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Berkshire's Charlie Munger issues warning for US commercial property market

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Billionaire mogul warns a storm is coming in the real estate sector

Munger said, "We’ve had some disappointment in banks, too."

"It’s not that damned easy to run a bank intelligently, there are a lot of temptations to do the wrong thing," he continued. "A lot of real estate isn’t so good anymore, and we have a lot of troubled office buildings, a lot of troubled shopping centers. There’s a lot of agony out there." Warren Buffett , CEO of Berkshire Hathaway, and vice chairman Charlie Munger attend the 2019 annual shareholders meeting in Omaha, Nebraska, May 3, 2019."Every bank in the country is way tighter on real estate loans today than they were six months ago," he explained. "They all seem to be too much trouble."

 

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