the hartlaub 's duck ( pteronetta hartlaubii ) is a dark chestnut-coloured duck of african forests .

formerly included in the paraphyletic " perching duck " assemblage , it was later moved to the dabbling duck assemblage .

however , it is fairly distinct from the " typical " dabbling ducks , and is placed in the monotypic genus pteronetta to reflect this .

analysis of mtdna sequences of the cytochrome b and nadh dehydrogenase subunit 2 genes suggests that it belongs into a very distinct clade — possibly a subfamily of its own — together with the blue-winged goose , another african species of waterfowl with uncertain affinities .

hartlaub 's duck is resident in equatorial west and central africa , from guinea and sierra leone east through nigeria to south sudan , and south to gabon , congo and zaire .

this bird is named after the german naturalist gustav hartlaub .

hartlaub ' s duck

nobody uploaded sound recordings for hartlaub ' s duck ( pteronetta hartlaubii ) yet .
the hartlaub ' s duck ( pteronetta hartlaubii ) is a dark chestnut - colored duck that was named after the german naturalist gustav hartlaub .
hartlaub ' s duck are found in equatorial west and central africa , from guinea and sierra leone east through nigeria to sudan , and south to gabon , congo and the democratic republic of the congo ( formerly zaire ) .
equatorial w africa from guinea to ghana and from nigeria e to south sudan and s to w uganda , s drcongo and n angola .
carboneras , c . & kirwan , g . m . ( 2018 ) . hartlaub ' s duck ( pteronetta hartlaubii ) . in : del hoyo , j . , elliott , a . , sargatal , j . , christie , d . a . & de juana , e . ( eds . ) . handbook of the birds of the world alive . lynx edicions , barcelona . ( retrieved from urltoken on 9 july 2018 ) .
only members are able to post public comments . to make the most of all of hbw ' s features , discover our subscriptions now !
this is a large duck with a black bill , reddish brown eyes and dark yellow - brown legs . the head and upper neck are black with variable white on forehead . the neck , breast , and belly are a rich chestnut brown and the tail , rump , and upper wing an olive - brown .
however , the foods that we traditionally feed them at local ponds are utterly unsuitable for them and are likely to cause health problems down the road . also , there may be local laws against feeding this species of bird - so it ' s best to check on that rather than facing consequences at a later stage .
austin , g . birds of the world . new york . golden press , inc . , 1961 . gotch , a . f . birds - their latin names explained . uk . blandford books ltd . , 1981 . johnsgard , p . ducks , geese , and swans of the world . lincoln . univ . of neb . press , 1978 . scott , p . a coloured key of the wildfowl of the world . slimbridge , england . the wildfowl trust . 1988 . todd , f . s . natural history of waterfowl . san diego , ca . ibis publishing co . , 1996 . urltoken = spchtmdetails . asp & sid = 411 & m = 0
html public
- / / w3c / / dtd xhtml 1 . 0 strict / / en
urltoken
thank you for taking the time to provide feedback on the iucn red list of threatened species website , we are grateful for your input .
del hoyo , j . , collar , n . j . , christie , d . a . , elliott , a . and fishpool , l . d . c . 2014 . hbw and birdlife international illustrated checklist of the birds of the world . volume 1 : non - passerines . lynx edicions birdlife international , barcelona , spain and cambridge , uk .
o ' brien , a . , harding , m . , malpas , l .
justification : this species has an extremely large range , and hence does not approach the thresholds for vulnerable under the range size criterion ( extent of occurrence < 20 , 000 km2 combined with a declining or fluctuating range size , habitat extent / quality , or population size and a small number of locations or severe fragmentation ) . despite the fact that the population trend appears to be decreasing , the decline is not believed to be sufficiently rapid to approach the thresholds for vulnerable under the population trend criterion ( > 30 % decline over ten years or three generations ) . the population size may be moderately small to large , but it is not believed to approach the thresholds for vulnerable under the population size criterion ( < 10 , 000 mature individuals with a continuing decline estimated to be > 10 % in ten years or three generations , or with a specified population structure ) . for these reasons the species is evaluated as least concern .
pteronetta hartlaubii has a widespread distribution in mali , guinea , sierra leone , liberia , côte d ' ivoire , ghana , nigeria , sudan , cameroon , central african republic , equatorial guinea , gabon , congo , democratic republic of congo , uganda and angola .
the total population has been estimated to lie between 26 , 000 and 110 , 000 individuals ( wetlands international 2006 ) . from the limited information available , it would appear to be locally common in central africa , west to nigeria , being most numerous in cameroon , gabon , the congo and drc ( callaghan and green 1993 , scott and rose 1996 ) . in west africa , it has apparently suffered major declines and is now very scarce , with perhaps fewer than 1 , 000 individuals remaining ( scott and rose 1996 ) . trend justification : the overall trend is suspected to be decreasing ( wetlands international 2006 ) .
the species is found in forested areas , in particular in secluded marshes and pools within dense , swampy , lowland tropical evergreen forest and gallery forest . it is also found along small rivers and streams in well - wooded savanna areas , and is recorded from salt pans in congo and cameroon ( f . dowsett - lemaire and r . dowsett in litt . 2005 ) . it requires areas of open water such as large rivers or lakes on which to moult ( madge and burn 1988 ) . the species is sedentary throughout its range and only local movements have been recorded ( scott and rose 1996 ) . it is likely to breed between august and november , although this is not certain as no nest has ever been found in the wild ( scott and rose 1996 ) . the species is normally encountered dispersed in pairs or small groups during both the breeding and non - breeding seasons , but it is known to aggregate into larger flocks ( > 30 birds ) on open water whilst undergoing moult ( madge and burn 1988 ) . the species generally feeds nocturnally ( kear 2005b ) , its diet consisting of aquatic invertebrates ( insects , arachnids , crustaceans and molluscs ) , seeds and roots ( f . dowsett - lemaire in litt . 1999 , del hoyo et al . 1992 ) . no nest has ever been found in the wild , however observations from captive populations suggest that nest sites are most likely to be in tree holes and hollow trees or occasionally on the ground amongst dense cover ( madge and burn 1988 , kear 2005b ) .
the primary threat to this species is habitat loss due to forest destruction ( scott and rose 1996 ) . other threats include hunting , increases in slash - and - burn cultivation , water pollution from mining and poison - fishing , and hydrological changes owing to logging ( holbech 1992 , holbech 1996 , w . r . j . dean in litt . 1999 ) . however , in cameroon and nigeria , it appears to survive even in very disturbed areas ( p . hall in litt . 1999 , m . languy in litt . 2000 , h . rainey in litt . 2003 ) and the central africa populations are not considered to be threatened ( f . dowsett - lemaire and r . dowsett in litt . 2005 ) . the species is hunted and traded at traditional medicine markets in nigeria ( nikolaus 2001 ) .
to make use of this information , please check the < terms of use > .
sometimes placed in genus cairina . individuals from ne drcongo with extensive white on head were formerly considered a geographical race , albifrons , but amount of white found to be individually variable . monotypic .
56–58 cm ; male 925–1140 g , female 770–805 g . blue wing patch is diagnostic in flight , making species unlikely to be confused with any other widfowl . male . . .
vocalizations include quacking “ko - ko - ko - ko” or “kakakakarr” in flight , conversational “whit - whit - . . .
secluded marshes and pools in dense , swampy tropical evergreen forest and small rivers and streams . . .
mostly aquatic invertebrates ( insects , arachnids , molluscs , crustaceans ) and some vegetable matter ( seeds , roots ) . reported to be mainly a . . .
no nests ever found in wild , but breeding thought to occur during rainy season with pairs probably territorial year - round ; evidence of . . .
mainly sedentary throughout range , with only local movements recorded , e . g . in se liberia becomes . . .
not globally threatened ( least concern ) . formerly considered near threatened . population e of dahomey gap , which is more widespread and presumably larger , estimated at 10 , 000 . . .
only subscribers are able to see the bibliography . login or subscribe to get access to a lot of extra features !
get access to the contents of the hbw including all species accounts , family texts , plates , audiovisual links , updates and related resources .
also available : 2 - year subscription package : 55 . 90 € ( instead of 59 . 90 € ) 3 - year subscription package : 82 € ( instead of 89 . 85 € )
supporting members help us to develop and update the project more quickly and to reach more people by keeping prices down .
view more information , tracking references to their source ( when available on the internet ) .
also available : 2 - year subscription package : 82 . 5 € ( instead of 89 . 9 € ) 3 - year subscription package : 122 . 5 € ( instead of 134 . 85 € )
there is a registration fee of 20€ . this is a one - time only fee when you become a subscriber of hbw alive . you won’t pay it again as long as you renew your subscription before it expires .
if you represent an organization or institution , click here for more information on institutional subscriptions .
this map displays aggregated data from ibc and my birding ( anonymously ) ; markers do not indicate precise localities .
hbw alive contains information on descriptive notes , voice , habitat , food and feeding , breeding , movements , status and conservation plus a list of bibliographical references for this species account .
no flash player has been set up . please select a player to play flash videos .
josep del hoyo , lars petersson , jacqueserard , jonathan , tomasz doroń , phil gregory , markus lilje , éric roualet , claude velter , frédéric pelsy , arthur grosset , marvinhyett , jan harteman .
this species has an extremely large range , and hence does not approach the thresholds for vulnerable under the range size criterion ( extent of occurrence < 20 , 000 km2 combined with a declining or fluctuating range size , habitat extent / quality , or population size and a small number of locations or severe fragmentation ) . despite the fact that the population trend appears to be decreasing , the decline is not believed to be sufficiently rapid to approach the thresholds for vulnerable under the population trend criterion ( > 30 % decline over ten years or three generations ) . the population size may be moderately small to large , but it is not believed to approach the thresholds for vulnerable under the population size criterion ( < 10 , 000 mature individuals with a continuing decline estimated to be > 10 % in ten years or three generations , or with a specified population structure ) . for these reasons the species is evaluated as least concern .
recommended citation birdlife international ( 2018 ) species factsheet : pteronetta hartlaubii . downloaded from urltoken on 09 / 07 / 2018 . recommended citation for factsheets for more than one species : birdlife international ( 2018 ) iucn red list for birds . downloaded from urltoken on 09 / 07 / 2018 .
sonogram images © xeno - canto foundation . sonogram images share the same license terms as the recording they depict .
for more than 50 years , we have been a leading theme park and entertainment company delivering personal , interactive and educational experiences that blend imagination with nature and enable our guests to celebrate , connect with and care for the natural world we share .
these birds are not well studied ; in fact , as of the late 1990s no wild nests had ever been found .
as with other ducks , males are called drakes , females are hens , and young are ducklings .
this species is completely dependent on well - forested areas . accordingly , loss of forest habitat is the main threat to these ducks .
all content and images © sylvan heights bird park unless otherwise credited . please click here for photo requests .
sylvan heights bird park is a 501 ( c ) ( 3 ) nonprofit organization .
html public
- / / w3c / / dtd xhtml 1 . 0 transitional / / en
urltoken
myavibase allows you to create and manage your own lifelists , and produce useful reports to help you plan your next birding excursion .
there are more than 12 , 000 regional checklists in avibase , offered in 9 different taxonomies , including synonyms more than 175 languages . each checklist can be viewed with photos shared by the birding community , and also printed as pdf checklists for field use .
there are a few ways by which you can help the development of this page , such as joining the flickr group for photos or providing translations of the site in addition languages .
howard and moore 4th edition ( incl . corrigenda vol . 1 - 2 ) :
you must be logged in to view your sighting details . to register to myavibase click here .
avibase has been visited 263 , 296 , 819 times since 24 june 2003 . © denis lepage | privacy policy
ducks generally feed on larvae and pupae usually found under rocks , aquatic animals , plant material , seeds , small fish , snails and crabs .
to survive cold winters and remain healthy when food is scarce in their environment .
please note that feeding ducks and geese makes them dependent on humans for food , which can result in starvation and possibly death when those feedings stop . if you decide to feed them , please limit the quantity to make sure that they maintain their natural ability to forage for food themselves - providing , of course , that natural food sources are available .
the articles or images on this page are the sole property of the authors or photographers .
; however , mistakes do happen . if you would like to correct or update any of the information , please
throughout history , crows , ravens and other black birds were feared as symbols of evil or death . …
please note : any content published on this site is commentary or opinion , and is protected under free speech . it is only provided for educational and entertainment purposes , and is in no way intended as a substitute for professional advice . avianweb / beautyofbirds or any of their authors / publishers assume no responsibility for the use or misuse of any of the published material . your use of this website indicates your agreement to these terms .
all ranks domain kingdom subkingdom phylum subphylum superclass class subclass infraclass superorder order suborder infraorder superfamily family subfamily tribe subtribe genus subgenus species subspecies variety group ( polytypic ) group ( monotypic ) species split life sp . ssp . intra - specific hybrid interspecific hybrid intergeneric hybrid species pair
all records ( accepted , rejected , pending ) . to filter / search please enter a phrase . e . g . to filter rejected records , type rejected into the search box , all columns can be filtered .
have you seen something interesting ? click submit to share your rare bird sightings via our simple form .
© 2018 birdguides , warners group publications plc . all rights reserved . company registered in england no . 2572212 | vat registration no . gb 638 3492 15


thliptoceras caradjai is a moth in the crambidae family .

it was described by munroe and mutuura in 1968 .

it is found in china ( jiangsu , zhejiang , fujian , jiangxi , guangdong , guangxi , hainan , guizhou ) .

the wingspan is about 20 – 22 mm .

the ground colour of the wings is yellow , with a sinuate antemedial line and a fine postmedial line on the forewings .

thliptoceras caradjai

confused by a class within a class or an order within an order ? please see our brief essay .
to cite this page : myers , p . , r . espinosa , c . s . parr , t . jones , g . s . hammond , and t . a . dewey . 2018 . the animal diversity web ( online ) . accessed at https : / / animaldiversity . org .
disclaimer : the animal diversity web is an educational resource written largely by and for college students . adw doesn ' t cover all species in the world , nor does it include all the latest scientific information about organisms we describe . though we edit our accounts for accuracy , we cannot guarantee all information in those accounts . while adw staff and contributors provide references to books and websites that we believe are reputable , we cannot necessarily endorse the contents of references beyond our control .
this material is based upon work supported by the national science foundation grants drl 0089283 , drl 0628151 , due 0633095 , drl 0918590 , and due 1122742 . additional support has come from the marisla foundation , um college of literature , science , and the arts , museum of zoology , and information and technology services .
eol content is automatically assembled from many different content providers . as a result , from time to time you may find pages on eol that are confusing .
to request an improvement , please leave a comment on the page . thank you !
html public
- / / w3c / / dtd xhtml 1 . 0 transitional / / en
urltoken
species pyrausta vanalis ( c . felder , r . felder & rogenhofer in c . felder , r . felder & rogenhofer , 1875 )
popular : trivia , history , america , television , tv , usa , world , geography , . . . more


grey sovereign ( 1948 – 1976 ) was a british thoroughbred racehorse and sire .

as a racehorse he was a successful sprinter but not a champion , recording his biggest success when he won the richmond stakes as a two-year-old in 1950 .

his career was compromised by his difficult and unpredictable temperament .

after his retirement from racing he became a successful and influential breeding stallion .

grey sovereign

had been before him , grey sovereign was a racehorse with a lot of ability and a lot of quirks . ( grey sovereign ' s dam
close up of grey sovereign ' s head . look at all the hardware !
grey sovereign , a
brilliant , but hot tempered
racehorse and leading british sire in 1958 and 1961 . | grey sovereign | pinterest | horse and race horses
urgent request ( ire ) , the other grey sire listed is by the bay blushing groom sire rainbow quest and from obscura , a grey daughter of the grey sovereign grandson caro .
dark grey political world map with light grey background and white labels of sovereign countries and larger dependent territories . simplified map . south sudan included .
vector - dark grey political world map with light grey background and white labels of sovereign countries and larger dependent territories . simplified map . south sudan included .
smadoun is one of many excellent stallions to descend from grey sovereign via fortino . he is thus part of an impressive collection of good sires , even if they are arguably eclipsed by the band of stallions to have descended from grey sovereign via
byland was inbred to grey as he was by khan bahadur , a three - quarter brother to the dam of grey sovereign ' s sire nasrullah , being by blenheim and from the flying mumtaz mahal , a grey mare by the tetrarch .
if kong , a handy english sprinter who at four won the feature wokingham stakes at ascot already carrying her first foal , a grey filly , had been brown the world would have missed out on a powerful grey dynasty descending from grey sovereign .
the two strongest links in the chain of greys in more recent years have been through grey sovereign ' s grandsons caro ( by fortino ) and kalamoun ( by zeddaan ) . they were very much like grey sovereign physically and have been prepotent for this down the line .
dark grey political world map with light grey background and . . royalty free cliparts , vectors , and stock illustration . image 50074640 .
kalamoun has gone on to be a major force as a source of greyness and the grey sovereign physical qualities , in particular through kenmare and kalaglow .
retro 70s print disco shirt ( sovereign ) : 70s - sovereign - mens light grey background acetate nylon blend button cuff longsleeve button up front print disco shirt with darker grey , navy blue and peach leaf and floral print throughout . large fold over collar , single patch pocket and square hemline . tall fit .
sovereign press delivers digital online printing convenience . register or log - in here :
trainer ruth carr is considering options at home and abroad for stable star sovereign debt .
his sire zeddaan was the result of the mating by the aga khan of grey sovereign with the grey vareta , a daughter of the grey sprinting influence vilmorin . the latter sire ' s grey colouring derived along the bottom line of his pedigree for five generations and entered the breeding through the fifth dam ' s sire grey leg . he was by pepper and salt , a horse described as a roan who also went back to alcock ' s arabian but from a different branch to the tetrarch .
caro ' s stock have had a propensity to be big coarse horses , as were some of the stock of sovereign path , where as kalamoun , a horse with nine greys in the first three generations , had more of the refinement of grey sovereign .
70s - sovereign - mens light grey background acetate nylon blend button cuff longsleeve button up front print disco shirt with darker grey , navy blue and peach leaf and floral print throughout . large fold over collar , single patch pocket and square hemline . tall fit .
from his base at derisley wood stud on the southern outskirts of newmarket , grey sovereign enjoyed a magnificent stud career , siring several horses who achieved significantly more on the racecourse than their father had done . three of his grey sons proved to be very influential stallions (
kong , the mainstay of the grey colouring through her son grey sovereign , an ireland sired son of nasrullah who won eight races and threw others away by refusing to run , had four other winners including his three - quarter brother nimbus , a bay nearco english derby winner .
the grey colouring has had one of its strongest eras for the past 100 years through grey sovereign , a sire who had numerous grey sons and grandsons do well here in the 1960 - 80s era . the best of them were the very successful new zealand importations one pound sterling ( gb ) and sovereign edition ( ire ) and the australian used raimondo ( fr ) , royal yacht ( gb ) , corinto ( gb ) and royal rocket ( gb ) .
great story - - but don ' t forget to credit the photographers for their work ! the photo of grey sovereign was taken by eclipse award winning photographer , barbara livingston . thanks !
a former colleague of mine , alan yuill walker , looked into the history of the gray / grey in a book called grey magic , published in 2005 by highdown . the dust cover enticed readers by declaring that “grey magic is a unique book , because the grey thoroughbred is a unique phenomenon , whose origins cannot fail to inspire any connoisseur of racing and breeding .
i suspect , though , that if the greys are to flourish in britain and ireland it will be via dark angel , whose fee rose to €60 , 000 this year . this very good stallion–still only 11 years old–already has several grey stallion sons at stud , with the prospect of more to come from his higher - priced crops . his first four dams are grey , with the fourth dam headland being a grand - daughter of grey sovereign , by sovereign path .
“remarkably all ninety - four of the famous horses featured in grey magic derive their grey coats from master robert , an otherwise relatively obscure racehorse . that this grey line of inheritance can be traced irrefutably to this particular source is due to two facts : firstly that any grey must have at least one grey parent ; and secondly by virtue of the meticulous records of heredity maintained down the years by messrs . weatherbys , compilers and publishers of the general stud book .
congo , a grey winning half - sister to grey sovereign , produced byland , a tough english sprinter who raced until he was seven - years - old and who was afterwards imported to stand at george ryder ' s woodlands stud in the hunter valley , meeting with moderate success .
a good class european two - year - old and winner at three of the french two thousand guineas - gr . 1 , kalamoun also had five generations of grey names on the bottom line , his great grandam rivaz , being a sister to nasrullah , the sire of grey sovereign .
in addition my babu , the sire of milesian , the maternal grandsire of kenmare , was from perfume , a grey daughter of badruddin , a grey three - quarter brother to mumtaz begum .
sovereign protection scheme guarantees are offered by remedial contractors who have been vetted by sovereign . only when we are satisfied that they are capable of carrying out work to a consistently high standard do we allow contractors to apply to become sovereign approved contractors . regular site visits ensure that standards of workmanship and customer care are maintained .
the grey sovereign line is no longer the height of fashion anywhere - but , as kendel star and others from the line are still proving , one doesn ' t need to be fashionable to sire nice horses .
the other subsequently corrected error in kalaglow ' s pedigree was only a minor one and was four generations back . it related to the description of kong , the dam of kalaglow ' s paternal great grandsire grey sovereign .
as i mentioned earlier , tapit owes one of his grey lines to mahmoud , winner of the 1936 derby . this acts as a reminder that the future of the grey arguably looks less bright in britain than in north america . no grey has managed to win britain’s premier classic since airborne in 1946 and there has been no grey winner of the 2 , 000 guineas since mystiko in 1991 . however , the irish 2 , 000 guineas winner mastercraftsman is a grey , as are his st leger - winning son kingston hill , who joined him on the coolmore roster this year , and his prix du jockey - club winner the grey gatsby .
grey sovereign was bred to be very good . two years before producing him , kong had bred nimbus , who won the derby in 1949 . the pair were more than merely half - brothers , nimbus being a son of nasrullah’s sire
the other grey sires like dash for cash get their colouring as descendants of grey sovereign . one of these is dyslexia , a powerhouse looking son of kenmare ( fr ) standing at stephen and karen irwin ' s riverslea farm , wybong , hunter valley . he is a half - brother to gold brose , a dashing two - year - old in australia and a good new zealand sire .
short - term sovereign bond yield trend ( jan — mid july 2016 ) . notice the phenomenon of nirp . ( source : zerohedge )
was a top - class sprinter , as he showed when he won the prix de l’abbaye de longchamp as a three - year - old in 1962 , ridden by yves st - martin in m . dupre’s livery of ‘grey , pink cap’ . he sired some very good grey sprinters including no mercy , who himself sired a grey prix de l’abbaye winner ( gentilhombre ) . however , his best son
misty morn ' s dam grey flight was a grey mare bred on a cross of two greys , being by the 1936 english derby winner mahmoud and having greys as her first three dams . the third one was by roi herode , the sire of the tetrarch .
the male line descending from grey sovereign–who owed his coat colour to a descendant of the tetrarch–flourished for a long time , especially in france , and still has a few notable flag - bearers in france , led by kendargent ( plus another in the u . s . in mizzen mast ) .
the grey colouring which is symbolic of the grey sovereign influence came to his maternal grandsire through his dam princess herodias . she received it from her dam queen herodias , a mare by one of the most famous greys in thoroughbred history , the tetrarch . the first three sires on the tetrarch ' s top line were greys and his grandsire le samaritain was from clementina , a sister - in - blood to carbine ' s dam mersey .
a prominent queensland source of winners from use at the lyndhurst stud , warwick , canadian silver has a bay sire and a grey dam in cheerily . her colour is derived from her sire drone , a sir gaylord product with a grey dam and grandam with the latter being by mahmoud .
the rule in thoroughbred breeding is that every grey must have a grey parent , either male or female and any that appear exceptions to this are accepted as being due to an error in recognition , but the results of the mating of two greys may produce a foal of another colour . on top of this 99 % of the grey horses of today appear to descend from alcock ' s arabian ( also known as mr pelham ' s grey arab ) , a sire imported to england in the early 18th century and whose dominant extension today is through the tetrarch , a 19th generation descendant .
grey sovereign ( gb ) gr . h , 1948 { 6 - f } dp = 22 - 8 - 10 - 2 - 0 ( 42 ) di = 5 . 00 cd = 1 . 19 - 22 starts , 8 wins , 2 places , 1 shows career earnings : $ 26 , 357
this tough mare , a winner of ten of her 34 starts , was the product of a mating between two greys ( something not guaranteed to produce a grey ) . her sire , the axe , was by the derby winner mahmoud , who owed his grey colour to mumtaz mahal’s daughter mah mahal .
sovereign has a team of technical advisors throughout the uk , and together with our csrt ( certificated surveyor in remedial treatments ) and cssw . . . read more
“it seems that everyone loves a grey racehorse . not only is this the first publication of its kind devoted to famous greys over the last one hundred years , but it also reveals the astonishing truth that each and every one can trace his or her grey colour back to an irish stallion foaled early in the nineteenth century .
( source : miao di , mcmaster university , department of mathematics & statistics , april 20 , 2005 , p . 5 , “pricing sovereign bonds” , ( pdf ) )
as many as five of the 13 runners for the gi belmont s . were described as grey or roan and team grey promptly monopolized the first three places , with creator owing his victory over destin and lani partly to having horses with plenty of stamina as the sires of his first two dams . his game display came just two hours after the gi metropolitan h . , in which frosted , another grey son of tapit , had blitzed the opposition . following frosted home at a respectful distance was anchor down , yet another grey son of tapit , and we also saw two greys fill the places behind the explosive flintshire in the gi woodford reserve manhattan s .
that was fascinating . thanks for the compiling all those tid - bits . has anyone ever heard of a bad standardbred stallion ? i love grey sovereign - he looks mellow in the photo but the hardware shows his potential . my mother met war admiral in the 40 ' s and she said he was very sullen and quick to anger .
one of the best sons of kenmare as a racehorse and sire has been the france bred grey highest honor , a source of six group i winners and of the grey royal ascot coventry stakes - gr . 3 winner and irish two thousand guineas - gr . i second verglas ( ire ) , another of the sires in stallions .
in today’s mathematically - inverted financial ecosystem , a sovereign bond issued by an insolvent nation commands a viceroy - level price while wielding a yield implying a negative risk of default .
the source of adraan’s speed is easy to identify , as he was an archetypal product of the aga khan’s studs in the era when hh aga khan iii’s dictum of “speed , speed and more speed” still held sway . along the bottom line of his pedigree he came from hh aga khan iii’s brilliant foundation mare mumtaz mahal ( gb ) ( the tetrarch { gb } ) , ‘the flying filly’ from whom so many of the stud’s champions have descended . along the top he came from the line of mumtaz mahal’s outstanding grandson nasrullah ( gb ) ( nearco { ity } ) via the 1950 richmond s . winner grey sovereign ( gb ) . the grey sovereign line has yielded many great racehorses and stallions over the years–usually short - distance horses , often grey and sometimes feisty–and is best represented nowadays by uncle mo ( indian charlie ) as well as the aforementioned kendargent .
a steady decline in sovereign bond yields even to the point of breaching the zero bound in the eu , switzerland and japan ( i . e . negative interest rates or nirp ) ;
, winner this spring of the ramornie handicap at grafton and the group two caulfield sprint on caulfield cup day . in an honest career , kendel star proved a worthy representative of the grey sovereign line : fast , very tough , and grey . all told , he proved a redoubtable campaigner in melbourne for several seasons , winning nine races between 1000m and 1700m and recording several stakes placings , the best of which was his second place in the group two bill stutt stakes over 1600m at moonee valley as a spring three - year - old in 1993 , splitting
this brings us neatly to tapit , who owes his grey colour to the mares in the bottom line of his pedigree . his first four dams– tap your heels , ruby slippers , moon glitter and foggy note– were all registered as grey or roan , but it is his fourth dam , foggy note , who supplies the links to some of the famous names mentioned above .
silver song , the dam of foggy note , descended from a line of grey mares , namely beadah , beauty spot , spotted beauty ( who was registered as a strawberry roan ) and silver beauty . silver beauty , in turn , was by stefan the great , a grey son of the tetrarch . in other words , foggy note had two distant lines to the tetrarch .
“by far the greatest number of contemporary greys have the tetrarch , a horse who might so well have been gelded as a youngster , as an essential link in the often precarious grey line of inheritance… . ”
so , at the bottom of the mob structure are currencies involved in foreign exchange ( forex ) like carry trades . in this base layer , daily forex volume is around usd 5t and is leveraged 100 to 300 : 1 by large trading firms . sovereign bonds are denominated in these forex currencies and derivatives are referenced to and reflect changes in forex and sovereign bond properties such as interest and exchange rates . all of this is fiat based .
their are nearly 300 sires shown in the 2005 edition of ' stallions ' the annual bible for each australian breeding season published at the australian bloodhorse review office , but only five of these are grey in colouring .
this reputation has been gained for the quality of its products and also for the support and care offered under the sovereign protection scheme guarantee . since 1976 over half a million satisfied property owners are testimony to the effectiveness of the scheme .
following his racing career , sovereign dancer entered stud in 1980 at the oaks in ocala , florida . he moved to lane ' s end farm in kentucky in 1986 and was buried at the farm after his death from laminitis in 1994 .
in assessing the creditworthiness of a sovereign , some have focused on its debt - service capacity . that is , the probability of default is linked to the sustainability of external debt and to problems associated with short - term illiquidity or long - run solvency . among the macroeconomic variables that are likely to affect a sovereign’s ability to service its debt ( and the expected direction of the effect ) are : current account to gdp , terms of trade , reserves to imports , external debt , income variability , export variability , and inflation .
one of europe’s largest telecom companies used to declare that “the future is orange . ” well , judging by events at belmont park three days ago , the future of the thoroughbred could well be gray ( or grey if–like me , you are in europe ) .
what becomes the go - to “flight to safety” asset when everyone is panic selling what was considered for decades “flight to safety” assets like us treasury bonds ? understand : sovereign bonds become radioactive , anti - collateral in this once - in - a - lifetime collapse of the mob .
like many * nasrullah’s , grey sovereign was at times a handful . his temperament may have compromised his racing career , but he nonetheless won the important richmond stakes at goodwood and also placed in the coventry , challenge and nunthorpe ( sweep ) stakes . he ran only through the end of his four - year - old season and retired at the end of 1952 . from that time forward , he enjoyed full books of mares almost immediately at derisley wood stud , newmarket , where he stood as the property of mr . j . k . measures .
sovereign dancer was bred to be a champion but was anything but on the race course in france and north america . given a chance at stud because of his pedigree , he redeemed himself , siring two american classic winners , an american champion and a multiple european highweight as the highlights of a
everybody loves a grey and swettenham stud new boy puissance de lune ( ire ) is about as ‘picture book’ as you can get . however don’t be fooled by those dapples , the striking entire is no rocking horse and his turn of foot would make even the best sprinters jealous .
tapit is clearly going to play a leading role in furthering the spread of greys , in much the same way that unbridled’s song and el prado have done . of course not all of tapit’s stallion sons ( or daughters ) are eligible to pass on the grey gene , as tonalist and tapizar are bay and trappe shot and tapiture are chesnut . however , there are also young grey sons of tapit standing in kentucky , new york , maryland and florida and there are surely more to come in the forms of creator and frosted . other young possibilities include cupid and mohaymen .
) . grey flight herself was a juvenile stakes winner and is a half sister to just - a - minute ( by can ' t wait ) , dam of 1950 del mar futurity winner patch ( by dogpatch ) , 1956 las flores handicap winner on the move ( by mafosta ) and 1953 la jolla handicap winner threesome ( by dogpatch ) . grey flight is also a half sister to planetrix ( by ambiorix ) , dam of the minor stakes winner son duke ( by marcador ) and second dam of grade ii winner soft victory and grade iii winner he ' s vivacious .
secret savings is bred on a cross of a bay sire over a chestnut mare by another bay sire but has two lines of grey in six generations , one provided by the dam of my babu , the maternal grandsire of damascus , and the other by misty morn , the fourth dam of secret savings .
yuill walker recorded that master robert , foaled in 1811 , raced for three seasons and won ten times , mainly at the curragh . master robert became the sire of drone , the champion sire in ireland in 1834 , and drone in turn became the principal son of master robert in perpetuating the grey coat colour . but what was the source of master robert’s own grey coat ? yuill walker found that master robert descended through an unbroken line of seven mares to the stallion crab , bred in lincolnshire in 1722 . crab became champion sire in 1748 , ’49 and ’50 and apparently no grey stallion emulated him as champion sire until the tetrarch in 1919 . as i noted in my review of marcel’s pedigree in october last year , the tetrarch unfortunately showed a marked lack of interest in sex and consequently sired only 130 foals , headed by the 2 , 000 guineas winner tetratema , who was to become champion sire , and that legendary filly mumtaz mahal .
kong was always described through her racing career as being brown rather than her true colour , grey . the greyness , a colour she inherited from her sire baytown , did not make its presence apparent until after she finished racing and the alteration was not notified to the keepers of the stud book for some years afterwards .
( a son , of course , of the aforementioned never bend ) in an epic race for the eclipse . like his father , caro became an excellent stallion , responsible for plenty of good grey horses . he spent the first six years of his stud career in france before becoming part of the ‘brain - drain’ to the usa ( along with , among others ,
back to the big picture : the preceding forensic analysis of equities was part of the equation in determining the worth of sovereign bonds : business is the engine of gdp vis - à - vis a country’s creditworthiness and assessing long - term , structural corporate earnings performance is integral to that end . now for a closer examination of “gdp” in the us as another part of the same equation .
spence bay , known for giving john henry a run for his money and a stakes winner was a complete tyrant , very studdish and attacked people for being anywhere near him . i was one of his victims . it was rumored he had been bred before coming to race in the us . but , his temperament got worse with time , that even stabled in a caged stall and muzzled didn ' t stop him from his wild aggressions . at stud , he was a failure - - probably because his evil nature was difficult to manage and his offspring inherited it . he is descended from grey sovereign , on the above list . i believe his ruthlessness was caused by canned anger developed and caused by breeding during his racing career , mishandling and his own firey bloodlines .
throughout history all financial bubbles have the same fate — they collapse . to say this will not happen “this time” is foolish because the scale of the sovereign bond bubble’s overvaluation metrics is currently nearly twice that of the dot com bubble’s stature and is continuing to inflate as nirp and zirp expand raising aggregate bond prices to higher and higher historical highs and taking equity and real estate asset classes along for the ride :
by a remarkable coincidence dash for cash , the first top grade performer by secret savings ( usa ) , the sire of 2005 ajc breeders ' plate winner super savings , the first winner to be ' zapped ' in the mounting yard prior to performing his task on the racecourse , has a horse close up in his breeding who obviously played a big role in his production including his grey colouring who had two maternal ancestors who raced initially under wrong descriptions .
but when gdp is deconstructed into qualitative as opposed to quantitative components , an argument can be made that relative to an assessment of sovereign bond creditworthiness that effective gdp growth is less than advertised . in stealth mode in the background , health care has become an 800 - pound gorilla that is measured and valued as a positive contribution to gdp in the face of an overall decreasing gross gdp growth rate but should it count as a positive factor contributing to a us treasury bond’s creditworthiness ?
when it comes to stocks , investors have concrete metrics on how to value the worth of a company ( e . g . the market capitalization of apple is usd 600b ) . but what about sovereign bonds ? what is the market cap of the us ? this is a difficult question and without at least a ballpark number it is impossible to assess the relationship between risk and return . mostly that is left up to the credit rating agencies previously mentioned . but is that wise ?
he is in the dash for cash pedigree through his unraced daughter gulet ( gb ) , a grey mare who died after producing four successive foals , all greys . the first three were bred by michael willesee ' s trans media park stud , the one at cootamundra , nsw now owned by the inghams and called woodlands , and were the stakes winners rubidium ( by rubiton ) and salvitate ( by snippets ) and the minor winner gulistan ( also by rubiton ) .
the greys also had an impact out here in that period through the success of the sire sons of palestine , a grey horse who got his colour from his dam una , a daughter of tetratema , a son of the tetrarch . among the palestine sires were pakistan ii ( gb ) , a leading australasian sire from use in new zealand , epistle ( gb ) , in his time the sire king of north - western nsw , and coeur volant ( gb ) .
the mob ( the interconnected hierarchy of three layers : { currencies ⇋ bonds ⇋ derivatives } that is interconnected to the world’s banking and market exchange networks ) is the biggest financial bubble in history and unless interest rates go lower ( they haven’t been lower in 500 years ) we are in the musical chairs phase of the mob’s lifespan , the eerie point in time when the music stops and the chairs vanish in a new york second . because the sovereign bond market is the underlying reference asset ( with currencies undergirding the bonds and with forex trade volumes of usd 5t per day and at up to 300 : 1 leverage… ) for much of the world’s total derivative exposure ( and in the case of us treasury bond , well they benchmark everything ) , a bond collapse ( a rapid increase in yields… ) is both functionally and structurally the detonator for the entire derivatives network which notionally exceeds usd 1q . in other words , the achilles heel of the global financial system is a sustained , high - volume , sovereign bond selloff .
it is crucial to explain why this extraordinary phenomenon is happening because it is the fuse that will detonate the mob . please remember , the entire rationale for addressing the financial ecosystem ands its extant species ; the abcs of sovereign creditworthiness and providing a simple but unassailable argument why the us , eurozone and japan are hopelessly insolvent ; and the chronology , buildout , and vulnerabilities of the mob’s architectural hierarchy of currencies , bonds , and derivatives is to transform a previous black swan into a gray one for all to see as plainly as the innocent child did in the emperor’s new clothes .
smadoun eventually retired to haras des sablonnets down in his native south - west . a big , strong grey horse who stayed 2400m well and who was as tough as they came – as his record of 16 wins and 20 minor placings from 63 starts suggested – he held plenty of appeal to breeders in that part of the world whether they were aiming for flat or jumps races . his racing record spoke for itself , and it was not really relevant that he did not come from a notable family – especially as his family was a popular one in the area .
many folk seem to question why bother to breed from a stallion that can be aggressive . answer is simple in as much as if you are breeding a coloured horse , then you can pick and choose . however , in the case of racehorses , who would throw out the likes of woodman and ribot because of their temperament ? as tb stallions get older , their temperament may deteriorate but it may be their latent aggression that made them so effective on the track . cadoudal was no saint but one of the greatest jump sires of all time . some of his mares were nasty but his geldings were well behaved . cyborg was a tartar but he was a very good jumps stallion . pivotal can be rough with his mares but what a sire he has proved to be . if you did not breed from all the stallions that can be aggressive , you would lose a large part of the gene pool and some of the very best genetic material for producing race horses . would anyone seriously suggest that grey sovereign should not have been used at stud or dynaformer ? the list is endless and there are many excellent stallions past and present whose manners are far from impeccable .
this intelligence briefing is going to present an argument that it is unwise to trust the credit rating agencies in regard to assessing sovereign debt creditworthiness and valuation . the basis of this argument will be a simple ( but not too simple ) common sense construction of what creditworthiness means and will be supported by data that is true beyond a shadow of a doubt . nothing will be cherry picked to make this case , a fruitful rebuttal is not possible . at the end of the presentation it will be clearly apparent that the gap between assumed value and actual value are not only unbridgeable but also disjoint and divergent . that presentation is next .
in assessing the creditworthiness of a nation ( i . e . the default risk of a sovereign bond ) , examining growth rates ( the “top - line” ( revenue or gdp ) and “bottom - line” ( earnings or taxes ) ) is only part of the equation . current and future liabilities and their rates of change also need assessment ( i . e . is the debt being paid off or is it increasing ? is debt [ greatly ] increasing while income potential is decreasing ? … ) . once you look at assets , liabilities , income and their rates of change you get a first - order approximation of a reasonable credit limit and concrete evidence of default risk .
japan experienced a “lost decade” in the 1990s after their asset bubble burst . the us since 2007 has had its own lost decade , especially with two - thirds of younger worker’s lives being put on hold indefinitely . in terms of sovereign bond creditworthiness , what is the impact of the next generation of workers sitting on the couch — unemployed — on global competitiveness , tax revenue and gdp during the tenure of a 30 - year treasury bond issued in 2005 ? richard bolles’ the three boxes of life in 1981 posited that the american dream’s game plan was : [ education → career → retirement ] . that thesis has been crushed in the aftermath of the 2008 housing bubble crash :
how has the investment community responded to nirp ? a global adaptive response by bond investors ( i . e . those whose business models and survival depend on yield , not bond price appreciation ) has been a chronic and massive migration into a kaleidoscope of fixed - asset instruments such as investment grade ( ig ) , emerging market ( em ) , high yield ( hy ) , real estate investment trusts ( reits ) , and dividend funds ( stocks that pay a yield — “dividends” — like bonds ) , etc . to the tune of greater than usd 1 . 1t since qe began because qe + bond traders turbocharged the downward move in g - 7 sovereign bond yields to zirp / nirp . these instruments also have corresponding derivatives linked to their interest rates which are benchmarked by g - 7 bond interest rates . :
thought experiment : if the gross annual gdp growth rate were increasing at 3 % with health care contributing 5 % overall and the rest of the economy at - 2 % [ 5 + ( - 2 ) = + 3 ] , is that a positive impact on the country’s creditworthiness to payback its debts or is that a negative impact ? what does it mean ? judgement of qualitative versus quantitative factors is a much deeper question than is presently realized and cannot be answered by an economist with a spreadsheet : the health prospects of a nation’s constituents is a profound and complex problem that is integral to sovereign creditworthiness especially given the time horizon of 30 - year treasury bonds . credit agencies sidestep the growing elephant in the room — gdp is gdp , numbers are numbers . this entire mini - argument on healthcare showcases why the concept of gdp is deeply flawed . senator robert f . kennedy raised this question in a broader , more philosophical context in 1968 which is even more true today almost 50 years later :
perhaps the most impressive start to a european stud career in recent years was made by kendargent ( fr ) ( kendor { fr } ) . while that admirable grey horse did not come up with any group 1 winners in his first crop ( in fact , he has yet to sire one ) he over - achieved ( and is still doing so ) to an extent rarely witnessed . having failed to score in stakes company in his three - season racing career , he retired to stud with no fanfare whatsoever , covering tiny books at a fee of €500 . the percentages from his first - crop of 2 - year - olds were almost unimaginably good . from a crop of 19 foals , he sired seven juvenile runners and four juvenile winners , two of whom scored in pattern company . kendargent’s career has continued in similar vein and , having started to cover big books of good mares at a five - figure fee in 2014 , it is surely only a matter of time before group 1 success ensues .
doctype html public
- / / w3c / / dtd html 4 . 01 transitional / / en
nimbus ( gb ) b . h , 1946 { 6 - f } dp = 12 - 12 - 10 - 2 - 4 ( 40 ) di = 2 . 64 cd = 0 . 65
to date a single haplotype has been found in contemporary samples from family 6f . it is the same haplotype found in families 6b and 6d . see equine genetic genealogy and deep - rooted anomalies .
2º challenge stakes 1 . 200m 3º : national breeders ' produce stakes leading sire of 2yo ' s in britain , 1958 and 1961 . leading sire of 2yo ' s in france , 1967 . retired from stud duty in 1972 . died in 1976 . ( close )
color : gr ( gb ) 22 - 8 - 2 - 1 , $ 26 , 357 . won : richmond s . 2nd : nunthorpe stakes , challenge stakes 3rd : national breeders produce stakes retired to stud 1953 . leading sire of 2yr olds 1958 and 1961 . sired the unbeaten champion three year old nimbus . died in europe 1976 . de 306 / 06 / 41125 / 48 ( close )
the eight - year - old , formerly trained by the late dandy nicholls , has been in tremendous form since joining carr this season , winning the all - weather mile at lingfield on good friday , the bet365 mile and sandown and the diomed stakes at epsom .
he was only fifth in the summer mile at ascot last month , but carr is hoping he can secure further riches in the coming weeks .
he ' s in great form and we ' ve a few options coming up for him ,
said the stillington - based trainer . .
there are two races at york , the strensall stakes over a mile on the saturday and the seven - furlong race on the friday ( city of york stakes ) , which is actually worth a lot more money .
we ' ve also given him an entry in turkey . it ' s a group two over a mile ( topkapi trophy ) and it ' s worth proper money .
if he goes there , that will probably mean we ' ll miss york , so we ' ll see .
there are also races at haydock ( superior mile ) and leopardstown ( boomerang stakes ) , so we have plenty of options and we ' ll see how we go in the next couple of weeks .
he ' s been the horse of a lifetime for the owners , and for me .
this video is playing in picture - in - picture . click to exit .
this site uses cookies . by continuing to browse the site you are agreeing to our use of cookies .
html public
- / / w3c / / dtd xhtml 1 . 0 strict / / en
urltoken
search 123rf with an image instead of text . try dragging an image to the search box .
you must have javascript enabled in your browser to utilize the functionality of this website .
weather - chek façade cream provides a highly effective barrier to penetrating dampness . part of the company’s market leading range of remedial damp proofing and treatment products available to buy online at urltoken
we are pleased to announce that the new building and renovation product guide is now available to view in flipbook format on our website . . . . read more
flexibility is available with the choice of 10 , 20 or 30 year protection scheme guarantees for timber and damp proof courses and the introduction of a 10 year guarantee for façade treatment .
download cqc inspection report pdf 189 . 43 kb ( opens in a new tab )
requires improvement – the service isn ' t performing as well as it should and we have told the service how it must improve .
inadequate – the service is performing badly and we ' ve taken enforcement action against the provider of the service .
no rating / under appeal / rating suspended – there are some services which we can’t rate , while some might be under appeal from the provider . suspended ratings are being reviewed by us and will be published soon .
we don ' t rate every type of service . for services we haven ' t rated we use ticks and crosses to show whether we ' ve asked them to take further action or taken enforcement action against them .
there ' s no need for the service to take further action . if this service has not had a cqc inspection since it registered with us , our judgement may be based on our assessment of declarations and evidence supplied by the service .
at least one standard in this area was not being met when we inspected the service and we have taken enforcement action .
you can find out more about our information and the quality of care on the pages below .
your information helps us decide when , where and what to inspect . let ' s make care better together .
we make sure health and social care services provide people with safe , effective , compassionate , high - quality care and we encourage them to improve .
find out about events where we will be speaking or exhibiting , and see presentations we ' ve given at recent events .
when we inspect health and social care services , we give them ratings and publish reports about them – information you can use when you ' re choosing care .
new approaches to funding , commissioning and regulation needed to meet people’s . . .
stockport : cqc publishes its review of how local health and social care systems . . .
information for care providers , including guidance about regulations , how to register with us , what incidents you must notify us about and what we look at when we carry out inspections .
we monitor , inspect and regulate services to make sure they meet fundamental standards of quality and safety and we publish what we find , including performance ratings to help people choose care .
systems engineering . network theory . qualitative analysis . theoretical biology . author . previously at lockheed missiles & space co . urltoken
much has been written about financial bubbles since the dot com equity bubble in 2000 , the housing bubble in 2008 and the emergence of several bubbles in the “inflating phase” in the last several years . this intelligence briefing is going to provide deep background on the architecture of a financial bubble that has been silently inflating for over 30 years in the background but has greatly intensified since the housing bubble collapse due to extreme and sustained , global , central bank ( cb ) intervention . this bubble is the “mother of [ all ] bubbles” ( mob ) because it is monolithic with currencies , bonds , and derivatives and now is contributing to inflated asset pricing of equities and residential and commercial real estate . the mob is a global architecture mostly composed of currencies trading in high daily volume in foreign exchange ( forex ) flows such as usd , euro , yen , gbp , swiss franc and the australian dollar .
when the prices of securities or other assets rise so sharply and at such a sustained rate that they exceed valuations justified by fundamentals , making a sudden collapse likely — at which point the bubble “bursts . ”
in economic theory , market actors are assumed to act rationally but if this were true in reality there could never be a bubble : the connection between fundamental or intrinsic value and a higher price exceeding this value would rarely exhibit a transaction because it wouldn’t make sense : restraint — backstopped by logic — would dominate behavior . simply entertaining the belief that a “greater fool” will take it off your hands at a handsome profit would not outweigh the fact that the net price of the transaction exceeds the intrinsic value of the asset — risk of loss increases nonlinearly with the increasing divergence between the price paid and the value of the acquired asset just like the increasing risk of an avalanche with each additional snowflake on the pile given the divergence from stability as dictated by physical law . so , in reality , market pricing is influenced by sociological phenomena that at times becomes so powerful as to drive asset prices to ludicrous levels :
viral irrationality is nothing new , this has happened throughout history . a good example of just how delusional irrational behavior can become was at the zenith of tulip mania in 1635 :
) . a skilled craftsman at the time earned about 300 guilders a year . ” ( caption and image source :
the present day value of all these items ? nearly usd 97k ! no doubt there is a vast discrepancy between the price paid relative to the value of the asset acquired : a single viceroy tulip . unfortunately the mob rivals the price - to - value gap of this example but the consequences — if manifested — given the scale , would destroy the global economy . how did this — or any — financial avalanche risk germinate and mature ?
the following discussion of bubbles is going to differ than previous efforts because it will approach the mob bottoms - up rather than top - down while chronicling its development ( i . e . its ontogeny ) and not simplistically like the nasdaq and financial times definitions above . in the process of building the mob from the bottom - up the argument will integrate concepts of architecture , network theory , collateral , risk , markets , liquidity , belief systems , developmental biology , ecology , and sociology in layers until a new understanding of just how bubbles emerge and take on a life of their own from seemingly sound , innocent and logical elemental building blocks . the process will remind you of the strange manner that inanimate chemical elements unpredictably compose a living system due to their hierarchical architecture— [ physics → chemistry → biology → ecology ] — and it is this same intangible property that manifests as a cognitive blindside evidenced in all financial bubbles . flying under the radar , it sneaks up on you too slowly to be alarming until its achilles heel is revealed by a tail - risk event .
two primary value systems compete in the market ecosystem as two very different species : absolutism ( “investors” ) and relativism ( “traders” ) . the market ecosystem is also host to one new species and one that is not new but has become malignant : algorithmic agents and cbs , respectively .
investors : value is tethered to physical reality and the relationship is invariant , steadfast , and reproducible . warren buffett is an iconic value investor . a wise investor will not pay a pence over a well - assessed intrinsic or fundamental value regardless of real or perceived demand unless supply is structurally imperiled and the need is dear or there is information known that is not in the public domain ( “inside information” which creates an asymmetrical advantage that mitigates risk ) . due diligence erring on the side of skepticism is the calling card of the iconic investor because preservation of capital is more important than assuming risk to achieve phantom profit . unknown risk — even though impossible to articulate — is always assumed and speculation is anathema . resultantly , slow growth is an acceptable tradeoff . sustained compound interest with a core earnings engine defended by a moat is cherished and the holy grail is a universal good or service with monopoly status that is affordable by the global masses with no trade barriers .