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Buffett buying more Tesco


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From the UK Times:


The Sage of Omaha has been shopping at Tesco again.


Warren Buffett, one of the world’s most influential investors and America’s second-richest man, picked up almost 2 million more shares in the supermarket chain.


He has been building his stake in Tesco gradually since first buying the shares in 2006, when Britain’s most successful retailer unveiled plans to push into America.


Through the Berkshire Hathaway investment company he runs, Mr Buffett now owns more than 3 per cent of Tesco, making him the fifth-biggest shareholder.


With the shares 3½p higher at 400p yesterday, his stake is worth £968 million.  Perhaps the famously frugal Mr Buffett, like other investors, was relieved that no VAT

was introduced on food in this week’s emergency Budget.


No doubt he too cheered the likely boost to sales of beer and burgers from the progress of England’s football team to the knock-out stages of the World Cup.


Supermarkets have already shifted 54 per cent more televisions in the four weeks before the tournament kicked off, according to the market researchers at Nielsen.


All of which buoyed the sector generally, as Wm Morrison added 7¼p to 272½p and J Sainsbury advanced ¾p to 331½p.




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