Peter St. Onge

a sort of national recession that hits everything.

And there, you know, you flip into really defensive things like canned soup, Campbell's canned soup, not canned soup in the basement, which you would save that if things got a lot worse.

So, right.

So, you know, you kind of want to keep an eye on the various failure possibilities.

And that's where I went wrong in the dot com, right, is that I was buying it because I thought that, you know,

People who were skeptical were going to turn over.

But I hadn't thought through, you know, number one, what's the end game on it?

And number two, I didn't understand how recessions worked back then.

So I had never heard of Austrian economics.

I had an economics degree, but it was a mainstream Keynesian degree from McGill.

So they didn't teach economic history.

They didn't teach Austrian.

Austrian economics is really just classical economics.

It's just rebranded.

It is the exact same.

You can go back to the Spanish scholastics in the 1500s, and it is Austrian economics.

So they didn't teach any of that.

So I didn't know what science to look for.

Economics as a field is the study of choice.

People think of it as a study of money.