"Crowding" is what appears to have taken place in global arbitrage in the 1990s. As discussed in chapter 8, it seems to have been driven at least in part by imitation of Long-Term Capital Management. The consequence was the sudden appearance in the crisis of 1998 of substantial correlations between arbitrage positions that had little or nothing in common at the level of economic fundamentals and which previously had manifested very low correlations.

Donald MacKenzie, An Engine, Not a Camera, loc. 1228