In the world of finance and investing, few names carry as much weight as Warren Buffett, the Oracle of Omaha. But in recent years, another name has begun to echo through the halls of Wall Street with similar reverence: Bill Ackman. With bold investment strategies, a growing public presence, and ambitions that mirror Buffett’s own, many are asking: Is Bill Ackman the next Warren Buffett? Let’s break down the parallels, the potential, and the reasons behind this growing belief.
Who Is Bill Ackman?
William Albert Ackman is a billionaire hedge fund manager and the founder of Pershing Square Capital Management, a firm he launched in 2004. Known for his activist investing style, Ackman isn’t just a buyer of companies—he’s a reformer. His strategy often involves taking large positions in undervalued companies and pushing for operational changes to unlock shareholder value.
Over the years, Ackman has made headlines for both his stunning successes (such as Chipotle, Restaurant Brands International, and Canadian Pacific Railway) and high-profile failures (Herbalife, Valeant). Despite the ups and downs, one thing is clear: Ackman is a bold and persistent investor with a long-term vision.
The Buffett Comparison: Why Now?
Ackman has been in the financial spotlight for over two decades. So why are comparisons to Warren Buffett surfacing with more intensity now?
Several key developments in Ackman’s strategy, demeanor, and business moves suggest he’s shifting from being a hedge fund manager to something more akin to an investment conglomerate leader—much like Buffett’s journey with Berkshire Hathaway.
Here are the main reasons why people think Bill Ackman might just be the next Warren Buffett:
1. A Shift Toward Long-Term Value Investing
While Buffett is the godfather of value investing, Ackman began his career as a highly active investor, often taking confrontational positions. However, in recent years, Ackman’s style has matured significantly.
He’s moved away from quick activist campaigns and towards longer-term investments in high-quality businesses with strong brands and economic moats—an investment philosophy that mirrors Buffett’s.
Examples:
- Chipotle Mexican Grill: Ackman took a large position during its food safety crisis and held on as the company rebounded spectacularly.
- Hilton Worldwide Holdings: A long-term play that reflected Ackman’s patience and belief in brand-driven growth.
His investment in Amazon during Q2 of 2023 is another case in point. He bet on Amazon’s cloud computing (AWS) and e-commerce resilience, calling it a “durable growth business”—language Buffett himself might use.
2. Building a Mini-Berkshire: The Howard Hughes Corporation
Perhaps the most direct sign that Ackman is channeling Buffett is his involvement with The Howard Hughes Corporation (HHC). Ackman has referred to HHC as a potential “modern-day Berkshire Hathaway”—a diversified company with long-term real estate holdings that could be scaled into a conglomerate.
Ackman, who is both a board member and a major shareholder, has gradually taken more control over HHC, pushing for transformation. In fact, Pershing Square recently privatized the company, consolidating control and allowing for long-term reinvestment—very reminiscent of how Buffett built Berkshire through full acquisitions.
This long-term strategic holding mirrors Buffett’s approach with companies like:
- GEICO
- BNSF Railway
- See’s Candies
In Ackman’s words, HHC could be “our own Berkshire Hathaway, built from scratch.”
3. A Growing Focus on Permanent Capital
Buffett’s genius lay not just in picking stocks but in creating a permanent capital vehicle—Berkshire Hathaway’s insurance float. This allowed him to reinvest returns continuously without ever having to liquidate holdings under pressure.
Ackman is adopting a similar model with Pershing Square Holdings Ltd., a publicly traded vehicle listed in London and Amsterdam. Unlike a typical hedge fund, this structure provides:
- Permanent capital
- Long-term focus
- Freedom from redemption cycles
This gives Ackman the flexibility to hold investments indefinitely, focus on compound growth, and avoid the short-termism that plagues many hedge funds. In essence, he’s slowly crafting a structure that could endure for decades.
4. Public Influence and Media Savviness
One major difference between Buffett and Ackman historically has been media exposure. Buffett cultivated a humble, “folksy” persona, while Ackman has been more outspoken and occasionally polarizing.
However, Ackman has evolved. In recent years, he has:
- Appeared more frequently on financial news platforms like CNBC and Bloomberg.
- Given candid, thoughtful interviews on market risks, economic trends, and even geopolitical concerns.
- Taken a more educational tone, discussing investment philosophy rather than just trade ideas.
He’s become more of a thought leader than a mere fund manager—an evolution that Buffett underwent decades ago.
Moreover, Ackman’s use of social media platforms like X (formerly Twitter) to share economic insights or challenge narratives echoes Buffett’s use of Berkshire’s annual letters to shape financial discourse.
5. Generational Appeal and Succession Talk
Buffett, now in his 90s, has been the face of long-term investing for generations. But investors, especially younger ones, are looking for a torchbearer—someone who embodies Buffett’s discipline but brings a modern edge.
Ackman, now in his late 50s, is well-positioned to be that figure:
- He speaks to both older investors (with traditional value metrics) and younger ones (who appreciate tech plays like Google and Amazon).
- He has started talking about legacy, impact, and philanthropy, much like Buffett did later in life.
- His donation pledges, educational outreach, and even political commentary suggest he’s thinking beyond just returns.
6. High-Conviction Bets and Transparent Thinking
Warren Buffett is famous for his concentrated bets—like Apple, Coca-Cola, or American Express. Ackman follows a similar path. He doesn't over-diversify. Instead, he places big, public bets on companies he believes in deeply.
For example:
- His $27 million bet that turned into a $2.6 billion gain during the COVID crash via credit hedges was both brilliant and controversial—but undeniably Buffett-like in conviction.
- His massive turnaround of Canadian Pacific Railway helped create billions in value through operational excellence.
- Even during the Herbalife saga (a notable failure), Ackman was transparent about his thesis—something few hedge fund managers dare to do.
Buffett has often said: “Be fearful when others are greedy, and greedy when others are fearful.” Ackman has embraced this mindset—leaning into unpopular trades, riding out turbulence, and focusing on fundamentals.
7. A Passion for Teaching and Mentorship
Warren Buffett has always prioritized education. His annual letters are legendary for their clarity, humility, and lessons on investing and life.
Ackman has shown similar traits, particularly through:
- His widely shared lectures at Harvard Business School
- Open letters and memos explaining investment rationale
- Interviews focused on long-term thinking and economic literacy
He even published a free course called "Everything You Need to Know About Finance and Investing in Under an Hour" on YouTube—garnering millions of views. This commitment to public education reflects Buffett’s approach to democratizing financial wisdom.
8. A Strong Team and Organizational Culture
Berkshire’s success isn’t just Buffett—it’s Charlie Munger, Todd Combs, Ajit Jain, and a culture of integrity and discipline.
Ackman has gradually cultivated a tight-knit, highly competent team at Pershing Square. He avoids hiring hundreds of analysts—instead, he keeps a lean team of exceptional talent focused on a few ideas. This mirrors Buffett’s belief in small, high-quality teams over bloated bureaucracy.
Ackman also emphasizes internal debate, clarity of thought, and ownership mentality—hallmarks of the Buffett way.
Is He Really The Next Warren Buffett?
It’s important to acknowledge that no one can truly replace Warren Buffett. His temperament, timing, and decades of compounding are unique.
But Ackman represents perhaps the closest philosophical successor:
- A shift to long-term holdings
- Creation of a permanent capital vehicle
- Emphasis on brand-driven, high-quality businesses
- A public commitment to rational, transparent investing
He’s also modernized the model:
- Open to technology and innovation (Amazon, Google)
- Willing to use derivatives and modern financial instruments
- More outspoken on political and social issues
Ackman is not a Buffett clone—but a Buffett evolution. A modern-day investor with old-school roots.
What Lies Ahead?
Bill Ackman is still writing his story. If he succeeds in turning The Howard Hughes Corporation into a modern Berkshire, and Pershing Square continues to outperform while educating the public, he may very well cement his place in history alongside Warren Buffett.
Ackman himself might brush off the comparison. But for investors seeking a next-generation icon of rational investing, he is an increasingly compelling figure.
In a market often driven by hype, short-termism, and noise, Ackman’s clarity, courage, and conviction offer a refreshing reminder of what made Buffett great in the first place.
Key Takeaways:
- Bill Ackman is embracing long-term investing similar to Warren Buffett.
- His work with Howard Hughes and Pershing Square mirrors the Berkshire Hathaway model.
- He focuses on concentrated bets, brand-driven businesses, and shareholder value.
- Ackman has matured from an activist investor to a disciplined, Buffett-style strategist.
- While no one can replace Buffett, Ackman may be his most authentic successor in philosophy and execution.
Would Warren Buffett himself agree with this comparison? Only time will tell. But one thing is certain—if there’s a playbook for becoming the next Buffett, Bill Ackman is following it, page by page.
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