Warren Buffett diagnosed with stage 1 prostate cancer

warren-buffett-getty.jpgBerkshire Hathaway CEO Warren Buffett has been diagnosed with stage 1 prostate cancer. Buffett made the announcement in a letter to Berkshire shareholders Tuesday (April 17), noting that the prognosis is favorable.  

"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," the 81-year-old writes. "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."

Buffett goes on to say that he and his doctors have decided on a two-month treatment of daily radiation beginning in July.

"I feel great -- as if I were in my normal excellent health -- and my energy level is 100 percent," he continues. "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." 

Buffett's name has been swirling in the news recently because of the so-called "Buffett Rule," a tax plan proposed by President Barack Obama to reduce income inequality. The measure, which was rejected in the Senate on Monday, is named as such because of an editorial Buffett wrote in the New York Times calling on lawmakers to stop coddling the wealthiest Americans.