Buffett’s Cancer No Reason to Sell Berkshire: Tilson

Berkshire Hathaway is hedge fund manager Whitney Tilson’s largest position and Tilson tells us he has no plans to make any adjustments despite Warren Buffett's health scare.

“We believe there’s a good chance that Buffett will be running the company for the next 5 years and maybe even the next 10 years and today’s announcement doesn’t change that."

By today's announcement Tilson is referring to word that Buffett has been diagnosed with stage 1 prostate cancer and will begin a 2-month course of treatment of daily radiation.

Tilson has done some Internet research and tells us, “I’m relieved to tell you the 5 year survival rate for stage 1 prostate cancer is 99.9%."

With such an overwhelmingly positive survival rate Tilson says, "I breathe a sign of relief for him personally and as a shareholder."

In fact, Tilson added to his position recently and still believes it was a smart move. He has a rough price target on Berkshire of $180,000 per A-share and says, "we do not factor in one dollar of Warren Buffett premium. We simply take the investments per share and put a modest multiple on the operating earnings on the business."

And if this health care triggers a sharp decline in share price, Tilson tells us, he'll hit the buy button.

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Trader disclosure: On April 17, 2012 , the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Karen Finerman owns HPQ; Joe Terranova owns IBM; Guy Adami owns INTC

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