October 1, 2026

Copying Warren Buffett’s Berkshire Hathaway Success Is ‘Not Sexy,’ but Bill Ackman Is Trying Anyways

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Warren Buffett has stepped down from the CEO and chairman roles of Berkshire Hathaway over the last year. While Berkshire Hathaway moves on without the legendary investor, another legendary investor is working on creating his own version of Berkshire Hathaway.

Ackman Takes on Buffett’s Investing Model

Bill Ackman is the CEO of Pershing Square and is also the executive chairman of Howard Hughes Holdings, a real estate company that Pershing is transforming into a Berkshire-like conglomerate.

“We’re going to operate much the same way Buffett did,” Ackman said on “The Knowledge Podcast” in September 2026.

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Pershing has acquired around 47% of the company and is currently working on selling off the real estate each year and diversifying into insurance.

“Time for us to reform Howard Hughes into something else.”

Ackman compared the early days of Buffett buying into textile company Berkshire Hathaway and then exiting that business to turn the company into an insurance company and eventually a conglomerate.

“We’re transforming it into what we call a modern Berkshire Hathaway.”

Taking a page from Buffett, Ackman is making Howard Hughes Holdings an insurance owner, and he has recruited what he described as the insurance industry’s best management team.

Ackman said Buffett ran an insurance operation, taking the float generated between premiums collected and claims paid out, investing it in short-term treasuries to pay claims, and investing the remaining balance in the common stock of other companies like Coca-Cola. This helped Berkshire make a profit on the underwriting side of insurance and earn attractive returns on assets like common stock.

Not a Sexy Business

This business model helped Berkshire Hathaway have strong annual returns, but people haven’t tried to copy his investment style.

“It’s not sexy to be in the investment operation of an insurance company,” Ackman told podcast host Shane Parrish when asked why more don’t copy Buffett.

Ackman said that even as he tries to transform Howard Hughes into a mini-Berkshire, it’s not getting the attention it deserves.

“No one notices, no one cares.”

Ackman said Howard Hughes is currently around 70% real estate, 30% insurance by capital, but in five years that could flip to 30% real estate and 70% insurance.

How Buffett Succeeded

Ackman was asked what the biggest factors in Berkshire’s and Buffett’s success were. The investor shared the following:

Wasn’t exposed to short-term wins of shareholders
Had permanent capital
Didn’t pay dividends, retained capital
Had talent for investing in common stocks
Recruited talented people to run the various businesses
Didn’t dilute shareholders by issuing common stock for acquisitions

Ackman and Parrish also agree that Buffett taking a small salary for many years and accumulating his wealth through his ownership stake in Berkshire Hathaway may have helped boost returns and made negotiations for other employees easier.

Photo: Photo Agency on Shutterstock.com

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