Talk of Buffett's Health at Berkshire Meeting

By Josh Funk

OMAHA, Neb. -- Warren Buffett worked to reassure shareholders that he's feeling good after his recent prostate cancer diagnosis, and that Berkshire Hathaway's(BRK.A) is ready to replace the revered 81-year-old investor when the need arises.

Based on the questions Buffett got from the crowd of more than 30,000 at the company's annual meeting in Omaha on Saturday, Berkshire shareholders are taking him at his word.

Despite the fact that Buffett just disclosed the condition last month, he didn't face the first question about his health until well into Saturday's questioning. 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. One highlight of the discussion was the revelation that he recently attempted to make a more than $20 billion acquisition.

"I feel terrific. I love what I do," he said. Buffett told shareholders that the survival rates for prostate cancer look so good that he thinks the diagnosis is a "non-event."

It would hardly 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 daily routine.

"I may have a little less energy, but that may mean I do fewer dumb things," Buffett said jokingly.

AP Warren Buffett, chairman and CEO of Berkshire Hathaway, eats an ice cream bar made by Berkshire subsidiary Dairy Queen prior to the annual shareholders meeting in Omaha, Neb., Saturday, May 5, 2012.