  We attempt to develop a general algebro-geometric study of the moduli stack
of commutative, 1-parameter formal Lie groups. We emphasize the pro-algebraic
structure of this stack: it is the inverse limit, over varying n, of moduli
stacks of n-buds, and these latter stacks are algebraic. Our main results
pertain to aspects of the height stratification relative to fixed prime p on
the stacks of buds and formal Lie groups. We conclude with a largely expository
account of some foundational material on limits in bicategories.
