Buffett’s Grocer Retreats From America, Wisely (DailyFinance)
For those familiar with the U.K. grocery store scene, few stores have a greater presence than Tesco . The food purveyor became more known domestically after a high-profile seal of approval from everybody’s favorite investor and grandpa, Warren Buffett. The billionaire investor built up a more than 5% stake in the company earlier this year — his only U.K. investment. The argument for Tesco is a familiar one — low valuation coupled with high margins. Unfortunately, the company’s U.S. venture, Fresh & Easy, has been troubled since Day 1. Though met with enthusiasm from some shoppers, the stores have failed to produce the returns Tesco management and its investors expected. Last week, it was announced that the company’s U.S. expansion will most likely be shut down. What does this mean for Tesco investors, and does this mean the store near my house is shutting down?
Swedish firm to honour Sage of Omaha in rock (DailyTimes)
A small Swedish financial firm has decided to honour US investment guru Warren Buffett by arranging for an inscription of his words to be carved into rock, the company said on Tuesday. Buffett is nicknamed the Sage of Omaha for his financial acumen and is one of the world’s richest men as head of conglomerate Berkshire Hathaway. The inscription is being paid for by Swedish investment company Spiltan and will be carved in rock on the southwest coast of the Nordic state. It will say, “Price is what you pay. Value is what you get” and reflects Buffett’s investment philosophy. The inscription will be in place early next year, Spiltan Chief Executive Per Borjesson told reporters.
Warren Buffett’s First Employee, Elizabeth Hanon, And Her Husband Declined Boss’ Investment Offer (HuffingtonPost)
Imagine you just inherited some money — what would you do with it? Invest it in the stock market? Make a big purchase? Pay off some debts? What if your boss said you could trust him to invest it for you? Decades ago, Harry Hanon and his wife, Elizabeth, did what many might do in that situation: They said “no, thanks” to investing their money with Elizabeth’s boss. The hitch: Her boss was Warren Buffett.
How to Hunt Elephant Deals Like Buffett (Forbes)
How long does it take to pitch a $26.5 billion deal? About a day, if you are ready. If Warren Buffett decides to strike, he doesn’t strike with half measures. When Buffett chose to make an elephant-sized railroad deal, he did not hesitate. That’s why in 2009 a man worth about $44 billion was willing to spend $26.5 billion to acquire the 77.5 percent of Burlington Northern Santa Fe, LLC (NYSE:BNI) that he did not already own. We were told by a BNSF executive that Buffett brought up the jumbo deal idea to the CEO just one day before the board meeting.
China’s Buffett-backed BYD to build cars, buses in Bulgaria (FinancialExpress)
BYD Co Ltd , the Chinese carmaker backed by billionaire investor Warren Buffett, will launch a joint venture in Bulgaria to produce electric cars and buses, the official Xinhua news agency reported on Wednesday. BYD and the Bulgarian energy firm Bulmineral signed the agreement on Tuesday to build an auto assembly plant in Breznik, a small town about 50 km west of Sofia, the report said.
