Experienced Investor
Buffett: Buying Tesco was ‘a huge mistake’
Speaking to CNBC today, the owner of Berkshire Hathaway offered little support for the beleaguered supermarket despite holding a stake in the business.
“I made a mistake on Tesco. That was a huge mistake by me,” Buffett (pictured) told the broadcaster.
Berkshire Hathaway has owned Tesco since 2006, but bought in heavily at the start of 2012, before raising its stake further that January after the company’s first profit warning in 20 years.
Tesco shares have almost halved since that warning over two years ago, and are currently down 46 per cent year-to-date following further earnings disappointments.
A £250m accounting error last month rocked shares yet again, with one-day losses of over 10 per cent, with the supermarket now being investigated by the FCA over the blunder.
Buffett’s stake, which stood at over 5 per cent at its peak, has been sold down by the company in recent months.
But Berkshire continues to hold around 4 per cent of the supermarket, making it the third largest shareholder, according to Bloomberg data.
Tag Box
There are 0 Comment(s)
Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?
Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...
Is now the time to fix your energy deal?
Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...
Everything you need to know about the pension triple lock
Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...
What will happen if rates change
How your finances will be impacted by a rise in interest rates.
Regular Savings Calculator
Small regular contributions can build up nicely over time.
Online Savings Calculator
Work out how your online savings can build over time.
The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts
A number of banks are luring in new student customers with cold hard cash this year – while others are compe...
DIY investors: 10 common mistakes to avoid
For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.
Mortgage down-valuations: Tips to avoid pulling out of a house sale
Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?
Money Tips of the Week
© AE3 Media Ltd, 21 Great Winchester Street, London EC2N 2JA, Company.