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InsightArticleNovember 14, 20252 min read
Howard Marks’ “Cockroaches in the Coal Mine”: Credit Is Fine Until It Isn’t
By Genevievecjackson@gmail.com
The Antenna Is Up
In his Memo titled “Oaktree Capital Management – Cockroaches in the Coal Mine,” Howard Marks brings the tone his long-time readers expect: no hype, no flourish — just a well-aimed flashlight in the dark. He opens citing Jamie Dimon, who recently said:
“When you see one cockroach, there are probably more... everyone should be forewarned on this one.”” Oaktree Capital
That’s Marks’ setup: the auto‐parts supplier bankruptcy, the used-car lender collapse, the fraud lawsuits bubbling out of regional banks — these aren’t isolated events. They are signals.View Oaktree Capital Management's letter here
Credit Is Trying to Tell Us Something
Marks reminds us: sub-investment grade credit always carries risk — the yield premium is compensation, not a free lunch.
In the memo:
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Multiple bankruptcies in private credit and leveraged lending show standard underwriting may have been lax.
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