Thank you for the insightful article.

I have two comments/queries regarding the following:

Given the reported (assumed net) debt-to-equity ratio of 0.86 for the S&P 500, hence a debt/EBITDA ratio at 46%, against the equivalent ratio for the buyout industry of 63% on average, a 20% contraction in the EV/EBITDA ratio would correspond to an equity shock of approximately -37% = [-20%/(1%-46%)] and a -54% = [-20%/(1%-63%)] impact on PE NAVs

1-I think you meant 100% instead of 1%. Am I right?
2- Does this formula still apply if debt/EBITDA is above 100%?

Thanks.