Bill Ackman's early hustle and a classic investing book shaped his $35 billion empire
Bill Ackman credits a $14,000 commission job at Harvard and reading Ben Graham’s *The Intelligent Investor* for launching his investment career, which now runs the $35 billion Pershing Square Capital Management.
During his Harvard years, Bill Ackman worked for the student-run agency that sold advertising for the Let’s Go travel guide series, netting $14,000 on a commission basis and discovering a talent for sales. His father later introduced him to Leonard Marks, who suggested Ben Graham’s *The Intelligent Investor*, a text that heavily influenced Warren Buffett and shaped Ackman’s investing philosophy. After completing his MBA in 1992, Ackman co-started Gotham Partners with David Berkowitz before founding Pershing Square Capital Management in 2004.
The hedge fund has grown to manage $35 billion, delivering about 16.5% annualized returns, though its Pershing Square Holdings fell 11% year-to-date in early 2026. In April, the firm secured $5 billion through the largest U.S. closed-end fund listing ever, echoing Buffett’s permanent-capital model. Ackman remains a self-described Buffett devotee, using the public-company focus and share-trading structure to retain capital for long-term investments.
Why it matters
Understanding Ackman's origins and recent fund moves explains the strategies behind one of the world’s largest activist hedge funds.
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