The 99-year-old American businessman discussed some of the challenges facing financial institutions today. Banks Economics
, compounded by the ten consecutive federal funds rate increases since last year. “A lot of real estate isn’t so good any more,” Munger remarked.We have a lot of troubled office buildings, a lot of troubled shopping centres, a lot of troubled other properties. There’s a lot of agony out there.
Following the publication of Munger’s interview, Jim Bianco, the president of Bianco Research, tweeted about the investor’s remarks. Biancothat “Buffett is the GOAT largely because he has invested in banks for over 50 years. No one understands them better. So, I have noted his absence in all the happenings in the regional banks in the last two months. He is not investing, and, to me, this speaks volumes.
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