Please open your eyes (or don't so I can buy some more Tesco!)
It's amazing to me how focused the market is on the P/E solely.
I think you need to look at the Balance Sheet more carefully and look at the value of real estate. For me the whole play on Tesco is that the Company is sitting on international real estate assets worth GBP36bn. If you subtract the liabilities from this number you'll see that the real estate ALONE covers the value of the equity. I.E. you are buying for FREE a UK Grocer, International Grocer, Bank, Insurance Company etc.
In my view, the reason Buffett is buying is because there is VERY LOW DOWNSIDE RISK given the value of the property and high upside with the recovery of the business, shutting down / improving the US operations and the growth internationally.
What's your maximum downside? Tesco liquidates. Even under this scenario (if you believe the value of the property) you are covered and you'll get a little upside.