Charlie Munger: Most Money Managers are Like Fortune Tellers.

Charlie Munger, the vice chairman of Berkshire Hathaway, has criticized investment managers, calling them "fortune tellers or astrologers who are dragging money out of their clients' accounts." He believes that the current glut of investment managers is bad for the country and that it's gotten very tough to have anything like the returns that were obtained in the past. Munger 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. He 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.