The legendary investor from Omaha who gets a burger for lunch every day at the local five-and-dime (in what might be the last town in America where they still have a five-and-dime) has a message for commercial real estate owners who are getting squeezed by rising interest rates and CMBS loans coming due:
It's time for you to feel the pain.
"They should lose money. If people borrowed on commercial real estate and now the loans aren't getting extended, too bad. That's part of borrowing on 100% margin, which is what people were doing," Warren Buffett said at Berkshire Hathaway's annual meeting on Saturday, the Dallas Business Journal reported.
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