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- Charlie Munger warned of a nationwide pullback in lending to the commercial real estate industry.
- Warren Buffett's partner said investors face stiff competition and an interest-rate headwind.
- Munger took aim at money managers, comparing many of them to "fortune tellers or astrologers."
A credit crunch has gripped America's commercial real estate (CRE) sector, and investors face a tricky combination of fierce competition and downward pressure on asset prices, Charlie Munger has warned.
"Every bank in the country is way tighter on real estate loans today than they were six months ago," Munger told the Financial Times in a recent interview.