Buffett Dismisses Stress Tests for Assessing Banks (Update1) - Bloomberg.com

Buffett Dismisses Stress Tests for Assessing Banks (Update1) - Bloomberg.com:

"Berkshire Hathaway Inc. Chairman Warren Buffett dismissed the importance of the government’s stress tests of major U.S. financial institutions in helping him assess banks he invested in.

“I think I know their future, frankly, better than somebody that comes in to take a look,” Buffett said before the start of Omaha, Nebraska-based Berkshire’s annual shareholder meeting today. “They may be using more of a checklist type approach.”"

True, UNLESS, they get better information (as in non public information).