Those Zombies Aren't Zombie Companies Anymore.

Many companies, for example, in old energy sectors like coal, places like Boredomona, were kept going because they had a social value. And you see that all over the world, right? The Canadians in Quebec have a huge problem with these type of companies, the Americans as well. So what you had was the zombies of this decade will not be the old state transport company or the old state energy company or what have you. It's all these shitty companies in Silicon Valley that were termed unicorns because interest rates were zero. But when interest rates change and move up three, four, five percent, those unicorns are exposed to zombies because they have no business model.