by Daniel Costello

No less than Warren Edward Buffett, the "Oracle of Omaha" and one of the world's richest men, signaled faith in the financial markets Tuesday by investing $5 billion in Goldman Sachs, the embattled Wall Street titan.

Buffett is known for his frugality - he still lives in the same Nebraska house he has for decades and strictly adheres to an investment strategy known as value investing that essentially means he only buys when he thinks a stock is fundamentally cheap.

Considering only months ago, Buffett reportedly called the current financial correction "poetic justice," his bet on Goldman is good news for the market indeed.

All eyes will be on how Goldman and Morgan shares do when the stock market opens.