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Invest Like the Best
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The Data on America's Economic Split | Andrew Milgram Interview
Patrick O'ShaughnessyAndrew Milgram
Anonymized data from 1,200 US middle-market companies shows EBITDA down 20–25% since 2019, negative net profits for two years, and another 20% failing debt-service coverage in 2024.Tariffs above 5–6% could crush these firms, while private-credit defaults may be understated; waiver rates, amendment rates, and PIK exposure are more revealing than reported defaults.