Matthew Skala@bthall It derives from the expression "old boys" meaning "alumni" - former students of an exclusive private high school who've remained in touch with each other as a semi-formalized social club. They're "old" because they're older than when they were students there; not necessarily particularly old in absolute terms. Just saying "boys" would not suffice in that context because it would be assumed to refer to current, not former, students.
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