Charlie Munger: Most Money Managers are Like Fortune Tellers.

Charlie Munger, Warren Buffett's right-hand man, has criticized investment managers, calling them "fortune tellers or astrologers who are dragging money out of their clients' accounts." He argues that there is currently a "glut of investment managers that's bad for the country." Munger believes that most financial advisors and wealth managers claim they can beat the market to draw in clients, but end up just putting the money into simple indexes to avoid big losses. He warns of more "trouble" for banks as a result of the ailing commercial real estate sector that could put even more pressure on investment managers.