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It used to be said that it was possible to travel from Oxford to Cambridge entirely on lands owned by one or other of the two universities. Maybe. It's certainly likely enough, given the extent of their historic assets. There is, though, a contemporary equivalent. Walk south through central London from the Euston Road to the river and at every point you are assailed by a proliferation of heavily branded new glass and steel structures advertising the corporate presence of University College London, the London School of Economics and King's College London. The financial means by which this capital acceleration has occurred are far from transparent. Specialised knowledge on such matters remains the preserve of the new species of university CEOs, property investors and hedge-fund managers, which no institution of higher education can afford to ignore--and this specialism and its technicalities are themselves integral to the mystery by which they proceed. However, some basics are clear.