> Warren Buffett Blog: Warren Buffett admits Tesco mistake, reduces holdings

Monday, October 20, 2014

Warren Buffett admits Tesco mistake, reduces holdings

Billionaire investor Warren Buffett has dealt Tesco a double blow after dumping more than 245 million of the crisis-hit grocer’s shares just days after branding his holding a ‘huge mistake’.

In a TV interview he had said: ‘I made a mistake on Tesco. That was a huge mistake by me.’

The investment guru, known as the Sage of Omaha, is thought to have lost close to $800million since investing in the troubled supermarket back in 2006.

Buffett’s investment vehicle Berkshire Hathaway was the third-largest shareholder, with a 3.97 per cent stake, but it has reduced this.