OMAHA — Warren Buffett insists that he feels good after his recent prostate-cancer diagnosis. Based on the questions he got at Berkshire Hathaway’s annual meeting, shareholders are taking him at his word.
Despite the fact Buffett disclosed his cancer diagnosis last month, he didn’t face the first question about his health until well into questioning Saturday morning. Many of the questions at the meeting either focused in on technical aspects of Berkshire’s many businesses or dealt with general economic or political topics.
“I feel terrific. I love what I do,” he said to an audience of more than 30,000 gathered at Omaha’s downtown arena and in overflow rooms. He told shareholders that the survival rates for prostate cancer look so good that he thinks the diagnosis is a “nonevent.”
It wouldn’t be the first time that Buffett’s assessment would be trusted. Widely known as the Oracle of Omaha, Buffett, 81, is considered the greatest celebrity in investing because of his many profitable decisions.
Buffett has said his four doctors caught his cancer early, and it doesn’t represent a serious threat to his health. He plans to undergo radiation treatment in July, but the treatment should have little effect on his routine.
“I may have a little less energy, but that may mean I do fewer dumb things,” Buffett said jokingly.
Still, the diagnosis is forcing shareholders to confront the fact that one day Buffett will no longer be at the helm of the conglomerate, which includes an eclectic mix of companies. Several questions dealt with related topics, such as who will replace Buffett when the time comes.
However, shareholders rejected a proposal that would have required annual updates on how the company is preparing to replace Buffett.
Buffett told shareholders in this year’s annual letter that the board has picked someone to succeed him as chief executive if the need arises immediately, and it has two backup candidates. But Buffett hasn’t publicly identified his successor.
However, he did address a challenge that his successor might face. “I don’t think that every deal I have made could be makable by a successor,” he said.
Related news
Video plays up fame of Buffett’s secretary • OMAHA — Billionaire Warren Buffett’s secretary got to attend the State of the Union speech in January because of Buffett’s complaints that tax laws are too easy on wealthy investors.
At Saturday’s Berkshire Hathaway meeting, Buffett joked about the fame Debbie Bosanek gained because he says she pays a higher tax rate than he does.
In a video skit, Bosanek started ignoring calls into the Berkshire office. That forced Buffett to start picking up the phone only to find that the callers wanted to reach Bosanek.
Oprah Winfrey, President Barack Obama and CNBC all wanted to talk to Bosanek instead of Buffett. Obama told Buffett that his tax-reform proposal might have a better chance of passing if it were renamed the “Bosanek Rule” instead of the “Buffett Rule.”
The movie also featured a skit where Buffett tried out to join the glee club by performing on his ukulele with the cast of “Glee.” The Associated Press
