Bill Ackman first heard about Warren Buffett when he was 20. Four years later, he read his first Berkshire Hathaway shareholder letter, and something clicked. “I was inspired to become an investor,” the hedge fund manager recalled.

Billionaire Bill Ackman has wanted to use Howard Hughes Holdings to create a modern-day Berkshire Hathaway. After two unsuccessful attempts at making a deal, Ackman and Howard Hughes have agreed to terms. Ackman is paying a hefty premium to boost his stake in the venture.

Bill Ackman has his sights set on being this generation's Warren Buffett. Though the activist turned long-term investor is hesitant to say he thinks he will be the next Oracle of Omaha. "Warren's an icon,