Michael Murray: The best learning experiences often come from case studies of things going badly wrong, especially for sector icons like Tesco

Michael Murray: The best learning experiences often come from case studies of things going badly wrong, especially for sector icons like Tesco

The unravelling of events at Tesco over the past five years is a good case study for investors and bankers alike.

Thirty-four years ago, I started work in a small merchant bank. On my first day, my new and highly experienced boss said to me, “Murray, you won’t be a real banker until you have worked through three recessions.”

The point he was making was that the practical experiences of things going wrong are the best learning experiences – and the ones that you don’t forget. And they usually only come in recessions.

The unravelling...

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