Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a brief summary of a detailed note available to paid subscribers.
When Jamie Dimon talks, people listen. The question is whether they should.
Dimon is qualified as an expert. He runs the largest bank in the United States, sits atop one of the most sophisticated real-time economic datasets in existence, and has navigated JPMorgan through more than two decades of crises. His views carry weight for legitimate reasons. But weight and accuracy are not synonymous, and the distinction must be drawn.
This question has fresh urgency. On April 7, 2026, Dimon renewed his warnings about the private credit market in his annual shareholder letter — specifically flagging weakening lending standards, aggressive borrower assumptions, looser covenants, and the proliferation of payment-in-kind (PIK) structures. He has been making variants of this call for over a year. His vision of crisis has not yet arrived. An examination of his track record demonstrates his tendency to identify forthcoming economic events but to misunderstand their timing.
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