When so many others were running scared last autumn, Mr. Buffett invested billions in Goldman Sachs, and got a far better deal than Washington. He then staked billions more on General Electric. While taxpayers never bailed out Mr. Buffett, they did bail out some of his stock picks. Goldman, American Express, Bank of America, Wells Fargo, U.S. Bancorp -all of them got public bailouts that ultimately benefited private shareholders like Mr. Buffett.
If Mr. Buffett picked well - and, so far, it looks as if he did - his payoff could be enormous. But now, only a year after the crisis struck, he seems to be worrying that the broader stock market might falter again.