Warren Buffett, the billionaire investor who took a hit on Tesco shares last year, has compared the U.K. supermarket's problems to cockroaches.
"In the world of business, bad news often surfaces serially: you see a cockroach in your kitchen; as the days go by, you meet his relatives," the legendary investor wrote in his annual letter to shareholders in Berkshire Hathaway, the investment company he runs.
The company's after-tax loss from its Tesco investment was $444 million. It has now completely sold off the stake.
Buffett also admitted to "thumb-sucking" (delaying for too long) over the sale of Berkshire's Tesco shares, which at one point amounted to around 5 percent of the company.
Tesco's share price nearly halved last year, amid an investigation into a £250 million ($400 million) over-statement of profit, the departure of both its chief executive and finance director, and ongoing problems with faltering sales.
- By CNBC's Catherine Boyle.
