Berkshire Hathaway says Warren Buffett has been diagnosed with stage 1 prostate cancer.The good news: He says the diagnosis isn’t “remotely life threatening.”
The fact is is that he’s clearly caught it very early, and so the news is good, but it’s inevitable that this development will re-start all the chatter about succession planning at Berkshire Hathaway.
If you’ll recall, Buffett knows who his successor is going to be, but it hasn’t been disclosed to the person.
Shares of Berkshire briefly dipped on the headline, but they have already recouped most of their losses.
Meanwhile, Fortune’s Carol Loomis already has a full writeup of how Buffett discovered the news.
Here’s part of it:
As Buffett announced today, he was diagnosed with Stage I prostate cancer last Wednesday, after a biopsy the previous day. On Thursday he had a CAT scan and bone scan, with these showing that the cancer had not spread elsewhere in his body.
On that same Thursday, he and a small group had dinner with his non-cousin, entertainer Jimmy Buffett, at a new Omaha restaurant called J. Coco’s. Jimmy was in town for a performance two days later.
The following day – Friday – Buffett, the elder, was host to 160 business students from such universities as MIT, University of Chicago, University of Tennessee, and Peru’s Universidad del Pacifico. Following the usual routine for such visits (there are six scheduled for this school year) the students toured two Berkshire retail subsidiaries, held a two-and-a-half hour Q&A session with Buffett, and lunched at one of his favourite restaurants, Piccolo’s.
Here’s the full announcement
BERKSHIRE HATHAWAY INC. NEWS RELEASE FOR IMMEDIATE RELEASE April 17, 2012
Omaha, NE (BRK.A; BRK.B) –
To the Shareholders of Berkshire Hathaway:
This is to let you know that I have been diagnosed with stage I prostate cancer. The good news is that I’ve been told by my doctors that my condition is not remotely life- threatening or even debilitating in any meaningful way. I received my diagnosis last Wednesday. I then had a CAT scan and a bone scan on Thursday, followed by an MRI today. These tests showed no incidence of cancer elsewhere in my body.
My doctors and I have decided on a two-month treatment of daily radiation to begin in mid-July. This regimen will restrict my travel during that period, but will not otherwise change my daily routine.
I feel great – as if I were in my normal excellent health – and my energy level is 100 per cent. I discovered the cancer because my PSA level (an indicator my doctors had regularly checked for many years) recently jumped beyond its normal elevation and a biopsy seemed warranted.
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.
Warren E. Buffett
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