The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

By Jamie Dlugosch, InvestorPlace.com

NEW YORK (

InvestorPlace

) -- Do you think

Warren Buffett

was a Lone Ranger fan? It's likely, considering he rode that white horse to the rescue.

Berkshire Hathaway

(BRK.A) - Get BRK.A Report

announced $5 billion investment in

Bank of America

(BAC) - Get Bank of America Corp Report

puts him back in the role of hero last week. For the second time since the financial collapse of 2008, Buffett is bringing his substantial war chest of capital to the financial services industry under the auspices of providing confidence and support to the U.S. economy.

Berkshire Hathaway Chairman Warren Buffett

But don't think Buffett is out to save every ugly company out there. Here are

three picks Warren Buffett wouldn't touch

at ANY price.

Hewlett-Packard

For details, just read a recent article that makes a compelling case for why

Hewlett Packard embodies everything wrong with corporate America. Like Bank of America,

Hewlett-Packard

TheStreet Recommends

(HPQ) - Get HP Inc. (HPQ) Report

shares have sold off hard during the recent market correction. The technology company has seen its stock sink 32% since July 22. Fueling that decline were dramatic moves by management amid a gloomy forecast for the future.

Also see: Charts Say Sell Into a Rally

One thing Buffett does not buy is technology. He claims to not understand these stocks like he does insurance, banks and other basic industrial concerns, and he readily admits to missing out on several opportunities to buy low over the years. Hewlett-Packard might or might not be attractive at these prices, but there is no Warren Buffett waiting in the wings to show support for this wounded technology company.

Research In Motion

Despite Buffett's reticence to own technology companies, he does buy things that he uses or places where he shops. He loved See's Candy, so he bought the company. He did the same thing with Dairy Queen. But because Buffett does not own a cell phone, it is unlikely he will come to the rescue of falling personal phone and data device maker

Research In Motion

( RIMM).

Also see: 6 cheap tech stocks that will only sink lower

RIM has seen its fortunes change dramatically. Apple has effectively destroyed the company. Since earlier this year, the company has seen its stock value plummet by 60%. At currently depressed levels, the only buying here is on speculation that someone will come to the rescue. It won't be Buffett.

Sirius XM Radio

As an amateur musician, we know Buffett is a listener of music. Given the multiple music choices offered by satellite radio provider

Sirius XM Radio

(SIRI) - Get Sirius XM Holdings, Inc. Report

, it is a safe bet that Buffett in some way, shape or form is familiar with this company. Perhaps his private jet comes with a subscription to satellite radio?

Also see: Restaurant Stocks Set Sites on ... Kenya?

Shares of Sirius XM have fallen hard during this market correction. Shares are down 20% since July 22, probably not far enough to pique the interest of Buffett. We also know this company has a boatload of debt, and Buffett does not like debt. He might enjoy satellite radio, but there is no chance he buys this company that is barely cash-flow positive yet priced at a valuation of more than $6 billion.

Click here for

more stocks Warren Buffett would NEVER buy.

>>To see these stocks in action, visit the

Stocks Buffett Won't Buy

portfolio on Stockpickr.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.