"This Is Not A Time To Buy Anything" - Sam Zell Warns Retail Real Estate Market Is A "Falling Knife"
CNBC's cheerleading staff had a very difficult time finding the silver lining in retail investing this morning as they relentlessly pressed Sam Zell on the value of commercial real estate. Asked to offer up his thoughts on where retail real estate is headed over the next five years, Zell highlighted the significant excess inventory in the U.S., 4-5x more per capita than Europe, and said investing in the space right now is like catching a "falling knife."