Cockroaches in the Coal Mine

This is the memo by Howard Marks. Cockroaches in the coal mine. Pardon the mixed metaphor, but I couldn't resist. Jamie Dimon, chairman and chief executive officer of JPMorgan 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 a