Never miss an update

Mens Shuttle Black mogochinese-25501 Style Leather by Chelsea Style Boots by Base London 54f5e29

Item specifics

New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Material: 100% Leather Sole: Synthetic
Style: Chelsea, Ankle Boots Lining: Synthetic/Textile
UPC: Does not apply Brand: Base London
Never miss an update

Mens Shuttle Black mogochinese-25501 Style Leather by Chelsea Style Boots by Base London 54f5e29 -

    Mens Shuttle Black mogochinese-25501 Style Leather by Chelsea Style Boots by Base London 54f5e29
    Mens Shuttle Black mogochinese-25501 Style Leather by Chelsea Style Boots by Base London 54f5e29
    NEW DARK COLLECTION 5524 Derby Boot TaupeNew Mens Motor Punk Pointy Toe Metal Buckle Rock Shoes Handsome Ankle Boots CoolFORMA BOOTS TOURING MOTORRAD BLACK SZ 38-48 TRACK RACE PROTECTIONSMr/Ms LYNX RUNNING SHOES SIZE UK12 excellent quality Stylish and fun Various latest designsNobrand Ankle Boots Leather Suede Men's Shoes Brown Np 79 NewFreddy Krueger Nightmare on Elm ST Black Grey MENS Black Sole Martin BootsLa Redoute Collections Mens Leather Ankle Boots Brown Size 45 (10 To 10.5) , NEW MORENA GABBRIELLI D26206 Men's Zip Boot BlackVillains Dr Facilier Voodoo Ray Black MENS Martin Boots Disney Princess Frog , shoes high desert boots boots Dueffe man shoes men leather black new new 42 , Jack Skellington Nightmare Before Christmas MENS Martin Boots Disney Tim Burton , Urban Classics Unisex Zipper High Top Shoes , Villains Cruella De Vil 101 Dalmatians MENS Martin Boots . Disney Villains , Amblers Steel FS132 Pull On Boot / Mens Boots (FS571) , FORMA WOMEN'S SHOES LADY TOURING ROOKIE PRO MOTORRAD BLACK/FUCHSIA SIZE 36-42 , FORMA BOOTS URBAN DERBY MOTORRAD BLACK SIZE 36-48 BLACK WATERPROOF WATERPROOFMens MCATESCW158 Pull On Ankle Boot By Catesby , Igi&Co 86843 mens shoes taupe ankle boots casual comfort Made in ItalyNobrand Ankle Boots Groom 41 44 Black Leather Men's Shoes Np 159 NewJTHM Nail Bunny Johnny The Homicidal Maniac Black MENS Black Martin Boots , Invader Zim Dog Suit Gir Robot Ship - Cupcake - MENS Martin BootsKoil Men's Chelsea Boots Ankle Boots Shoes 40 41 46 Black Leather Np 239 NewMENS DICKIES CLEVELAND SAFETY WORK BOOTS SIZE EU45 HONEY STEEL TOE FA23200 , Banana Republic Paxton Suede Crepe-Sole Work Boot sz 9.5 US RRP$250 worn once , MENS DICKIES CLEVELAND SAFETY BOOTS SIZE WORK BROWN LEATHER FA23200Brandit Men's Shoes Phantom Boots 3 EyeMens fashion pointed toe punk hairdresser shoes formal dress shoes size 37-46 UK , NEW MORENA GABBRIELLI D26206 Men's Zip Boot Tan , Men/Women La Redoute Collections Mens Leather Trainers Quality products Comfortable touch classic style
    Mens Shuttle Black mogochinese-25501 Style Leather by Chelsea Style Boots by Base London 54f5e29 ->Mens Shuttle Black mogochinese-25501 Style Leather by Chelsea Style Boots by Base London 54f5e29 -
    Kenneth Cole Maci Slip On Ankle Boots 420, Sahara, 8.5 US / 39.5 EU , Skechers Street Women's Double up-Zip Tall Ankle BootieAuthentic BCBG MAXAZRIA: Brown, Leather, Tall Boots w/ Snakeskin Sz: 10M $680 , Stuart Weitzman Demiswoon Over The Knee Women's Boots Black Size 8.5 MBrand New Nike SB Zoom Janoski Mens Casual Skateboard Shoes Gym US 11 , ADIDAS MENS ICON 4 GREY CARBON TRAINERS SHOES 2018 **BEST SELLERAnimal Men Eazy Open Back Slippers, Blue Total Eclipse Navy , 8 EU , Womens Bow Patent Leather Oxfords Loafers Low Heel Casual Pumps Flats ShoesBHLDN 8.5 GIGI FLATS RHINESTONE MESH SATIN LEATHER MISCHKA BRIDAL $185 EUCMan/Woman Trotters Women's Harlowe Pointed Toe Flat superior cheapest Outstanding function , Women's Shoes Clarks Vendra Bloom Classic Suede Pump Wedges 20154 Black *New* , Cole Haan 'Bethany' Leather Pumps-Women's size 6.5B Silver , OMBELINE PARIS Womens US 8.5 - 9 Black Suede Leather Zipper Ankle Boot Heels 40Aerosoles Henna strappy sandals memory foam white 3.75 " heels sz 8.5 Med NEW , Skechers Parallel Bob N Weave Womens Wedge Sandals White/Silver 8.5 , ECCO Womens Shape 75 Modern Dress Pump /7-- Pick SZ/Color. , ASICS GEL-Nimbus 19 Running Shoes, Men's Size 10, Grey/BlackReebok Men's Print Run Smooth Ultk Shoe - Choose SZ/ColorNIKE AIR MOC ULTRA BR PALE GREY TART OFF WHITE 902777 002 SZ 10 , Gentleman/Lady Reef Voyage (Khaki) Men's Boots fashion Excellent performance TRUEMens New Balance Shoes Sneakers Trainers New Size 9.5 ML574ALG 574Man's/Woman's Adidas NMD_R1 S31510 Size US 9.5 Modern technology discount Known for its excellent quality , Caterpillar Men's Valor Steel Toe Dark Shadows Suede Work BootsClarks 26116899-009 Mens Gosling Walk M- Choose SZ/Color.Hugo Boss Solid Brown Leather Oxford Dress Shoes, Men’s US shoe size 9, Medium , New With Tag TECNICA Hornet Low GTX GORE-TEX Hiking Shoes Grey Sz 8 , Nike Lunarepic Flyknit Womens 818677-101 White Black Athletic Shoes Size 7Botte femme haute simili cuir style cavalière entièrement fourrée!Womens Pointy Toe Ankle Boots Faux Suede Mid Chunky Heel Shoes Pull On Size 5678PAUL GREEN Handmade Black Leather Ankle Bootie Boots Cap Toe Shoe Women 7 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mens Shuttle Black mogochinese-25501 Style Leather by Chelsea Style Boots by Base London 54f5e29 -

    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.

    Mens Shuttle Black mogochinese-25501 Style Leather by Chelsea Style Boots by Base London 54f5e29 -

    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
    Mens Shuttle Black mogochinese-25501 Style Leather by Chelsea Style Boots by Base London 54f5e29