text:
a selection of moths with extremely good names. tag yourself im saucy beauty
I couldn't help myself, here's more
I'm Chalky Bird Dropping
May 21, 2019
a selection of moths with extremely good names. tag yourself im saucy beauty
I couldn't help myself, here's more
I'm Chalky Bird Dropping
May 21, 2019
Someone on iNat tagged me asking for ID help on a stick insect after somebody disagreed with their ID of Megaphasma denticrus. I initially agreed, looks like a fat gravid mama to me. But the disagreer made some good arguments and I thought hmmmmm. I better double check. Looks like the disagreer is right and I'm wrong! Thanks babes 😘
I don't think they're expecting these. 😂
May 16, 2019
If it's in a postable format, I'd love to see your list of species you've seen in your yard!
I keep track of my species on iNaturalist, so my species count is available for anybody to look at! And when I say "list," I mean, photographs. Because I'm a scientist, and if it's not verifiable, it doesn't count 😉 The links below are organized by species, if you want to see my specific observations and photographs, click the little links for "# observations" above the organism's name and it will take you to them.
The full, unfiltered "list" only shows the top 600 before it stops loading (by design), but here it is [link]
A tiny bit of background: This list covers 0.10 acres in east Travis County, Texas (my address says I'm in Austin, but I'm not, it's a lie). My neighborhood is a housing development surrounded by agricultural land, and my house (and the development) was built starting around 15 years ago. My back yard is backed by a row of hackberry trees, and I have neighbors on either side. I bought this house in June 2016 and have been neglecting the back yard ever since, besides occasionally planting a few trees/bushes/bird feeders. I need to post some pictures of the yard over time because it's starting to look like a legitimate forest. If I ever need to sell this place, oh boy.
Protozoans [link] 1 species (so far just Dog Vomit Slime Mold, but I have two other unidentified slime molds that don't go into the numbers yet!)
Bacteria [link] 1 species (a plant disease–I need to get a microbio setup started for cultures bwahaha)
Fungi [link] 8 species (I've been slacking, I know I have more in my fridge ALONE right now)
Plants [link] 70 species (there's more, I have photos from September 2018 I haven't uploaded yet… ugh)
Animals [link] *cough* over 900 species… uh, I'll need to break that down a bit…
Vertebrates [link] 72 species (birds, mammals, reptiles and amphibians)
Annelids [link] 1 species (earthworms creep me out, sorry)
Mollusks [link] 10 species (missing my tiny little slugs!)
Flatworms [link] 2 species
Horsehair Worm [link] 1 species
Arthropods [link] 828 species. Okay….
Crustaceans [link] 2 species (pillbugs!)
Myriapoda [link] 3 species
Arachnids [link] 75 species
Insects [link] 747 species. *SIGH*
Springtails [link]1 species (not easy to find!!!
Silverfishes [link]1 species
Cockroaches and Termites [link] 11 species
Butterflies and Moths [link] 279 species
Beetles [link]148 species
Earwigs [link] 2 species
Flies [link] 58 species
Webspinners [link] 1 species
Mayflies [link] 3 species
True Bugs & Allies [link] 124 species
Ants, Bees, Wasps, & Sawflies [link] 63 species
Mantids [link] 1 species, but I saw a mating pair and the male was missing a head [link]
Scorpionflies, Hangingflies, etc [link] 1 species
Alderflies, Dobsonflies, Fishflies [link] 1 species
Antlions, Lacewings, Owlflies, Mantidflies [link] 4 species
Dragonflies and Damselflies [link] 23 species
Grasshoppers, Katydids, Crickets [link] 20 species
Stick insects [link] 3 species (but I think it should be 2, need to double check)
Stoneflies [link] 1 species
Barklice, booklice, and parasitic lice [link] 1 species
Thrips [link] 2 species
Caddisflies [link] 1 species (note: these are near-impossible to ID so I don't really spend too much time on them)
They key take-aways appear to be: MÖTH, beetles, & true bugs. Not too much of a surprise, given I do a LOT of my snooping around the yard at night, and with my UV patio light on. Best $14 I ever spent! (I got it on sale, looks like it's $20 now) [link]
Note: These species counts were accurate on the date I posted this list, April 12, 2019 at 12:47 am. The links will continue to work (oh please), but the numbers will change! They may go up as I add observations, or down as I my current observations are reclassified (happens ALL the time!).
April 12, 2019
I,,, misread nepenthens for isoetes on the last post somehow and i felt,,,, f,,,fear,,,,
fun fact there's literally no books out there showcasing all the species of isoetes in the world like u might find for other plants. if u want to know that information u gotta go digging through 89 levels of deep academia and only then may you possibly stumble upon a hit list of names.
when i was researching for my term paper on them last semester i tried to build a distribution map of all the species, but the only book i could find was a weird old cloth-bound codex (literally a codex) that i had to specially request from my uni's library storage building. after i got it i realized that 1. it…really was just deadass a list of names and ranges, 2. it was nowhere close to the exact ranges and just gave vague outdated country information with weirdly ambiguous sources, and 3. it was nowhere close to all the species known to us. the actual age of the book was hard to pin down; i want to say that it was 1970s, but it felt…….older somehow. it had quite The Energy and i quickly returned it
im sure that if u were to dig through some databases, you'd be able to find a more comprehensive list– i accidentally stumbled on a comprehensive checklist of all the hornworts in the world published by phytokeys, for instance, and hornworts are kind of in the same category of 'weird niche nonvascular plants one might glimpse for 3 seconds while hiking like bigfoot amongst the trees'– but man, why cant we just have a nice comprehensive coffee table isoetes book?
this is off topic now but i keep reading these researchers in both isoetes and hornwort papers talking about how one of the biggest challenges to new research is that nobody knows jack shit about them, and i cant help but think like….comprehensive, readable knowledge of these plants is near impossible to find? like, most of the modern papers i was reading for isoetes kept shying away from discussing the fucked up anatomy of those plants to the point where the only book i was able to find that laid it all out for the reader in a semi-understandable format was a book from the late 1960s buried in the fern section of our library? all the illustrations in it were hand drawn? i still havent been able to find a good photo of some of these structures? i got a couple high resolution scans of some of the samples from my uni's herbarium to publish on this blog, and had people literally come thank me because pics of specimens cut open to show the actual anatomy are hard as shit to find? like?
this turned into a little bit of a rant but come on lads!!! to get to know these plants u gotta go through like 93 levels of academia and know like 6 people!!! it's no wonder why nobody knows them well!!!
But seriously, when we got our property, it was all just…grass. A sterile grass moonscape, like a billion other yards. With two big old maple trees. Just grass and maples, that was it.
But then I got my grubby little paws on it, and I immediately stopped fertilizing, spraying, and bagging up grass clippings and leaves. I ripped up sod and put in flowers and vegetables. I put down nice thick blankets of mulch around the flowers and vegetables.
When I first was sweating my way through stripping sod, I saw a grand total of 1 worm and 0 ladybugs. The ground was compacted into something that would bend shovel blades.
Now, six years later, I can't dig a planting hole without turning up fourteen earthworms, and there are so many ladybugs here. Not the invasive asian lady beetles; native ladybugs. They winter over in the mulch and in the brush pile. I see thousands of them.
The soil is soft and rich. There are birds that come to eat, and bees of many sorts.
Like this is something that you, yourself, can absolutely change. This is something that you, personally, can make a difference in.
Like, last year I watched no fewer than twenty-nine monarch caterpillars grow up on my milkweed and fly away as butterflies. I watched swallowtails and moths grow. There are hummingbirds fighting over flowers now.
I did that. Me. You can do the same.
I would like to learn how to do this. Sometimes it all seems so overwhelming. I just want to find someone who can come over for a cuppa, and we can wander the yard and they can make me a plan.
Preferably a very easy to follow, doesn't take too much time every day plan.
It's not nearly so intimidating as it sounds.
You can do a whole lot of good just by not spraying your yard, not mowing it so often, and not raking up leaves and grass.
But as a certified Lazy Ass Gardener, I can tell you for 100% certain that this is attainable, and requires absolutely zero, none, nada, zilch expensive or complicated equipment.
I don't even have a plan. I just do things.
Wait so, dont mow as much, dont pick up the grass when you mow, and dont pick up leaves and your grass is healthier? my dad likes to mow the lawn every one to 2 weeks in the summer💀 what other tips do you guys have?
Yup. Those grass and leaf clippings rot down and fertilize the soil.
Grass does BETTER when it's not mown short, and gives more hiding places to all sorts of insects.
Don't spray. Let the bugs and 'weeds' live.
i have a 10'x10' piece of garden that i initially used to grow things, but i abandoned it completely and now its absolutely covered in "weeds" and i even have a volunteer shrub that makes berries! the amount of native bees and other insects i attract is incredible. and all i do to maintain it is nothing.
For reals. I have to mow my front yard (I live in an HOA… ugh), but I don't bag my clippings. I never water my yard (and I live in Texas!), but my grass is green all year. The clippings and mulched leaves keep in moisture and they're nature's fertilizer! Lizards and frogs hide under the leaves and clippings, and when you remove those, you are removing their habitat. Bugs will show up and munch on the clippings, and their waste adds more nutrients as well. I don't fertilize. I don't spray. I let nature do its thing. Even just in the front, there are bugs everywhere. I've found the tiny green sweat bees nesting in the ground under my rose bush, and the giant cicada killer wasps had a nest somewhere in my front yard last year–I couldn't find it, but they were pollinating the sorrelvine that randomly showed up and decided to climb up my oak tree (which was the host plant for the Vine Sphinx moths and the first batch of sawflies I raised!)
In the back? I planted a few things in a small garden area, and I intentionally planted three (3) trees, but I'm busy/lazy and the back yard became the paradise jungle it is when I was writing my Master's thesis after moving into this house, and I never had the heart to start mowing it. A bunch more trees decided to start growing on their own and I constantly have to murder soapberry and hackberry and elm saplings. My yard is covered in a mix of native plants and invasive bunch grass, in addition to random grains and sunflowers growing under the bird feeders. They all serve as hosts for insects.
In less than three years, I have documented almost 1000 species of plants, insects, birds, fungi, slime molds, and mammals. My yard is 0.10 acres. I have ladybugs crawling out of my ears. The larvae are pupating all over my horse skeleton!!!
So yeah. Want species diversity in your yard? Plant native plants. Are you a lazy ass like me and want species diversity? Then don't do anything, congratulations, nature still wins (just look out for all those invasives, and have fun pulling out catchweed -_-
April 5, 2019
plus catchweed, or cleavers, IS EDIBLE!!!!!! (but you must boil it for a some time so that the hooked hairs on it dont irritate your esophagus. The younger cleavers require less cooking.*)
*also some people are allergic to it, so do a skin test by rubbing on skin to see if you develop a reaction, and eat a small amount of it first
Funny Story!
I do not react to poison ivy (apparently). And I can't tell the difference between the mature vines and boxelder maple (apparently):
^ that's poison ivy
^ this is the same poison ivy
I had no idea until somebody on iNaturalist corrected my ID and asked me if I felt itchy. Pro-tip, maple doesn't have berries, dummy.
But: I am so allergic to plants in general that I can't eat most fruits and vegetables raw. I can't carve a pumpkin for Halloween without wearing gloves. When I was a teenager and my allergies were a lot worse, I couldn't sit in the grass if I was wearing shorts without getting a huge rash. When I had my first prick test at the allergist, I reacted to oregano. When the pollen count is high, I have to enter a Zen meditative state to keep from clawing my eyeballs out they're so itchy (like right now, and this is after I've taken my allergy meds). One time I went for a short spring hike, and my allergies got so bad, my throat became so swollen, and my sneezing became so powerful, that I launched out a tonsil stone I didn't even know I had (!!!).
But I can manhandle poison ivy all I want, I guess.
I wear gloves when I go out on catchweed-killing missions (I'm not joking, my entire back yard is getting overtaken with that crap), but if I'm wearing short sleeves, and it touches my bare arms? I basically want to die for the next couple hours. My arms look like I got the worse chiggers ever. It's all those damn hooks breaking my skin and letting all that pollen in!
Which reminds me, chigger season is coming! It's not getting me three years in a row, I'm PREPARED! (*change/wash your clothes and take a hot shower ASAP after wandering around in tall grasses/vegetation!)
April 5, 2019
The Official Cecropia Moth Life Cycle Post™
Buckle in kids, this one should be exciting and full of drama.
It all started with a text message. A friend out in Smithville (i.e. further out in the country than me) found some giant caterpillars:
I dropped everything to go see them. I lovingly adopted one caterpillar (who would turn out to be the female), and was also gifted with a cocoon (which held the male), one of many my friend found in her elderberry bush.
Winter came and went, the moths emerged, and got to business right away. They didn't seem to mind that they were probably siblings.
The female laid eggs.
After about 20 days, they started to hatch:
They hatched three days ago.
Which brings us up to today. Most of them are out of their eggs by now. And they have started eating. I offered them a choice. Elm (good for me, I have lots of elm), or elderberry (please no it's a baby I don't have enough elderberry for 50 cecropias please no).
Here's their little mini-home:
Elm (light green) vs elderberry (dark green)
Guess what the turds picked?
Of course.
My current plan is to grow the elderberry as much as I can (does the elderberry have favorite foods? Can I give it a ritual sacrifice? ???) and then return some of the caterpillars to the motherland when things get too ridiculous. I'm sure my friend will be super excited about that. And I can play with her bees when I visit, too!
Stay tuned (*sigh*)
March 19, 2019
Are they bigger?? They haven't started Munchathon 2019 yet, but they are warming up, for sure.
March 21, 2019
They are bigger (and turning yellow)!
They finally turned their hungry on!
Not all my eggs hatched, so my "50" is greatly exaggerated. Looks like I have 13 if no more eggs hatch. A little more manageable. I can sneak them treats from my plum tree if I need to stretch the elderberry.
March 22/23, 2019
Baby's First Molt
I just came home to find my first 2nd instar baby Cecropia! This was them this morning:
I had a feeling they were about to pop.
When they're getting ready to molt, they will put down a silk mat to hold onto with their old skin (think velcro), while they crawl out of it. Then they hold real still for a few hours while their new head squeezes out of the old one so they have a hole to climb out of.
Here is the mat of one getting ready to molt:
In some species (and for older caterpillars), it can be more obvious, but you can usually see the silk when light shines on it. Here is the same caterpillar (side-view):
The silk mat is a little more obvious here. See how he looks like a fat sausage ready to pop?! (*whispers* it's cuz he is).
March 26, 2019
So large!
I can't believe how fast they grow! Elderberry bush is still holding out.
March 30, 2019
What region are you in? I'm in the midwest myself and my cecropias aren't due to eclose until late April, and you already have third instar cats? Do you get two broods a year where you live?
Hello there! I am in central Texas (just outside Austin), and my caterpillars are still second instar. The Ladybird Johnson Wildflower Center's eggs haven't started hatching yet, so there is a variation in timing, even in my area. We do not get two broods a year, our cecropias make cocoons in late May/June and stay there until the next March.
I would like to share a great tool for tracking insect life cycles (especially if you don't know if a species of interest has two broods a year!). iNaturalist! Check it out [link]:
That graph in the lower right corner? That's a life cycle chart. Each color corresponds to a different life stage. Blue is adult moth, and orange is caterpillar. I have this graph filtered to just show data from Texas, because that's where I am, and it's clear that we only have one generation a year!
Compare that to the Polyphemus Moth [link]:
Look, two generations a year!
There is one issue with these charts, and it's that they rely on people annotating their observations in iNaturalist with life cycle information (tagging their observations as "adult" or "larva," etc). Anybody can tag observations, so when I want to know how many generations a species has, I'll go through the observations from Texas and tag them, then check out the chart. It helped me figure out when to expect my Io moths to emerge!
Good luck with your moths!
March 30, 2019
The iNaturalist community made international headlines a few weeks ago after the first hoodwinker sunfish (Mola tecta) seen in North America was shared and then identified via iNaturalist and some dedicated participants. It really is a great story that shows the power of collaboration and the importance of keeping an open (and optimistic!) mind, so I thought it would be fun to compile an oral (although in this case, written) history from the participants.
What follows are the lightly edited and condensed recollections of most of the people involved, put together as chronologically as possible. I have not heard back from all participants, but am happy to add your input if you message me.
Jessica Nielsen (Coal Point Oil Reserve): My first observation of the hoodwinker sunfish was on the morning of February 19th, 2019. A colleague, Mark Holmgren, and I were conducting the reserve's monthly bird monitoring survey at around 7:00 am and noticed a tall dorsal fin flopping about in the water about a hundred meters off of the point at Coal Oil Point Reserve. We weren't sure at the time what animal we were looking at as we couldn't see it very clearly in the water, but we assumed it was some kind of marine mammal based on the size of the fin and head. Later the same day, when a 7 foot long sunfish washed up on the beach, we realized that was what we had seen that morning.
I was alerted to the washed up fish by one of our UCSB student interns, Ruth Alcantara… Unfortunately, the fish was already dead but it was still a sight to see such a large and unusual fish up close. I took some measurements and photos and posted the finding to Coal Oil Point Reserve's Facebook page.
Daniel Spach (Wilderness Youth Project): We were about to leave Devereux that day after tidepooling for a couple hours when a couple of the kids spotted what looked like a dead seal or something in an unusual posture near the beach on the rocks. When we got over there we were stunned to find something I had never seen or heard of anyone finding on a Santa Barbara beach… a Sun Fish? It was longer than I am tall, over 7 feet I'd say, super flat and roundish, with a mouth big enough to swallow my head. All the kids gathered round and were giddily excited about it, noting the shape of the fins and eyes, making guesses as to its watery demise. Everyone seemed a bit scared to touch it though, thinking it would be slimy like most decomposing fish we'd encountered but it's skin was actually extremely hard, dense, and rough, like an ocean rhino or something.
Kittyhawk snapped a few pictures [TI: see above] with her phone. The kids all wanted to make sure their parents would get a copy of the pictures. Might be the only time any of us will encounter this fish for our lifetimes.
Jeff Phillips (@ljefe): My 10-year old son Pierce participates in the Wilderness Youth Project's after school program every Wednesday. [On] Feb 22, when I met the group to pick up my son and friends at 5:30pm, they were excited about this huge fish they had found on the beach during their afternoon outing (sometime between 2 and 4:30pm). I'm a biologist with the U.S. Fish and Wildlife Service so they knew I'd be excited about it. I had them send me the photo and with my son's help to mark the location, I posted it on iNaturalist, originally identifying it as Mola mola. I thoroughly enjoyed the ensuing discussion among tomleeturner, rfoster, and mnyegaard.
Tom Turner (@tomeleeturner): I saw [Jessica's] post and went down there with my family, because I wanted my 4 year old son to check it out. I posted it on iNat, of course, because…that is what I do. Everyone was assuming it is a Mola mola. What happened next is a classic example of iNat at its best.
Ralph Foster (@rfoster): I have an alert for Mola spp and was checking through the day's offerings when I saw what I took to be a stranded Mola tecta. I was bewildered when I realised this was in California and not in New Zealand or Australia so I tagged Marianne [Nyegaard, who described Mola tecta], asking for her input.
Marianne Nyegaard (@mnyegaard): Ralph Foster emailed me with links to iNaturalist asking if I could see what species it was, strongly suspecting it was Mola tecta. I quickly checked and thought that the fish surely looked like a hoodwinker, but frustratingly, none of the many photos showed the clavus [TI: aka what sunfishes' back "fin" is called] clearly. And with a fish so far out of range, I was extremely reluctant to call it a hoodwinker without clear and unambiguous evidence of its identity… I emailed Ralph and told him we needed more photographs and ideally a tissue sample, and posted on iNaturalist that his was probably just a Mola mola.
Ralph Foster: Since there were no diagnostic features shown, I also tagged the observer (@sealovelife) asking if there were more images available, which is when Tom directed me to his observation.
Tom Turner: By this time I was already out on the beach in the dark looking for the fish to get better photos, because what could be more fun than this? Alas, the tide had floated it away again.
Marianne Nyegaard: I then had a cup of coffee and doubt starting creeping in… I spent the next few hours obsessively zooming in on all the photos posted on iNaturalist… Some photos showed peoples' hands on the sunfish, so I used their fingernails to gauge the scale and compared the skin with my archive photos. Even though the resolution just wasn't high enough to be sure, I started convincing myself the skin at least wasn't incompatible with Mola tecta and that ….perhaps it was a hoodwinker?… But I felt I needed to be absolutely 100% sure before settling on an ID, seeing I had described the hoodwinker and would need to back up my ID with absolute certainty with a specimen so far away from home.
I woke up to an email from Jessica Nielsen saying [she and Tom] were keen to go back out and find the fish again so I sent them instructions of what to look for and photograph, and then sat on the edge of my chair with all fingers and toes crossed that they would find it.
Tom Turner: At low tide (now two days later), I started biking on the beach from the east, and Jessica started walking from the west, 2 miles apart. We met in the middle, at the fish, now a few hundred yards farther east.
Jessica Nielsen: Tom and I waited for the tide to go out, found the fish…and we got to work taking the photos and fin clips requested. It really was exciting to collect the photos and samples knowing that it could potentially be such an extraordinary sighting! Once we sent over the photos, Marianne responded very quickly.
Marianne Nyegaard: I was away from my desk most of the day, but when I checked my emails in the afternoon I literally nearly fell off my chair (which I was sitting on the edge of!). Tom and Jessica had indeed found the fish and had photographed and examined it, and taken a tissue sample. A huge amount of extremely clear photos were in my inbox and there was just no doubt of the ID. They had also examined the clavus by hand to confirm the number of ossicles, which was just brilliant. Eyes and ears and hands on the ground half a world away, wow.
Ralph Foster: If it hadn't been for Tom and Jessica's willingness to revisit and examine the specimen we would not have known with certainty that this was, indeed, Mola tecta.
Jessica Nielsen: We were all thrilled to hear the news. Mola tecta was just recently discovered in 2017 (by Marianne and her research team) so there is still so much to learn about this species. I'm so glad that we could help these researchers make the final definitive ID.
Tom Turner: iNaturalist at its best: experienced novice loops in expert who loops in the expert who then helps us learn about our find and gets info she will use in her research. And it was fun and exciting for all.
Marianne Nyegaard: Ralph Foster also alerted the University of California, who did a beach dissection and collected a large number of samples. Tissue samples will soon be on the way from California to my sister's lab in Denmark, where I do all my sunfish genetics.
So, within 24 hours after I had first been made aware of this stranding we had confirmed the ID. I just love iNaturalist and am continuously amazed by how much fun it is to "meet" passionate people all over the world
This was an amazing discovery, made possible by iNaturalist, which brought people together from all over the world (including the scientist who discovered the species!) to correctly identify this fish very rapidly.
Remember, anybody can make these kinds of discoveries. Recently, the emerald ash borer beetle (which is driving ash trees to extinction in North America) was positively identified as existing in the Dallas-Fort Worth area of Texas—the farthest west it has been documented—based on an observation a 10-year-old made on iNaturalist, which was later identified by Texas Parks and Wildlife (and other beetle experts). Because of this early detection, even though we don't yet have any known active infestations of the emerald ash borer in our part of Texas yet, we can take measures to be vigilant and spread the word that they are here to citizens, who can look out for more signs of them.
New species have been discovered based on iNaturalist observations. Plants and animals that have never before been photographed and being photographed and uploaded to iNaturalist, sometimes by regular people who have no idea what they just saw was important or noteworthy!
If you look hard enough and often enough, you will see interesting things. Sometimes they end up on the news!
March 20, 2019
Our (Bonus!) Observation of the Week is this large Thaumastus thompsoni snail, seen in Ecuador by souhjiro!
Edgar Segovia (@souhjiro) is a biologist who has a lot of interests, "mainly entomology, arachnology, carcinology and malacology, and I am also interested in aquatic biology and ecology." His curiosity with nature started at an early age, when"[I] saw as child the insects on the garden or on my school patio, and the tadpoles on the puddles around my natal city of Cuenca…and compared them with the Atlas of the Animal World, from Reader´s Digest, which was my first and favorite book." Even at at that young age, Edgar noticed detail such as the local frogs, mainly of the genus Gastrotheca, did not lay eggs like those he saw in the book.
As he grew older, Edgar was mentored by biologist Gustavo Morejon, who lent him books and showed him Universidad del Azuay's insect collection. "As a 12-something year old boy, [I] was totally fascinated with that, and that furthered my interest on following a biology career," he says. "I worked in ecological assessments with land insects, and also limnology studies in different places of my country, knowing meanwhile a lot of terrestrial and aquatic insects and macrofauna (including fish and herps) from Ecuador. Lately, I had the opportunity to spend some time at the Charles Darwin Station, and could be in contact with the insects of Galapagos Islands in the flesh (or carapace)."
Edgar saw the snail pictured above (which, he notes, has a shell about 8 cm in length) not recently but actually way back in 2004, while instructing rangers at Sangay National Park. Tasked with teaching collection techniques for herpetofauna and invertebrates, including pitfall traps, he recalls
One drizzly morning, revising the pitfalls, among the Chusquea bamboo surrounding one of the traps, a big snail appeared. [Everyone] there was very excited, and we put it on a tree trunk to photograph it. For a time, we forgot about the pitfalls (then remembered and continued). The snail received a lot of flashes while all those with cameras photographed it, and I used the opportunity to talk about our very much neglected terrestrial malacofauna to the rangers.
This was not his first time encountering Thaumastus thompsoni. In fact, in 2002 he assisted Brazilian scientist Meire Pena when she was collecting specimens in the Azuay province. This species, says Edgar, "is associated with Chusquea and mixed chaparro forest patches on Andean Cañar and Azuay, and currently is under threat of habitat destruction for cattle farming, pasture opening, and fast urbanization, but that threat is not yet assessed properly. Great thrushes eat the snails, and sometimes near rock outcroppings their emptied and broken shells are found." When he recently passed through this area, Edgar noted that the forest had regained some territory since 2004, and shells on the ground indicated that thes snails still inhabit the area.
As for iNaturalist, Edgar (above, in Plaza Sur, Galapagos), heard about it from Gustavo Morejon, his old mentor, and he says
the [iNaturalist community] accelerates the process of ID, and there are some specialists and experts on there…it motivates me to publish more observations on the web instead to keep them archived, and is even fun to stroll a walk taking pics of every interesting critter or plant in the path.
– by Tony Iwane. Some quotes have been lightly edited for clarity and flow.
I love him
(I think it's time for bed) March 14, 2019 (3:36 am)
Let me tell you a story.
Once upon a time (October 2017), I was volunteering at the intermediate school for our Junior Naturalist After-School program. We all went outside and the kids got to run around and explore the school yard around the classroom we met in. One of the kids dug around in a peppervine bush a bit, and called our attention to these things:
Look at them, aren't they perfect???
But what are they? all eyes turn to me Uhhhh well they're caterpillars! But what do they turn into? Uhhhh probably a moth??? They don't really care, they're outside running around having fun (and staring at caterpillars go nuts on this peppervine bush I mean seriously guys). Meanwhile, I pull out the iNaturalist app, it tells me it's probably the Grapeleaf Skeletonizer moth, and I tell the kids and show them a picture of the adult moth and they LOSE THEIR MINDS because check it out:
Above photo by Monica Krancevic, from iNaturalist [link]
Yes, friends, that is A MOTH. And the caterpillars look like fuzzy stripey sluggy things.
Except… Time passed. The horde of caterpillars disappears (though somehow the peppervine didn't). Spring comes. And the last day of our program (March 2018), the side of our classroom is covered in moths. But… they're not covered in Grapeleaf Skeletonizer moths. The moth in the photo above is a Grapeleaf Skeletonizer (Harrisina americana). Our moths looked like:
There is a closely related moth to the Grapeleaf Skeletonizer that doesn't have the little red scarf. It's called Harrisina coracina. That's right, it's one of the bugs that doesn't even get a common name. Interesting! I went to the internet, and looked up the caterpillars of this moth to see if they were maybe lookalikes with the Grapeleaf Skeletonizer. And! There were no photos of the caterpillars anywhere. It was enough to make me think that yes, in fact, they must be lookalikes.
Blast forward a few months to the summer (July 2018). I am dealing with VINE SPHINX MOTH DRAMA. They are eating possum grape like NO TOMORROW. I have to CLIMB A LADDER INTO A TREE AT 2 AM TO GET GRAPE VINES FOR THEM TO EAT. It's a situation. I managed to find some small vines in the back corners of my yard, and I trimmed a bit of it off. And guess who was there?
Well, hey there, strangers! I know EXACTLY who y'all are, and y'all ain't skeletonizing those grapeleaves! And better yet, I've documented two hostplants, when bugguide's best guess is "I think grape leaves?" [link]
Of course I raised them.
So precious, so sweet. "LOOK MA, I'M PUPATING!"
And in August, guess who flew out? Of course it was H. coracina.
Because I have been so stressed out/busy/all of the above, I'm just now finishing up my August uploads to iNat. So I only uploaded the adult photo in the last day or so.
In many cases, there are really only two reasons insects are studied: money (hobbies) and money (agriculture). The first reason is why you can find basically anything you could ever want to know about the life cycles of the big flashy moths and butterflies, and the second reason is why we know the basics about moths that can cause huge devastating damage to plants and crops. But oh boy there are a lot of moths out there and there just isn't enough time and money to study them all. So there are some gaps, even for species that can have notable effects on crops (I mean, these things can destroy grapevines, don't get me wrong).
So when I started posting the caterpillars and claiming that they were a species that has a gap in the scientific literature based on rearing the adult, one person bookmarked my iNat observation of my cutie little possum vine eating fuzzbutts after asking me how I knew the species. And when I finally posted the adult photo, this guy was very excited and needs to double check with the guy who wrote the caterpillar ID book, but essentially asked me to rear them again, going for complete life cycle (with eggs), and sending him the adults so he can confirm for 100% sure that my species ID is correct, and he'll co-author the paper with me.
I looked him up, guy is legit [link to his California Dept of Food & Agriculture bio page]
So uh, yeah. Unemployment looming, but I have three talks, an outreach event, research for a legit entomology paper (?!), and I'm planning to start a non-profit (for reals). At least I won't be bored?
Will post about the public talks + outreach event separately, but if you're in Austin, TX, come to the Texas Memorial Museum on UT Campus Saturday January 26!! Free Admission for Texas Wildlife Day! Me and a bunch of nerds will have fun activities relating to wildlife!
January 2, 2019
TIL there is a species of fungus that only exists in Texas and rural Japan, and is thought to have been in both places for 19 million years
via reddit.com
turns people into cowboys or samurais depending on which place you're in
That explains why cowboy movies and samurai movies are so similar.
Cowboys are Alolan form Samurai
So in Japan it's called Kirinomitake while in Texas it's called either Texas Star (because after releasing spores it's unfolded into a star shape) or the Devil's Cigar because it starts out as a long oblong mushroom but then it unfolds with an ominous hissing noise and releases a big smoky black cloud of spores.
It only grows in these two places, and people did genetic testing and a bunch of math to determine that the two populations started diverging from each other nineteen million goddamn years ago, so it's not possible for humanity to have moved it from one place to the other. They're at the same latitude, but 11,000 fucking kilometers apart not to mention the goddamn ocean in the way.
"this is only another illustration of the unusual and unpredictable distribution of many species of the fungi. It would be difficult indeed to account for it, and we merely accept the facts as they are."
So apparently it's pretty common in the mycological world to find some bullshit that can't be explained and would probably drive men mad to look at too closely, and just sort of shrug and move on with your day.
The species is also the only example of its genus.
Your daily reminder that anyone who devotes their life to studying fungi is not to be trifled with because their brain is full of things humanity was never supposed to notice.
just fucking mushrooms
Oh hey fun fact, apparently the sanctuary I do outreach at has these. I haven't seen them, but the Travis Audubon Outreach Coordinator has photographed them and had them IDed. She was telling me about them a couple weeks ago and I was like WOW I NEED TO FIND ME SOME!!!
In exchange, I told her about the magical super butterfly-attractant Lantana that was off-trail. I swear like 30 species at once on that thing it was redonkulous.
If you're in Austin, the Blair Woods Sanctuary is open to the public, dawn to dusk. It's behind The Austin Wildlife Rescue's intake center. There's a pond, and two weeks ago it was STILL swarming with dragonflies! Nice little patch of wilderness with some walking trails and rare fungi I guess.
December 12, 2018
They're out right now and iNaturalist can tell you exactly where to find them [link]. They have been found within the past couple days in Austin, and within the past week-ish in Dallas-Fort Worth. Looks like this fungi come out in the cooler months between October and April, and they grow on the stumps and rotting roots of Cedar Elms.
If you look at where these have shown up on iNaturalist historically (if you follow the link, click on the filter button in the top right and get rid of my date filter), and you will see they have a very interesting distribution pattern…
It's almost like, the spores are in the water or something 😂
December 13, 2018


text:
London, South Kensington
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Price realised
Pablo Picasso (1881-1973)
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stamped and marked 'Edition Picasso/D'Après Picasso/Madoura Plein Feu' (underneath)
fully glazed ceramic plate
16 5/8 in. (42,2 cm.) diameter
Conceived in 1948 and executed in an edition of 100.
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A. Ramié, Picasso, Catalogue de l'Oeuvre Céramique Edité 1947- 1971, Madoura, 1988 no. 35
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From time to time, Christie's may offer a lot which it owns in whole or in part. This is such a lot. Artist's Resale Right ("Droit de Suite"). Artist's Resale Right Regulations 2006 apply to this lot, the buyer agrees to pay us an amount equal to the resale royalty provided for in those Regulations, and we undertake to the buyer to pay such amount to the artist's collection agent.
Artists, patrons and critics have argued for centuries over the right way to frame a painting. Ultimately, it's a matter of personal taste, says Andrew Graham-Dixon
Harry Seymour continues his new weekly round-up of star performers from the past seven days in Christie's salerooms
Wine specialist Charles Foley tells the colourful story of a wine steeped in Burgundian tradition, ahead of a rare case being offered in London in June

subset: commoncrawl


text:
In the day one i captured the stars and was practicing with it till 5 am. Then the next day came that is March 1, 2019 and in the morning ate my breakfast at a hotel in lonavala and went on exploring it. My first visit was the lions point. I went up the hill, it was pretty adventurous travelling up the mountains and hills. I reached the lions point by 1 pm. And i took a lot of pictures out there. It was a tremendrous and a breathtaking view from there. My picture velow will show how the view will look like...
After that had my lunch and started to pawna lake. It is one of the most beautiful lake i had seen. The water was soo blue and clear. But, unfortunately i missed an opputunity to camp there as i have having only a few time left. Still i managed to take many pictures put there. You will be astonished by the view there because it was soo good to see... if you want to smell the water, breathe the pure air and let your soul fly, pawna lake is a must visit place.
This was actually an unplanned trip. Actually there was an airconditioning international exhibition at Bombay exhibition centre on 28th feb 2019. I reached mumbai by 8 am, went to the exhibition completed it by 1 pm. Then, had my lunch, had two days time so thought of exploring mumbai. By 2 pm completed my lunch and started to lonavala. I reached by 6 pm there. Actually, was so tired so searched an hotel and slept there. At early morning at 2am i wanted to take photos of the milky way, but unfortunately the moon was there so i couldn't get the picture of the milky way. Still, i managed to get the pictures of many stars. The picture is shown below. I leant a lot there shooting the stars..
By the end of day 2, we started to mumbai city by 4pm and reached mumbai by 7pm. We were searching for a good hotel in the city and finally found the townhouse oyo hotel at andheri. It was newly constructed and the hotel gave us a good quality service. We stayed at hotel till day 3 morning that is 2.03.2019 and in the morning by 10 am we left to explore the city. The mumbai city was very good to watch during the morning. Firstly, i went to the marine drive where there were lot of tall buildings view there and it was a mesmerizing view to watch. Secondly, i went to india gate, i captured an wonderful image with the pigeons there which you could see below. And at last in the evening went to juhu beach and enjoyed the sunset there. At 7 pm, i had to get back to chennai i reached the airport by 5 and by 7 the flight departed and i came to chennai. It was a great wonderful short time trip i enjoyed. And you could find all the pictures which i took below. Hope you enjoy seeing them too..


text:
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International Print Center New York
|526 West 26th Street, Manhattan, New York, USA
|International Print Center New York
International Print Center New York is a fine art prints. It was founded by Anne Coffin and established in Chelsea in September 2000 as the only non-profit institution devoted solely to the exhibition and understanding of fine art prints. IPCNY fosters a climate for the enjoyment, examination and serious study of artists' prints from the old master to the contemporary. IPCNY nurtures the growth of new audiences for the visual arts while serving the print community through exhibitions, publications, and educational programs.
In keeping with their mission to promote the greater appreciation and understanding of the fine art print, IPCNY presents a selection of new prints from emerging to established artists, made within the past twelve months, four times per year.
In addition to its New Prints shows, IPCNY organizes two additional exhibitions per season in its gallery in Chelsea, one in the fall and one in the spring. These exhibitions provide context for the New Prints shows, presenting selections of prints from other periods or cultures. The prints are borrowed from public and private collections, and guest curated by experts in the field.
Founded in 1995,[1] IPCNY has exhibited work from emerging artists to international masters, including Ed Ruscha, Kiki Smith and Frank Stella.[2]
External links
- International Print Center New York


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text: An Ashland, Wisconsin bus driver accused of sexually assaulting a child will be going to trial. A judge made that ruling during Tony Lashbrook's court appearance this week. The 52-year-old is charged with repeated sexual assault of the same child and child enticement. Lashbrook was arrested in January after a woman claimed he sexually assaulted her about ten years ago while she was between 10 and 12 years old. He'll be back before the judge in July.


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Please note: The Frank Talk articles listed below contain historical material. The data provided was current at the time of publication. For current information regarding any of the funds mentioned in these presentations, please visit the appropriate fund performance page.
- The 6 Fastest Growing Countries in Emerging Europe
- April 3, 2018
With volatility returning to domestic equities, it might be time for investors to consider increasing their exposure to foreign markets, specifically emerging Europe. As I shared with you in January, emerging Europe countries, as measured by the MSCI EM Europe 10/40 Index, finished last year up more than 20 percent, and so far in 2018, they've returned 1.17 percent, compared to the S&P 500 Index, which is down more than 3 percent.
One of our favorite ways to measure growth, whether on a macro scale or in individual markets, is by using the manufacturing purchasing manager's index (PMI). Whereas gross domestic product (GDP) is backward-looking, PMI is a forward-looking economic indicator. We've found that it can forecast productivity and manufacturing activity three and six months out with a satisfactory level of accuracy.
With that in mind, I'd like to share with you the top six fastest-growing countries in emerging Europe, based on their just-released manufacturing PMIs for the month of March. Each market's reading is currently above 50, indicating expansion, which is very good news indeed for the group as a whole. The higher the number, the faster the expansion.
We'll start with the country with the lowest PMI in the group and work our way up.
Rank Country March PMI February PMI Percent Change #6 Russia 50.6 50.2 0.8%
Russia's manufacturing sector improved a shade better in March compared to February, when it came close to giving up all momentum for the first time since August 2016. Geopolitical headwinds now threaten continued expansion, including additional international sanctions and rising tensions between the country and North Atlantic Treaty Organization (NATO) ally nations. At the same time, BCA Research recently took a positive view of Russia, saying the country's conservative fiscal policy has allowed expenditures to grow only slightly since the oil crash in 2014. Overall spending has fallen considerably, improving the deficit.
Rank Country March PMI February PMI Percent Change #5 Turkey 51.8 55.6 -6.8%
Turkey isn't just one of the fastest growing economies in Central and Eastern Europe (CEE)—it's among the fastest in the world. Last year it defied skeptics by growing its GDP an estimated 7.3 percent year-over-year, more than China and India, thanks to a surge in household and government spending. Although the country's March PMI came in lower than expected, its rate of growth is still above the historical trend, supported by greater volumes of new orders and rising output.
Rank Country March PMI February PMI Percent Change #4 Poland 53.7 53.7 0%
Poland is one of the world economy's great success stories right now. A communist nation as recently as 1989, Poland has since transformed itself into one of the fastest growing free-market economies in the euro area. This September, in fact, the Eastern European country will officially be upgraded from the "advanced emerging" category to "developed" by FTSE Russell, placing it in the same company as other high-income nations such as the U.S., U.K., Japan, Germany, and others. In March, Poland's PMI came in at a healthy 53.7, unchanged from its February reading. The manufacturing sector has now expanded for 42 straight months, a record since the series began in June 1998.
Rank Country March PMI February PMI Percent Change #3 Greece 55 56.1 -1.9%
After nearly a decade of debt woes and government mismanagement, it finally looks as though Greece is catching a break, thanks in large part to massive amounts of foreign investment. Unemployment is falling rapidly, GDP growth has been positive for the past four quarters and its manufacturing sector is in expansion mode. The PMI for the Mediterranean country posted an incredible 55 in March, with business confidence and employment growth both hitting record series highs.
Rank Country March PMI February PMI Percent Change #2 Hungary 57 57.4 -0.7%
Believe it or not, Hungary's economy could be the crown jewel among CEE nations in 2018. According to Italian investment bank UniCredit, Hungary could potentially grow its GDP 4.5 percent this year on fast net wage growth and deleveraging, which is expected to support consumption and private investment. As for its manufacturing sector, the PMI reading for March came in at 57, down a hair from its February reading of 57.4. That leads us to the fastest growing CEE nation…
Rank Country March PMI February PMI Percent Change #1 Czech Republic 57.3 58.8 -2.5%
Having posted a 57.3 PMI reading in March, the Czech Republic is currently the fastest growing nation in Central and Eastern Europe. Although the overall PMI slipped from 58.8 in February, the country is benefiting from sharp improvements in operating conditions across the value chain, including new orders and output. What's more, growth is projected to improve even more over the next 12 months. In his monthly commentary, IHS Markit economist Sian Jones says that Czech business owners are "largely optimistic in regard to the year-ahead outlook, with over half of survey respondents expecting a rise in output."
The MSCI Emerging Markets (EM) Europe 10/40 Index is designed to measure the performance of the large and mid-cap representation across 6 Emerging Markets (EM) countries in Europe. The MSCI 10/40 equity indexes are designed and maintained on a daily basis to take into consideration the 10% and 40% concentration constraints on funds subject to the UCITS III Directive. With 86 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. The S&P 500 Index is a diverse index that includes 500 American companies that represent over 70% of the total market capitalization of the U.S. stock market.
The Purchasing Manager's Index is an indicator of the economic health of the manufacturing sector. The PMI index is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment.
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.
Share "The 6 Fastest Growing Countries in Emerging Europe"
- 2018 Could be Another Knockout Year for Emerging Europe
- January 9, 2018
Domestic stocks were a great place to invest in 2017, but hopefully you didn't overlook opportunities overseas. Emerging markets had a gangbusters year, surging more than 37.5 percent with dividends reinvested, as measured by the MSCI Emerging Markets Index. A combination of rising PMIs—or the purchasing manager's index I talk so often about—and a steadily declining U.S. dollar helped emerging economies in Asia, Latin America, Europe and elsewhere eke out their best year since 2010.
This was a boon for our Emerging Europe Fund (EUROX), which crushed its benchmark in 2017.
EUROX, which invests in companies domiciled in Central and Eastern Europe (CEE) economies, beat its benchmark, the MSCI EM Europe 10/40 Index, by 2.4 percent and outperformed its main competitor, the T. Rowe Price Emerging Europe Fund (TREMX), by 4.7 percent. Throughout 2017, the fund traded consistently above its 200-day moving averages and ended the year at a three-year high.
I'm optimistic this upswing can be sustained this year, supported by low unemployment, low inflation and record manufacturing growth. The European Central Bank (ECB) has indicated that it will continue its accommodative monetary policy by keeping rates low and expanding its balance sheet some 270 billion euros ($326 billion) through the first three quarters of 2018.
EUROX Outperformed, Thanks Largely to Active Management
I can't stress enough the role active management played here. Using financial indicators such as cash flow return on invested capital (CFROIC) and low debt-to-equity, we managed to outperform the fund's benchmark and its main competitor.
Two positive contributors to fund performance last year were an overweight in Turkish stocks and underweight in Russian stocks. When screening for CFROIC, our model pointed to Turkey as having the most attractive companies on a relative basis. Our allocation was well-made, as Turkey far outperformed its CEE peers. The Borsa Istanbul 100 Index ended the year up close to 48 percent in local currency, followed by Poland's WIG20, which advanced more than 26 percent.
Again, we underweighted Russia based on our model and after factoring in overall negative investor sentiment, which really began in earnest in 2014 after the country annexed Crimea, inviting international sanctions. The ill will only intensified during and after the 2016 U.S. presidential election, and today, we see Russian stocks, as measured by the MOEX Russia Index, decoupling from Brent crude oil prices.
Historically, Russian stocks have closely tracked Brent prices, which accounted for nearly 50 percent of the federation's exports in 2016. But it seems now as if a selloff is underway as new details continue to emerge from the investigation into Russia's meddling in the U.S. election. It appears markets have mostly soured on Vladimir Putin, with the MOEC ending the year down 5.5 percent.
A good illustration of our attentive stock selection in Russian equities was our exit out of Magnit, the country's largest retailer. We dumped the stock in April after it had lost around 9 percent for the year. By the end of 2017, it had fallen a further 25 percent.
Meanwhile, we remained long Sberbank, the number one holding in EUROX. In the third quarter of 2017, the Russian bank posted a record 224.1 billion rubles (approximately $4 billion) in net profit, an amazing 64 percent increase from the same three-month period in 2016. Sberbank ended the year up more than 46 percent.
A European Manufacturing Boom Could Be Constructive in 2018
Besides a weak U.S. dollar, the real catalyst for growth in emerging European markets last year was a reenergized manufacturing sector. Take a look at the PMIs in the CEE area. All of the major economies that EUROX invests in saw manufacturing expand strongly throughout most of 2017—and that includes debt-ridden Greece, which had been a laggard in this area until recently. In December, the Mediterranean country's manufacturing sector rose the fastest since 2008. (Anything above 50 indicates expansion; anything below, deterioration.)
The PMI, unlike gross domestic product (GDP), is a forward-looking indicator. That all CEE countries are in expansion mode is good news, I believe, for the next six months at least, if not the rest of 2018.
The eurozone as a whole knocked it out of the park in December, posting a 60.6, the highest PMI reading ever in the series' two-decade history. Germany, Austria, the Netherlands and Ireland all ended the year at record-high levels, while Italy and France had their best showing since 2000.
As I've shared with you before, CEE countries have tended to benefit greatly from strong economic growth in its western neighbors, and last year was no exception. The Czech Republic and Hungary were standouts, their manufacturing sectors growing at the fastest rates on improved output, new orders and job creation. Brexit has also been a windfall for the CEE regions, as companies have moved high-quality jobs out of the United Kingdom and into Poland and other central and eastern European Union nations.
Poland Now a "Developed Economy"
On a final note, Poland was recently upgraded from the "advanced emerging" category to "developed" by FTSE Russell, effective September of this year. This will place Poland in the same company as, among others, the U.S., U.K., Japan, Germany and Singapore. The country is the first in the CEE region to receive "developed" status, and I believe the news will attract even more inflows from foreign investors.
Among the decisive factors behind the upgrade were the country's advanced infrastructure, secure trading and a high gross national income (GNI) per capita. The World Bank forecasts its economy in 2018 to grow 3.3 percent, up significantly from 2.7 percent in 2016, on the back of a strong labor market, improved consumption and the child benefit program Family 500+.
Economists aren't the only ones noticing the improvement. Young Polish expats who had formerly sought work in the U.K. and elsewhere are now returning home in large numbers to participate in the booming economy. Banks and other companies, including JPMorgan Chase and Goldman Sachs, are similarly considering opening branches in Poland and hiring local talent.
This represents quite an about-face for a country that, as recently as 1990, was languishing under communist rule.
Please consider carefully a fund's investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Foreside Fund Services, LLC, Distributor. U.S. Global Investors is the investment adviser.Total Annualized Returns as of 9/30/2017:
Fund One-Year Five-year Ten-Year Gross Expense Ratio Emerging Europe Fund (EUROX) 26.83% -3.85% -6.96% 2.33% MSCI EM Europe 10/40 Index 25.42% -11.03% -34.91% n/a T. Rowe Price Emerging Europe Fund 22.59% -2.21% -6.00% 1.75%
Expense ratio as stated in the most recent prospectus. Performance data quoted above is historical. Past performance is no guarantee of future results. Results reflect the reinvestment of dividends and other earnings. For a portion of periods, the fund had expense limitations, without which returns would have been lower. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance does not include the effect of any direct fees described in the fund's prospectus which, if applicable, would lower your total returns. Performance quoted for periods of one year or less is cumulative and not annualized. Obtain performance data current to the most recent month-end at www.usfunds.com or 1-800-US-FUNDS.
Foreign and emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk. By investing in a specific geographic region, a regional fund's returns and share price may be more volatile than those of a less concentrated portfolio. The Emerging Europe Fund invests more than 25% of its investments in companies principally engaged in the oil & gas or banking industries. The risk of concentrating investments in this group of industries will make the fund more susceptible to risk in these industries than funds which do not concentrate their investments in an industry and may make the fund's performance more volatile.
The Standard & Poor's 500, often abbreviated as the S&P 500, or just the S&P, is an American stock market index based on the market capitalizations of 500large companies having common stock listed on the NYSE or NASDAQ. The S&P 500 index components and their weightings are determined by S&P Dow Jones Indices. The MSCI Emerging Markets (EM) Europe 10/40 Index is designed to measure the performance of the large and mid-cap representation across 6 Emerging Markets (EM) countries in Europe. The MSCI Emerging Markets Index is an index created by Morgan Stanley Capital International (MSCI) designed to measure equity market performance in global emerging markets. The Borsa Istanbul 100 Index is a capitalization-weighted index composed of National Market companies except investment trusts. The WIG20 is a capitalization-weighted stock market index of the twenty largest companies on the Warsaw Stock Exchange. The Athens Stock Exchange General Index is a capitalization-weighted index of Greek stocks listed on the Athens Stock Exchange. The index was developed with a base value of 100 as of December 31, 1980. The Budapest Stock Exchange Index is a capitalization-weighted index adjusted for free float. The index tracks the daily price only performance of large, actively traded shares on the Budapest Stock Exchange. The index has a base value of 1000 points as of January 2, 1991 and is a Total Return index. The PX index is the official price index of the Prague Stock Exchange. It is a free float weighted price index made up of the most liquid stocks and it is calculated in real time. The MOEX Russia Index (formerly MICEX Index) is the main ruble-denominated benchmark of the Russian stock market.
The Purchasing Managers' Index (PMI) is an indicator of the economic health of the manufacturing sector. The PMI is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment.
Cash flow return on invested capital (CFROIC) is a calculation used to assess a company's efficiency at allocating the capital under its control to profitable investments.
There is no guarantee that the issuers of any securities will declare dividends in the future or that, if declared, will remain at current levels or increase over time.
Fund portfolios are actively managed, and holdings may change daily. Holdings are reported as of the most recent quarter-end. Holdings in the Emerging Europe Fund as a percentage of net assets as of 9/30/2017: Magnit 0.00%, Sberbank of Russia PJSC 10.71%. Holdings by region in the Emerging Europe Fund as a percentage of net assets as of 9/30/2017: Russian Federation 34.55%, Turkey 15.37%, Poland 14.5%, Greece 6.98%, Austria 4.6%, Hungary 3.3%, Germany 2.7%, Cyprus 2.25%, Czech Republic 1.38%, Canada 1.25%.
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.
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- 5 Agents of Change Investors Need to Know About Now
- November 6, 2017
The world is changing fast right now in ways that many investors might not easily recognize or want to admit. This could end up being a costly mistake. If you're not paying attention, you could be letting opportunities pass you by without even realizing it.
With that in mind, I've put together a list of five agents of change that I think investors need to be aware of and possibly factor into their decision-making process.
1. Xi Jinping
At China's 19th National Party Congress two weeks ago, Xi Jinping's political thought was enshrined into the country's constitution, an honor that, before now, had been reserved only for Mao Zedong, founder of the People's Republic of China, and Deng Xiaoping. It was Deng, if you recall, who in 1980 established special economic zones (SEZs) that helped turn China into the economic powerhouse it is today.
But back to Xi. His elevation to Chairman Mao-status not only cements his place in the annals of Chinese history but also makes him peerless among other world leaders in terms of political and militaristic might, with the obvious exception of U.S. President Donald J. Trump.
But whereas Trump has been criticized by some for setting the U.S. on a more isolationist path—shrinking the size of the State Department, just to name one example—Xi sees China emerging as the de facto global leader by 2050. To get there, his country is spending billions on the "Belt and Road Initiative" and other massive infrastructure projects, opening its doors to foreign investors, reforming state-run enterprises, weeding out corruption, investing heavily in clean energy and public transportation and expanding its middle class. And let's not forget that the Chinese yuan, also known as the renminbi, was included in the International Monetary Fund's (IMF) basket of reserve currencies in 2015, placing it in the same league as the U.S. dollar, British pound, Japanese yen and euro.
During his three-hour speech before the congress, Xi made reference to the "Chinese dream," adding that the "Chinese people will enjoy greater happiness and well-being, and the Chinese nation will stand taller and firmer in the world."
Xi has his own detractors, of course, who see China's rise as a threat to established world order. But if his vision is to be realized, it might be prudent to recognize and prepare for it now. China's economy grew a healthy 6.8 percent in the third quarter year-over-year, helping it get closer to meeting economists' target of 6.5 percent for 2017. And although manufacturing expansion slowed in October, falling from 52.4 in September to 51.6, it was still well above the 50 threshold.
Citing these indicators as well as strong medium and long-term bank lending to nonfinancial corporations, research firm BCA recommended that investors overweight Chinese stocks relative to the emerging market aggregate.
2. Poland
Besides China, another region I'm keeping my eye on is Poland. Already one of the fastest growing economies in Europe, the country was just upgraded from the "advanced emerging" category to "developed" by FTSE Russell, effective September 2018. This will place Poland in the same company as, among others, the U.S., U.K., Japan, Germany, Singapore and South Korea, the last country to have joined the club of top-ranking economies. Poland is the first Central and Eastern European (CEE) country to receive "developed" status.
Among the decisive factors behind the upgrade were the country's advanced infrastructure, secure trading and a high gross national income (GNI) per capita. The World Bank expects Poland's economic growth in 2017 to reach 4 percent, up significantly from 2.7 percent in 2016, on the back of a strong labor market, improved consumption and the child benefit program Family 500+.
Economists aren't the only ones noticing the improvement. Young Polish expats who had formerly sought work in the U.K. and elsewhere are now returning home in large numbers to participate in the booming economy, according to the Financial Times. Banks and other companies, including JPMorgan Chase and Goldman Sachs, are similarly considering opening branches in Poland and hiring local talent.
This represents quite an about-face for a country that, as recently as 1990, was languishing under communist rule.
One of U.S. Global's analysts, Joanna Sawicka, has seen the dramatic transformation firsthand. A native of Bialystok, Poland, Joanna has vivid memories of waiting in line for hours just to buy food and school supplies. After returning to the U.S. from a visit to her hometown in 2015, though, she was singing its praises:
"I saw big changes. There's now a small business on every street corner. A lot of my old friends own businesses now. Poland is the largest beneficiary of European Union funds, and people are clearly taking advantage of having more money and better opportunities."
3. Bitcoin
One of the most influential agents of change right now is bitcoin, and indeed the entire digital currency market. Cryptocurrencies are challenging underlying notions of the global monetary framework, upending the way many companies raise funds and disrupting the investment world.
All this from an asset class nobody even knew about 10 years ago.
For the first time last week, bitcoin traded above $7,000 a coin, bringing its 2017 gains to around 650 percent. Some are calling this a bubble, but I recently shared with you a chart that shows that, when placed on a logarithmic scale, bitcoin doesn't appear to have found its peak yet.
Bitcoin can no longer be called a curiosity or niche investment. Large brokerage firms and financial institutions, including Fidelity and USAA, now allow clients to use their websites to check their holdings of bitcoin and other digital currencies alongside their more traditional assets. And just last week, the Chicago Mercantile Exchange (CME) announced it will be offering a bitcoin futures contract by the end of the year, giving investors an easier way to trade cryptos.
Following the announcement, Coinbase, a leading digital currency broker, saw a record number of people opening new accounts on its platform. Within a single 24-hour period, as many as 100,000 new users opened accounts, helping to double the number of Coinbase clients since the beginning of the year.
This explosion in interest hasn't come without consequences in other markets, however. The U.S. Mint reported that this year's sales of American Eagles, the popular gold coins, have fallen to their lowest level since 2007, presumably as investors who otherwise would have bought bullion have instead put money in bitcoin as a store of value.
4. U.S. Tax Reform
It's been at least a generation at least since the U.S. has had meaningful tax reform. That might be about to change, though, as Congress and the president last week unveiled their plans to overhaul the tax code and deliver the "biggest tax cut in U.S. history," according to Trump.
This will be the biggest TAX CUT in the history of our country - and we need it! #TaxReform— Donald J. Trump (@realDonaldTrump) October 26, 2017
Read more: https://t.co/o3W9bJkz5k pic.twitter.com/JYckXWEmLu
If passed and signed, the plan would consolidate the number of income brackets, currently at seven, down to only four, while also eliminating a number of tax credits and exemptions, including the alternative minimum tax (AMT). The fourth bracket, with a rate of 39.6 percent for the nation's top earners, was added at the last minute to address concerns the new code would blow up the deficit. Many savers are no doubt relieved to learn that 401(k)s will be left alone, ending rumors that annual contribution caps would be lowered.
As for corporate taxes, the plan is to slash them from 35 percent—the highest among any country in the Organization for Economic Cooperation and Development (OECD)—to a much more competitive 20 percent. This change would be both immediate and permanent.
Right now, as much as $2.5 trillion or more in cash is estimated to be held overseas by multinational corporations to avoid having to pay the steep rate. Lowering it would allow these firms to bring profits home and reinvest them in workers, new equipment and more. It would also encourage American companies to relocate operations back to the U.S., as we saw last week with semiconductor manufacturer Broadcom.
After failing to repeal and replace Obamacare, both Congress and the president need this win if they expect voters to give them another term.
5. Jerome Powell
For the final agent of change, I'm picking someone whom some readers might not agree reflects real change. Jerome "Jay" Powell, the person Trump has tapped to replace Federal Reserve Chair Janet Yellen—assuming he gets Senate confirmation—is being described as someone who'll mostly hold to the status quo established by his two immediate predecessors, Yellen and Ben Bernanke. Powell appears to be dovish and supportive of the cautious interest rate hikes we've seen during Yellen's tenure, which will come to an end in February 2018.
There's one huge difference, however—one that likely convinced Trump a change was needed, despite his previous acclaim for Yellen's handling of the job. Whereas Yellen has expressed support for the raft of financial regulations that were introduced in the wake of the financial crisis, Powell generally seems to be in favor of deregulation, in line with Trump's own agenda. On numerous occasions I've written that our industry needs more streamlined rules and laws, so I see this as very constructive. Although Powell, as head of the Fed, won't have any policymaking authority to alter or reverse such rules, at least he'll serve as an ideological ally of Trump's.
On top of all this, Powell's appointment will set new precedent. He'll be the first Fed chair in decades not to hold an advanced degree in economics—he's a former investment banker with the Carlyle Group—and he'll also be the first in nearly as many years to replace someone before the end of their full 14 years.
In any case, I speak for everyone at U.S. Global by wishing Powell the best, once confirmed, and hope his policies can help the U.S. economy continue moving in the right direction.
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All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will be directed to a third-party website(s). U.S. Global Investors does not endorse all information supplied by this/these website(s) and is not responsible for its/their content.
The Purchasing Manager's Index is an indicator of the economic health of the manufacturing sector. The PMI index is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment.
Holdings may change daily. Holdings are reported as of the most recent quarter-end. None of the securities mentioned in the article were held by any accounts managed by U.S. Global Investors as of 9/30/2017.
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- Are ICOs Replacing IPOs?
- October 23, 2017
Last week I was in Barcelona speaking at the LBMA/LPPM Precious Metals Conference, which was attended by approximately 700 metals and mining firms from all over the globe. I found the event energizing and stimulating, full of contrary views on topics ranging from macroeconomics to physical investment markets to cryptocurrencies.
My keynote address focused on quant investing in gold mining and the booming initial coin offering (ICO) market. I'm thrilled to share with you that the presentation was voted the best, for which I was awarded an ounce of gold. I want to thank the London Bullion Market Association, its members and conference attendees for this honor.
Speaking of gold and cryptocurrencies, the LBMA conducted several interesting polls on which of the two assets would benefit the most in certain scenarios. In one such poll, attendees overwhelmingly said the gold price would skyrocket in the event of a conflict involving nuclear weapons. Bitcoin, meanwhile, would plummet, according to participants—which makes some sense. As I pointed out before, trading bitcoin and other cryptos is dependent on electricity and WiFi, both of which could easily be knocked out by a nuclear strike. Gold, however, would still be available to convert into cash.
It's a horrific thought, but the poll results show that the investment case for gold as a store of value remains favorable. Goldman Sachs echoed the idea last week, writing in a note to investors that "precious metals remain a relevant asset class in modern portfolios, despite their lack of yield." The investment bank added that precious metals "are still the best long-term store of value out of the known elements."
Metcalfe's Law Suggests Crypto Prices Could Keep Rising
This isn't meant to knock bitcoin and other virtual currencies. Because they're decentralized and therefore less prone to manipulation by governments and banks—unlike paper money and even gold—I think they could also have a place in portfolios.
Even those who criticize cryptocurrencies the loudest seem to agree. JPMorgan Chase CEO Jaime Dimon, if you remember, called bitcoin "stupid" and a "fraud," and yet his firm is a member of the pro-blockchain Enterprise Ethereum Alliance (EEA). Russian president Vladimir Putin publicly said cryptocurrencies had "serious risks," and yet he just called for the development of a new digital currency, the "cryptoruble," which will be used as legal tender throughout the federation.
Follow the money.
Metcalfe's law states that the bigger the network of users, the greater that network's value becomes. Robert Metcalfe, distinguished electrical engineer, was speaking specifically about Ethernet, but it also applies to cryptos. Bitcoin might look like a bubble on a simple price chart, but when we place it on a logarithmic scale, we see that a peak has not been reached yet.
Bitcoin adoption could multiply the more people become aware of how much of their wealth is controlled by governments and the big banks. This was among the hallway chatter I overheard at the Precious Metals Conference, with one person commenting that what's said in private during International Monetary Fund (IMF) meetings is far more important than what's said officially.
I have a similar view of the G20, whose mission was once to keep global trade strong. Since at least 2008, though, the G20 has been all about synchronized taxation to grow not the economy but the role government plays in our lives. Trading virtual currencies is one significant way to get around that.
The Incredible Shrinking IPO Market
Just as water takes the path of least resistance, money flows where it's respected most.
You need only look at the mountain of cash U.S. multinationals have stashed overseas, currently standing at an estimated $2.6 trillion. The steep 39 percent U.S. corporate tax rate—the highest among any country in the Organization for Economic Cooperation and Development (OECD)— discourages companies from bringing their profits back home and reinvesting them in new equipment and employees.
Of course, taxes aren't the only type of friction money can run up against. More and more stringent financial rules and regulations have been one of the top destroyers of capital and business growth over the past 20 to 30 years. The Sarbanes-Oxley Act, signed in 2002, is widely blamed for limiting the number of initial public offerings (IPOs) that occur in the U.S. The legislation has made it prohibitively expensive for many smaller firms to get listed on an exchange. Between 1996 and 2016, the number of investable U.S. companies was cut in half, falling from 7,322 to 3,671.
This has ultimately hurt everyday retail investors who not only have fewer stocks to invest in now but also lack access to many of the same potentially profitable opportunities enjoyed by angel investors, venture capitalists and other institutional investors. Private equity and venture capital can be much higher-yielding investments than common asset classes such as Treasuries and equities, but for the most part, only accredited investors can participate.
Bracing for MiFID
IPOs could be squeezed even further after the implementation of the European Union's (EU) revised Markets in Financial Instruments Directive (MiFID), set to go into full effect January 3. The directive, initially passed in response to the financial crisis, acts as a sweeping reformation of existing trading rules that affect everything from stocks to bonds to commodities. All 28 EU nations must have laws in place to comply with MiFID by the January deadline—or face litigation and fines.
With less than two months left on the clock, 17 countries, including Spain, Portugal and the Netherlands, are still scrambling to convert MiFID into national law, according to Bloomberg. This is creating all sorts of financial uncertainty for banks, insurers and money managers on both sides of the Atlantic.
One rule in particular could threaten U.S. IPOs. It states that, to be more transparent, banks must now "unbundle" the costs of investment research from that of executing trades, a practice that's been routine for decades. To produce stand-alone research, banks must register as investment advisers, a costly process that might prompt some firms to avoid it altogether. This would limit investors' exposure to only the largest companies and, in turn, discourage smaller U.S. firms from pursuing an IPO, according to Cowen & Co. analysis and reported by Bloomberg.
MiFID is just the latest in a long string of regulations that, while conceived with good intentions, carry unintended consequences. It's doubly unfortunate that an EU rule could so impact U.S. companies' ability to gain the publicity necessary to go public.
But hasn't this been the trend for years now? In many ways, doing business in the EU has only gotten more challenging, and bureaucrats seem determined to take punitive steps against successful American firms.
Look at how Facebook, Google and other large tech companies have been treated in Europe. Back in June, the search giant was slapped with a record $2.8 billion antitrust fine and has since been strongarmed into changing its online shopping service.
A restrictive regulatory backdrop is largely responsible for this. Because rules are so tight, European companies have a hard time innovating and staying competitive. So instead of building its own Facebook or Google, the EU's only other recourse is to take a protectionist approach and wrap the 28-member bloc in more and more red tape.
For Many Startups, ICOs Are a Solution
I believe this is part of the reason why we're seeing such a massive surge in ICOs, which, at the moment, are nearly unregulated in the U.S. and Europe. In an effort to bypass the rules and costs associated with getting listed on an exchange, many startups now are opting to raise funds by issuing their own digital currency based on blockchain technology. And unlike with private equity, smaller retail investors can participate.
Again, money flows where it's respected most.
Bitcoin and Ethereum are the best known cryptocurrencies, but there are more than 1,000 being traded around the world, with a combined market cap of around $150 billion, according to Bank of America Merrill Lynch (BoAML).
As of this month, IPOs have raised over $3 billion in 2017, more than seven times the amount generated in all years prior to 2017 and far surpassing expectations of around $1.7 billion for the year.
To give you some perspective, the U.S. IPO market raised $4.1 billion from 29 deals in the September quarter alone, according to Renaissance Capital. Although this dwarfs the ICO market in dollar terms, both the number of IPOs and the amount raised are significantly lower than the same quarter in 2014, which saw an impressive $37.6 billion raised from 60 deals.
As long as the barriers to getting listed remain high, I expect we'll see this trend of fewer IPOs and more ICOs continue.
Bitcoin Now Bigger than Goldman Sachs
Not all cryptocurrencies will survive, obviously, and we'll likely see huge transformations in the space before clear leaders pull away from the pack. Remember, no one knew in 1997 which internet companies would eventually dominant the others.
But for now, it's an exciting time for an asset class that didn't even exist 10 years ago. Trading above $6,000 for the first time last week, bitcoin reached a market cap of $96.7 billion. Amazingly, that's more than Goldman Sachs' market caps of $92.9 billion.
It's important for investors to know that cryptos do face potential regulation risk. What kind of risk, though, is currently up in the air as U.S. regulators debate whether digital currency is a security or commodity. One would place it within the jurisdiction of the Securities and Exchange Commission (SEC), the other within the jurisdiction of the Commodity Futures Trading Commission (CFTC). Unsurprisingly, both agencies see cryptos as their own.
Last week also highlighted a new risk in the fledgling market. Tezos, the firm behind what was at the time the largest ICO in history, revealed a significant slowdown in the progress of its virtual coin, the "tezzie." Back in July, Tezos made headlines for raising a then-unprecedented $232 million. But today, the group, headed by a husband-and-wife duo, is faced with a number of setbacks including a lack of developers and a highly-publicized management dispute.
According to the Wall Street Journal's Paul Vigna, this has "put trading of Tezos tokens held by investors in limbo while also putting some of the technology on hold as well."
Diwali Fails to Light Up Gold
Turning to gold, the yellow metal made healthy gains the week before last, climbing more than 2.3 percent as we headed closer to the first day of Diwali. As I've explained numerous times before, it's considered auspicious to give gifts of gold bullion and jewelry during the Hindu Festival of Lights, and in years past we've seen some price appreciation in the days and weeks leading up to the celebration.
Last week, though, the gold price fell below $1,300 an ounce as stocks continued their record-setting bull run.
But as the LBMA poll shows, it's prudent to have some gold in your portfolio, as it's negatively correlated with other assets. As always, I recommend a 10 percent weighting, with 5 percent in physical gold and 5 percent in gold stocks, and remember rebalance every year.
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will be directed to a third-party website(s). U.S. Global Investors does not endorse all information supplied by this/these website(s) and is not responsible for its/their content.
Holdings may change daily. Holdings are reported as of the most recent quarter-end. None of the securities mentioned in the article were held by any accounts managed by U.S. Global Investors as of 9/30/2017.
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- Germans Have Quietly Become the World's Biggest Buyers of Gold
- October 11, 2017
When I talk about Indians' well-known affinity for gold, I tend to focus on Diwali and the wedding season late in the year. Giving gifts of beautiful gold jewelry during these festivals is considered auspicious in India, and historically we've been able to count on prices being supported by increased demand.
Another holiday that triggers gold's Love Trade is Dussehra, which fell on September 30 this year. Thanks to Dussehra, India's gold imports rose an incredible 31 percent in September compared to the same month last year, according to GFMS data. The country brought in 48 metric tons, equivalent to $2 billion at today's prices.
As I've shared with you many times before, Indians have long valued gold not only for its beauty and durability but also as financial security. Indian households have the largest private gold holdings in the world, standing at an estimated 24,000 metric tons. That figure surpasses the combined official gold reserves of the United States, Germany, Italy, France, China and Russia.
A New Global Leader in Gold Investing?
But as attracted to gold as Indians are, they weren't the world's biggest investors in the yellow metal last year, and neither were the Chinese. According to a new report from the World Gold Council (WGC), that title shifted hands to Germany in 2016, with investors there ploughing as much as $8 billion into gold coins, bars and exchange-traded commodities (ETCs). This set a new annual record for the European country.
Germany's rise to become the world leader in gold investing is a compelling story that's quietly been developing for the past 10 years. Before 2008, Germans' investment in physical gold barely registered on anyone's radar, with average annual demand at 17 metrics tons. The country's first gold-backed ETC didn't even appear on the market until 2007.
But then the financial crisis struck, setting off a series of events that ultimately pushed many Germans into seeking a more reliable store of value.
"While the world fretted about Lehman Brothers, German investors worried about the state of their own banking system," the WGC writes. "Landesbanks, the previously stable banking partners of corporate Germany, looked wobbly. People feared for their savings."
To stanch the bleeding, the European Central Bank (ECB) slashed interest rates. Banks began charging customers to hold their cash, and yields on German bunds dropped into negative territory.
All of this had the effect of rekindling German investors' interest in gold. As I've explained before, gold prices have historically surged in that country's currency when real government bond yields turned subzero. What we saw in Germany was no exception.
Weakening Faith in Paper
As the WGC points out, Germans are acutely aware that fiat currencies can become unstable and lose massive amounts of value. In the 1920s, the German mark dipped so low, a wheelbarrow overflowing with marks wasn't enough to buy a single loaf of bread. In the past 100 years, the country has gone through eight separate currencies.
It's little wonder, then, that a 2016 survey found that 42 percent of Germans trust gold more than they do traditional money.
This is where Germans and Indians agree. The latter group's faith in the banking system has similarly been eroded over the years by regime changes and corruption, and gold has been seen as real money.
It's not just individual German investors who harbor a strong faith in gold. The Deutsche Bundesbank, Germany's central bank, spent the past four years repatriating 674 metric tons of Cold War-era gold from New York and Paris. The operation, one of the largest and most expensive of its kind, concluded in August. Today the central bank has the second largest gold reserves in the world, following the Federal Reserve.
Room for Further Growth
With Germans' demand for gold investment products having already reached epic proportions, what can we expect next? Will interest continue to grow, or will it recede?
Analysts with the WGC believe there is room for further growth, citing a survey that shows latent demand in Germany holding strong. Impressively, 59 percent agreed that "gold will never lose its value in the long-term." That's a huge number.
Regardless of whether or not investment expands in Germany, this episode shows that gold is still seen as an exceptional store of value, and trusted even more so than traditional fiat money. For gold investors, that's good news going forward.
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will be directed to a third-party website(s). U.S. Global Investors does not endorse all information supplied by this/these website(s) and is not responsible for its/their content.
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