The Rise and Fall of U.K. Grocer Tesco That ‘Owned The World’

Berkshire Hathaway Inc. Vice Chairman Charles Munger recently summed up the past seven years of Tesco Plc, Britain’s biggest grocer, in a beat.

“Tesco owned the world,” said Munger, whose firm last disclosed a 3.7 percent stake in the company. And “one day, it stopped working so well.”