Billionaire Bill Ackman Wants to Be the Next Warren Buffett, and He Is Buying an AI Stock Up 855% in 10 Years (Hint: Not Nvidia)

In 1965, Warren Buffett took control of Berkshire Hathaway. He said that in hindsight it was a "doomed" textile mill "headed for extinction." But he saved the business, and laid the foundation for lasting growth, by shifting its focus to insurance. That brilliant decision created a steady inflow of investable capital in the form of insurance premiums, and Buffett used that cash to great effect over the years.Berkshire's market value has increased more than 5,500,000% since Buffett took control, for an average annual return of 20% over six decades. Buffett deserves much of the credit. He (along with the late Charlie Munger) engineered acquisitions, stock purchases, and share buybacks that ultimately turned Berkshire into a trillion-dollar business, one of only 11 in the world at this writing.While Buffett plans to step down as chief executive at Berkshire this year, billionaire Bill Ackman hopes to recreate his success with Howard Hughes Holdings. Ackman recently added another 900 million shares to his hedge fund, bringing his total ownership to 46.9%. He plans to turn Howard Hughes into a "modern-day version of Berkshire" by acquiring controlling interests in private and public companies.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool