Bill Ackman Traces His Investing Roots to a Buffett-Inspiring Book and a $14,000 Side Gig
Pershing Square Capital Management CEO Bill Ackman says a book that also influenced Warren Buffett sparked his interest in investing. He funded his early ventures with a $14,000 side hustle and gained experience working at his father's real estate company. Ackman has since built a multibillion-dollar fortune.
Ackman set financial goals as a teenager, predicting millionaire status by 30, $100 million by 40, and billionaire by 50. His early business success came from a $14,000 commission selling advertising for Harvard's travel guides. After graduating, he worked at his father's real estate firm, where observing entrepreneurs shifted his focus toward investing.
His father introduced him to Leonard Marks, who recommended Benjamin Graham's "The Intelligent Investor," a book that influenced Warren Buffett. Ackman earned his MBA in 1992 and co-founded Gotham Partners. He later established Pershing Square in 2004, which now manages $35 billion and has compounded returns at 16.5% annually for two decades, though it faced an 11% drop in early 2026 before raising $5 billion in a record listing.
Ackman's narrative could inspire aspiring investors to seek early entrepreneurial experiences and study foundational texts like Graham's. His success may reinforce the appeal of concentrated, activist investing, yet his recent underperformance and record fund raise could also highlight the risks of such strategies. This may shape how retail investors evaluate hedge funds and the balance between long-term compounding and short-term volatility.