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| Name | Warren Buffett and Charlie Munger on Commercial Real Estate |
| Video Uploader | Video From Pete Frandano |
| Upload Date | This Video Uploaded At 09-05-2023 02:00:19 |
| Video Discription | From @CNBC’s coverage of the Berkshire Hathaway Shareholder meeting, Saturday, May 6. Warren and Charlie talking shop on commercial real estate (CRE) and express concern about the 'hollowing out’ of downtowns across America and the world. The two talk candidly about how the problem in the commercial real estate industry will work itself out, paraphrased: ‘the buildings will be there, they will just have different set of owners…'. Warren also points to what he believes to be the problem of non-recourse loans. He harkens back to the time he asked a prominent real estate person how they value a building with the response ‘however much the bank will loan me without me having to sign my name…’ Warren acknowledges the banks do not want to own the real estate and surmise someone who purchased a property with a loan that has a 2.5% interest rate on an office tower that is now not performing will simply forfeit the property and slide the keys back to the bank; he calls out financial institutions for the concept of ‘extend and pretend’. For two guys who say they know little about real estate, they sure seem to know quite a bit. Let's not forget Mr. Munger is an attorney (Harvard, J.D.) who started in the real estate industry. —- In 1962, Munger founded and worked as a real estate attorney at Munger, Tolles & Olson LLP. He then gave up the practice of law to concentrate on managing investments and later partnered with Otis Booth in real estate development. - Source: Wikipedia —- Munger’s last quip in this segment sums it up nicely: ‘It’s difficult, I like what we do better…’ 💪🏼🇺🇸 🏢 #CCIM #commercialrealestate #berkshirehathaway #banks |
| Category | Entertainment |
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