# How Bill Ackman Built His Investment Empire The billionaire's journey from a $14,000 side hustle to a $35 billion hedge fund - **Source:** [Fortune](https://fortune.com) - **Published:** 2026-08-11 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/904b6a4b-15fe-4e6c-be12-befa06161e4b ## First Business Experience at Harvard As a Harvard student, Bill Ackman earned $14,000 annually selling ads for Let's Go travel guides. His commission-based success even outpaced his superiors. This early achievement fueled his ambition to become a millionaire. Working at his father's real estate firm later steered him toward his true passion: the investment world. These formative experiences shaped his future career path in finance. ## Inspiration from Warren Buffett Ackman's father introduced him to Benjamin Graham's 'The Intelligent Investor,' the book that shaped Warren Buffett's philosophy. This foundational text deeply influenced Ackman's investment approach. While pursuing his MBA at Harvard Business School, he committed to becoming an investor. In 1992, he co-founded Gotham Partners, his first investment firm, marking the start of his remarkable career. ## Birth of Pershing Square Founded in 2004, Pershing Square Capital Management grew into a $35 billion powerhouse. Its long-term returns consistently outperformed the market, averaging 16.5% annually over two decades. Despite an 11% decline in February 2026, the firm made history with a $5 billion IPO - the largest closed-end fund listing in the U.S. This resilience demonstrates Ackman's strategic vision. ## Major Wins and Turning Points Ackman's $27 million corporate credit bet during COVID-19 skyrocketed to $2.6 billion in weeks. His $1.2 billion Chipotle investment doubled within years. The activist campaign at Canadian Pacific Railway became a legendary turnaround story. These successes, combined with his $11.5 billion net worth, cement his status as one of finance's most influential figures. ## Following Buffett's Footsteps A self-proclaimed 'Warren Buffett devotee,' Ackman took Pershing Square public in March 2026, emulating Berkshire Hathaway's model. With 98% invested in public companies where it's often a major shareholder, the firm mirrors Buffett's 'permanent capital' approach. Investors trade shares among themselves rather than redeeming from the fund, ensuring stability. ## Personal Wealth and Influence At 60, Ackman's net worth reached $11.5 billion. Pershing Square's innovative structure offers 20 free shares for every 100 purchased, attracting investors. While inspired by Buffett, Ackman developed his own philosophy: long-term, value-oriented activist investments. His ability to identify undervalued companies and drive change sets him apart in the hedge fund world. ## Youthful Ambitions Realized Ackman achieved all his early goals: millionaire by 30, $100 million by 40, and billionaire by 50. His first sales job skills became foundational to his investor identity. Harvard education and family connections in finance played crucial roles. This trajectory from modest beginnings to financial titan demonstrates the power of clear vision and determination. ## An Inspirational Investment Story Ackman's journey from a $14,000 side hustle to managing $35 billion illustrates how early experiences shape great investors. His story highlights the importance of mentorship and foundational texts like Graham's book. By adapting Buffett's strategies while developing his own activist approach, Ackman created a blueprint for next-generation investors seeking lasting impact in finance. ## Sources covering this story - https://fortune.com/2026/08/11/how-a-book-that-inspired-warren-buffett-and-a-14000-side-hustle-helped-billionaire-bill-ackman-get-started-as-an-investor/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._