It is the third. It is diminishing returns.
The third one is like the third time you watch a good movie.
The first time, you're all excited and you cant wait to tell everyone about it.
The second time you're all excited to see the stuff that you didn't notice the first time.
The third time, you start checking your email and don't hit pause when you have to take a leak.
My oldest brother had his baby's first year journal filled out completely. It had his name, footprint, size & weight, first food, time he crawled, yadda, yadda, up to his first birthday.
My other brother had his filled out up to about his first Christmas.
Mine had my name on it.......