How a book that inspired Warren Buffett and a $14,000 side hustle helped billionaire Bill Ackman get started as an investor

Bill Ackman, the billionaire hedge fund manager, has attributed his success to two key experiences - a book that inspired Warren Buffett and a $14,000 side hustle. During his time at Harvard, Ackman worked at Harvard Student Agencies, selling advertising for Let's Go travel guides, which were written by Harvard students. This commission-based job proved to be a lucrative venture for the young Ackman, who earned $14,000, a significant sum for a teenager. This early success sparked his passion for business.

After graduating, Ackman returned home and joined his father's commercial real estate firm, Ackman-Ziff Real Estate Group. Although he initially found the job unexciting, it eventually led him to his true calling in investing. His father introduced him to Leonard Marks, who recommended 'The Intelligent Investor' by Ben Graham. Graham, known as the "Father of Value Investing," profoundly influenced Warren Buffett's investing style, which Ackman greatly admired.

Ackman pursued his MBA at Harvard Business School in 1992 and co-founded his first investment firm, Gotham Partners, with fellow Harvard graduate David Berkowitz. In 2004, after winding down Gotham Partners, Ackman founded New York-based investment firm Pershing Square Capital Management. Under his leadership for over two decades, the company has grown to become a $35 billion titan, with long-term returns that have significantly outperformed the market.

Despite recent underperformance, Pershing Square raised $5 billion in April of this year, the largest closed-end fund listing in U.S. history. Ackman, a devoted follower of Warren Buffett, aims to emulate Buffett's success by taking Pershing Square public and gaining access to permanent capital.