Warren Buffett has a lot of money burning a hole in his pocket. Technically, it's Berkshire Hathaway's (BRK.A 0.19%) (BRK.B -0.09%) pocket, but Buffett gets to decide how to use the cash. And when I say a lot of money, I mean a lot of money: Berkshire's cash position totaled nearly $348 billion at the end of the first quarter. The problem is that Buffett can't find many stocks to buy that meet his stringent investment criteria. However, I think there's one beaten-down blue chip stock that fits his playbook ...