Charlie Munger Warns of Trouble for U.S. Banks, But Still Not Reaching 2008 Levels
Charlie Munger, vice chairman of Berkshire Hathaway, and chairman Warren Buffett haven't shied away from bank stocks over time. In fact, today Bank of America (NYSE: BAC) is their biggest holding in terms of number of shares held -- and the second biggest by market value.
Still, Munger has concerns right now about the U.S. banking sector. He says there might be trouble ahead -- and it's linked to the commercial property market. But before you go out and sell your financial shares, let's take a closer look at what the billionaire investor said in an interview with The Financial Times.
First, a quick note about what's going on in the property market. In the first quarter, prices of U.S. commercial properties dropped for the first time in more than a decade. That's according to Moody's Analytics.
Source Fool.com
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