Another way to think of it (sadly) is that companies that are over-levered can do well, since their income stream is in real value, but their debts are in dolla

Another way to think of it (sadly) is that companies that are over-levered can do well, since their income stream is in real value, but their debts are in dollars. If you want to cynically think America is kleptocracy for the elite, and the elite are heavily invested into over-levered companies managed by PE firms, then you might even expect this to happen for their sake.