The third one is that if you sell something you alienate it, you have lost it. None of these is valid anymore. Let's unpack that. Goods and services are increasingly global, even if your market is purely regional, purely local. Your potential competition overnight can be from anyplace in the world.
Someone has a nice niche in a regional market in Dayton, Ohio.
Overnight, somebody from Denmark takes over the market. And within the U.S., the economy is splintering into smaller and smaller independent pieces. Instead of seeing cycles of the economy, we may see cycles of industries. For instance, we had a fairly substantial cyclical recession in this country in the early '90s, but a good many industries were totally unaffected. Home Depot grew fastest in those years.