MEDIUM (B, M)Alexandra Neel Black Suede Over The Knee Heeled Boots Size 40 , Sergio Rossi AV6816 003 A94NG Sandals Women's White AUTory Burch Chelsea Red Ballet Flat Shoes Size 8 Logo Charm Bow Leather , Prada Loafers Flat Shoes Blue Patent Leather Size 5 NIBBlack T-Bar Synthetic Engraved Surface Ladies Heeled Sandals with Robust Heel , pointy toe ankle bridal shoes 2018 women's weddings spring rhinestone A665Sexy retro pin up girl style platform 6" Mary Jane pumps , Made in Italia Platform Pumps green Suede & Patent Size 35 us 4.5 new , Klogs Women's Vista Platform Pump Black KPR Style 0325Lugz Shoes FMF Turbo Nubuck Leather Wheat/White Sneakers Size 6.5Nike KD Trey 5 V (Red / White) Kevin Durant [897638-600] Mens Basketball 8-13Airwalk Brock Skate Shoes Mens Black/White Skateboarding Trainers SneakersPuma Men's Running Sneakers Tsugi Apex Glacier Gray White 366090-04 , ADIDAS PROPHERE DB1982 BLACK RED DS SIZE: 8Nike Barkley Posite Max PRM White QS Foamposite 588527-100 Mens Size 10 NEWNIKE AIR FOAMPOSITE PRO ALL STAR 'SWOOSH PACK' 2018 Men's Basketball ShoesMens Real Buttercup Crocodile Western Hornback Leather Cowboy J Toe Rodeo BootsTimothy-Oliva Leather by Monticello Shoes (Size 7) , Mens Magnanni black leather stylish oxfords dress shoes size 10.5 W , NIKE FLEX SUPREME TR 5 shoes for women, Style 852467, NEW, US size 7.5 , 828- Mocassins hommes Velours Noir Church's 70/41 Excellent , New Balance FuelCore Sonic Running Shoes - Women's Size 7B - Black/White , Customized Dog Print (White/Black) Running Shoes For Women Designed By Karin JanAdidas EQT Racing ADV Womens CQ2157 Ash Blue Tint Knit Running Shoes Size 6.5Rialto Womens Crystal Closed Toe Mid-Calf Fashion Boots Brown Size 9.0 5wXLWomen's Chunky Block heel shoes Square toe Side zip Patent Leather Ankle boots X , Womens Joules Wellibob Winter Rubber Waterproof Ankle Boots Wellington US 5-10New Women Warm Ankle Boots Pointed Toe Grey Black Platform Fashion Suede Shoes , Rock & Candy Women's Danlea Snow Boot Black Faux 8 M US ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    $398 COLE HAAN COUNTRY F8828 FULL EQUESTRIAN-RIDING GRAIN LEATHER COLE EQUESTRIAN-RIDING COUNTRY BOOTS 91/2 B 8924d8a - blurrypron.com

    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.

    $398 COLE HAAN COUNTRY F8828 FULL EQUESTRIAN-RIDING GRAIN LEATHER COLE EQUESTRIAN-RIDING COUNTRY BOOTS 91/2 B 8924d8a - 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
    $398 COLE HAAN COUNTRY F8828 FULL EQUESTRIAN-RIDING GRAIN LEATHER COLE EQUESTRIAN-RIDING COUNTRY BOOTS 91/2 B 8924d8a
    Boots
    >
    ;