 Home builders in America are a perfect example. Why have we had so few houses built the last 15 years? Because home builders experienced the great financial crisis, where home prices fell 40 or 50% in certain markets, and they don't want to get out over their skis. It was painful. But those who hadn't experienced in the early 2000s were, let's build away, overextend, because they hadn't experienced it firsthand.