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Buffett admits Tesco investment ‘a huge mistake’ (LINK)

Billionaire investor Warren Buffett has admitted that his seven-year bet on Tesco was a “huge mistake” in a frank mea culpa by the so-called Sage of Omaha. 

The chairman of Berkshire Hathaway, which is Tesco’s fourth largest shareholder with a 4.1 per cent shareholding, according to Bloomberg data, told CNBC: “I made a mistake on Tesco. That was a huge mistake by me.” 

... 

Mr Buffett bought Tesco shares in 2007. At the end of 2013, according to the Berkshire Hathaway annual letter to shareholders, he owned 301m Tesco shares, or 3.7 per cent of the company. 

The letter said they were bought for $1.699bn, according to the letter and were worth $1.666bn at the end of last year. At the current share price, the 301m shares would be worth $880.5m, a paper loss of 48 per cent.

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