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The ups and downs of a company’s stock seem quite trivial compared to something as serious as cancer. But this is an investment blog, and investments are what we write about.
So today, the first trading day after uber-investor Warren Buffett revealed he has prostate cancer, I feel obligated to tell you how that sad news affected his company’s stock. Fortunately Mr. Buffett’s illness didn’t put too much of a dent in Berkshire Hathaway’s (NYSE: BRK-B) stock.
“B” shares of the multinational investment company over which Mr. Buffett presides were down only 1.3% today, declining only $1 to $79.73 a share. A bigger sell-off was averted likely due to the fact that Mr. Buffett only has state 1 prostate cancer, an early and treatable form of the disease. In a letter to shareholders, Mr. Buffett said that his condition is not life-threatening and it will not prevent him from his Berkshire Hathaway chairman and CEO duties.
It’s unclear what sort of succession plan Berkshire has in place. Mr. Buffett is 81 years old but has enjoyed relatively good health until now.
What is clear is that the words “cancer” and “Warren Buffett” didn’t immediately send Berkshire Hathaway shareholders running for the hills – at least for one day.