Warren Buffett diagnosed with prostate cancer

Business tycoon Warren Buffett, has reportedly been diagnosed with stage one prostate cancer on Wednesday.

In a letter to shareholders of his firm Berkshire Hathaway, Buffett, 81, said Tuesday his "condition is not remotely life-threatening or even debilitating in any meaningful way".

He said additional tests did not reveal incidence of cancer anywhere else in his body.

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

Over 70 percent of men diagnosed with prostate cancer do not die from the disease, according to Otis Brawley, a prostate cancer expert.

Buffett said he will undergo daily radiation for two months beginning in mid-July, a decision made by his doctors.

Buffett has made a name for himself by turning Berkshire Hathaway into a successful investment firm. Berkshire owns more than 80 companies, including insurer Geico, chemical company Lubrizol, railroad company Burlington Northern Santa Fe, and MidAmerican Energy.