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S&P would have to drop by 20% to get back to pre-pandemic levels, which even that would be complete chaos, I think in 2020, 18% of public companies were zombies pretty sure that's even higher now

https://files.peakd.com/file/peakd-hive/chekohler/EnynyGkQKJ1xnMHasLjpAMN4mgCw7iGZg3wYaBANw2hupHSrDgrBTfQHWFd7j125peu.png

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