As much as 97 % of hedge fun investments are managed by teams led entirely by white men. When you give really restrict access up to people who aren't like you, what happens is that means you pleade an environment where you can realy dictate your own turns. What i've found is that this contributes to their ability to do things like charge higher fees, have higher incomes, pay lower capital gains taxes. It's really the result of creating a social world that for themselves cand have walled off from others and people who weren't like them.