Warren Buffett Diagnosed With Prostate Cancer

Warren Buffett diagnosed with prostate cancer (CNNMoney, April 17, 2012):

NEW YORK  — Iconic investor Warren Buffett announced Tuesday that he has been diagnosed with stage I prostate cancer in a letter to shareholders of his firm Berkshire Hathaway.

Buffett, 81, said his “condition is not remotely life-threatening or even debilitating in any meaningful way,” and that additional tests didn’t reveal incidence of cancer anywhere else in his body.

Buffett also said he will undergo daily radiation for two months beginning in mid-July. While the treatment will restrict him from traveling during the period, Buffett said his daily routine will not otherwise change.

“I feel great — as if I were in my normal excellent health — and my energy level is 100%,” wrote Buffett. “I will let shareholders know immediately should my health situation change. Eventually, of course, it will; but I believe that day is a long way off.”

Doctors discovered the cancer after Buffett’s prostate-specific antigen levels jumped and warranted a biopsy. Buffett received his diagnosis last Wednesday.

Buffett has yet to name his successor but he told CNNMoney in December that upon his death, Buffett’s son, Howard, would follow as chairman of Berkshire Hathaway. He would not, however, be involved in strategy or day-to-day decisions, the elder Buffett said.

Most recently, billionaire Buffett has been in the spotlight as Washington lawmakers consider comprehensive tax reform.

President Obama has been touting the Buffett Rule, which proposes that millionaires and billionaires like Buffett shouldn’t pay a lower percentage of their income in federal taxes than middle-class households. Rather, it says they should pay at least 30% of their income.

A proposal to implement the Buffett Rule was blocked in the Senate on Monday, but proponents of the millionaire tax vowed to keep the issue alive in the months ahead.

Shares of Berkshire Hathaway (BRKA, Fortune 500) slipped 1.5% in after-hours trading Tuesday, following the release of the shareholder letter.

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