Financial Times/Eric Platt and Harriet Agnew/4-30-2023
“A lot of real estate isn’t so good anymore. 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.” – Charlie Munger, Berkshire Hathaway
USAGOLD note: Munger says it’s not nearly as bad as 2008, but that is something impossible to know even for a legend in financial markets. It would be difficult to identify a sector in the economy more susceptible than commercial real estate to the demographic trends overturning the old economy.