I find it interesting that quite a few billionaires are sounding the alarm bell for commercial real estate. Take 99-year-old Charlie Munger for example, who said that “a lot of real estate isn’t so good anymore. We have a lot of troubled office buildings, a lot of troubled shopping centers, a lot of troubled other properties. There’s a lot of agony out there.” I can’t argue with Mr. Munger in terms of the troubled office buildings, and specifically the large number of debt maturities rolling over the next 24 months.