A lesson from Warren Buffet. Even when you seem confident in the future, protect against the downside surprise.
With the bailout being held hostage to the election cycle and GS hovering around 120, his 10% divided sounds awfully attractive. Considering that the warrants he received are for GS at around 115 I think he made some shrewd calculations that are holding up even in this insane market.
Even though some don't view his bailout advocacy as particularly ethical, it seems that it wasn't that effective. Even though he is an oracle, he can't compete with the fear of making the wrong move in an election.