[cj]

Based on context, I’m guessing they mean companies that are “Alive” when they should be “Dead”

For example, many public company SPACs, many highly funded VC startups, and a vast variety of other companies that employee hundreds / thousands of people without ever having made a profit (and worse, many of them with negative gross margins - meaning even if they trimmed operations to barebones they still wouldn’t be profitable)

These sort of companies proliferate when VCs and investors run out of high quality companies to put their cash into. Which tends to happen when money is “cheap” (which is another way of saying “when interest rates are extremely low”)