<p>Warren Buffett: Tesco was a &#039;huge
mistake&#039;</p>
<p>Even Warren Buffett can make mistakes. The
&#039;Oracle of Omaha&#039; told CNBC on Thursday that he made a
big one by investing in British supermarket chain Tesco.</p>
Warren Buffett, the legendary investor and chairman and
chief executive of Berkshire Hathaway, has cut the company's stake in
U.K. supermarket Tesco.
Buffett told CNBC just a few weeks ago that buying into
Tesco, which has since admitted that it overstated its first-half
earnings to the tune of £250 million, was a "huge mistake."
Berkshire, which used to own close to
5 percent of Tesco shares after Buffett bet on the grocer's return to strength, despite a series of disappointing results, now holds less than 3 percent, according to a stock market filing on Thursday.
Berkshire, which used to own close to
5 percent of Tesco shares after Buffett bet on the grocer's return to strength, despite a series of disappointing results, now holds less than 3 percent, according to a stock market filing on Thursday.
Tesco's share price has nearly halved in value this year.
The grocer will announce the results of an internal investigation into a
£250 million ($400 million) profits over-statement next Thursday, along
with its quarterly results. It has already suspended eight senior
executives over the over-statement.
- By CNBC's Catherine Boyle
- By CNBC's Catherine Boyle
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