A major acquisition is coming to light this morning, as Berkshire Hathaway (NYSE: BRK.A, BRK.B) has announced that it is acquiring Burlington Northern Santa Fe (NYSE: BNI). The deal calls for BRK to dish out $100 per share in cash and stock for the 77.4% of BNI shares that BRK doesn't already own. The deal will cost BRK $44 billion.

The acquisition gives us a glimpse into the mind of the Oracle of Omaha, BRK's CEO Warren Buffett. He feels that the "country's future prosperity depends on it having an efficient and well-maintained rail system." Buffett is betting that railroads are going to do well, which would stem from prosperity in the American economy.

The housing bubble and subsequent "Great Recession" have tarnished the stars of a good many of the world's financial wizards, such as the former heads at Lehman Bros. and Merrill Lynch. But one respected image remains -- perhaps unsurprisingly -- on top: Warren Buffett, chairman and CEO at Berkshire Hathaway Inc. (NYSE: BRK.A).

That's according to a recent quarterly poll of investors, traders, and analysts who subscribe to Bloomberg terminals, those somewhat cryptic news and data computers that are ubiquitous on Wall Street. Buffett, who received favorable nods from 25% of those participating in the poll, walked away with a plurality of the vote, Bloomberg News reported.

This weekend's Wall Street Journal (subscription required) discussed the Oracle of Omaha's quest to find his successor as Chief Investment Officer of Berkshire Hathaway (NYSE: BRK.A). Buffett joked that they will run the search "like American Idol" and said that he will be looking for someone who already knows how to do it, not an "apprentice."

Here's one of the most interesting tidbits: Warren Buffett says that he isn't impressed by titles and diplomas, and that a college education is not a requirement for the job. Here's what he's looking for: "independent thinking, emotional stability, and a keen understanding of both human and institutional behavior."

If that sounds like you, the rewards could be quite nice: Around 10% of the manager's earnings above that achieved by the S&P 500. But here's the thing: How likely is it that someone will be able to do that? In a 1996 letter to shareholders, Buffett wrote: "Most investors, both institutional and individual, will find that the best way to own common stocks is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) delivered by the great majority of investment professionals."

While Buffett has delivered admirable results, I would argue that there can be no assurance his successor will be able to do the same. Given the size of Berkshire's portfolio, he may be better off putting the money in index funds after he retires. Buffett is one in 6.5 billion, and I doubt his successor will be another Warren Buffett.

Warren Buffett got married yesterday, and if you're a follower of the Warren Buffett saga (and aren't we all, here in investing land?), you know that Buffett lived separately from his first wife, Susan Thompson Buffett, for decades. She died two years ago. This news prompted the BloggingStocks team to ask: Is Warren Buffett more billionaire, or more regular ol' guy from Omaha? Let's look at the evidence:

1. Diet. Warren Buffett feasts on hamburgers, Omaha steaks, and Cherry Coke. Advantage: regular Omaha guy.
2. Homes. Warren still lives in a home in Omaha he bought for $31,500, although he does have a vacation home in Laguna Beach. Still ... Advantage: regular Omaha guy.
3. Jet set or no jet set? Warren was famous for his modest string of Lincoln Town Cars, but he bought a corporate jet in 1989 ... and then bought a whole jet company. Advantage: billionaire.
4. Friends. Sure, Warren counts Bill Gates, fellow richest man in the world, as a friend. But they're both gigantic nerds and play golf and -- I am not making this up -- bridge rather than high-stakes poker. Advantage: regular Omaha guy.
5. Media saturation. What's this? Warren is working on his very own TV series. I know you're saying, like, ohmigod Sarah! That's so totally billionaire behavior. Ahem. But it's an animated series about investing. Haha! Advantage: regular Omaha guy.
6. Parties. Oh you're very funny. Warren Buffett at a party? As if. Advantage: regular Omaha guy.
7. Women. Warren Buffett just got married, and it's only his second wife, after all. But Astrid Menks used to be a cocktail waitress. What's more, at 60 to Buffett's 76, she's a much younger woman. Advantage: billionaire!

We all know that you don't have money like Warren Buffett does (unless you is Bill Gates, and then you're probably not wondering about this, now are you?). But that shouldn't prevent you from giving money the same way he does. Even if it's a lot less money, it's still fun to use the same buzzwords.

And this buzz phrase, from the Wall Street Journal today [subscription required]: "giving while living." Often called "charitable gift annuities" after one of the most popular forms of high-dollar charity, the sort of thing Warren Buffett has done with his substantial fortune is really quite common. Other than the value of seeing the reaction to your largess while you're still alive to have an ego, there are tax and control benefits to giving while living (one: "you can keep an eye on how your legacy is fulfilled," according to NYU professor Jan T. Vilcek).

We non-billionaires can get more satisfaction, too, from getting involved in the charities who receive our substantial living gift. "It's the opposite of just saying, 'Here's the check, good luck,'" says one charitable advisor. Think of it as the non-profit answer to a venture capitalist -- you can provide both funds and strategic assistance.