3rd Oct 2014 05:49
LONDON (Alliance News) - Billionaire investor Warren Buffett on Thursday said he made a "huge mistake" investing in Tesco PLC, and has lost hundreds of millions on the bet, The Times reported.
Shares in the supermarket dropped to an 11-year low on Thursday after Buffett, during an interview with CNBC, said he regretted building up a 3.7% stake in the company.
Buffett offered a mea culpa during the interview when asked about the investment his Berkshire Hathaway company made in the group. "I made a mistake on that one," Buffett said. "It wasn't anyone else who made it. Yeah, that was a huge mistake by me."
http://www.thetimes.co.uk/tto/business/industries/retailing/article4224770.ece
By Sam Unsted; [email protected]; @SamUAtAlliance
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