Bill Ackman is betting $900 million he could become the next Warren Buffett by forging a ‘modern-day’ Berkshire Hathaway

Bill Ackman, chief executive officer of Pershing Square Capital Management LP, speaks during an interview for an episode of "The David Rubenstein Show. (Credit: Jeenah Moon—Bloomberg/Getty Images)

• The Pershing Square hedge fund manager is wagering his own money in a bid to build a diversified financial conglomerate that could rival the life’s work of Warren Buffett. The 94 year-old Oracle of Omaha bought into a dying textile producer 60 years ago, transforming it into the $1 trillion behemoth it is today.

Billionaire Bill Ackman may be one of the best-known hedge fund managers on Wall Street, but he’s no Warren Buffett.