That's true. In this case, the cohort of people with Apple stock in the mid-2000s is also the cohort of people who survived the dot-com crash a few years earlie

That's true. In this case, the cohort of people with Apple stock in the mid-2000s is also the cohort of people who survived the dot-com crash a few years earlier, so they were much more of the mentality to secure their homestead rather than taking the risk that funds would continue to flow in to service the mortgage.