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Cockroaches in the Coal Mine

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Jamie Dimon, Chairman and Chief Executive Officer of JP Morgan Chase, whose comments are always insightful and direct, said the following last month with regard to the bankruptcy filings from First Brands, an auto parts supplier, and Tricolor, a seller of and subprime lender against used cars: “My antenna goes up when things like that happen. And I probably shouldn’t say this, but when you see one cockroach, there are probably more . . . everyone should be forewarned on this one.” And we all know that coal miners used to bring along a canary when they entered a mine, since its tiny body would succumb to any gas that was present before the gas could pose a threat to the miners. Both the cockroach and the canary can be precursors of problems ahead. We’ve heard both sayings in use in the last month, and we’re likely to hear them more. One of the most prominent characteristics of the financial markets that I’ve detected over the years is their tendency to obsess over a single topic at a gi

Cockroaches in the Coal Mine Opens in a new window Opens an external site Opens an external site in a new window PDF Translations Japanese Korean Simplified Chinese Traditional Chinese Memos from Howard Marks 2025-11-06T08:00:00.0000000Z" pubdate title="Time posted: >11/6/2025 8:00:00 AM (UTC)">Nov 6, 2025 PDF (English) PDF (Translations) Listen to Memo Archived Memos Subscribe Cockroaches in the Coal Mine Pardon the mixed metaphor, but I couldn't resist. Jamie Dimon, Chairman and Chief Executive Officer of JP Morgan Chase, whose comments are always insightful and direct, said the following la

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