"The Kingdom of Hedgistan"

Quoted from "The Kingdom of Hedgistan: Why hedge funds cluster in the world’s most expensive habitats."

"The first law of hedge-fund dynamics is that most people who start hedge funds don’t wander far from familiar turf. "

"The second law of hedge-fund dynamics—also known as the narcissism of small distances—is that hedge-fund managers seek the shortest possible commute that doesn’t involve working at home."

"The third law of hedge-fund dynamics dictates that hedge-fund managers, like other members of the global plutocracy, tend to move in the same small, concentric circles. “They’re generally image-conscious, they like to congregate, and credibility is generated by affiliation and by proximity,” says Dean Shapiro, executive managing director at CB Richard Ellis, who has hedge-fund clients in both Greenwich and New York."

------