Bill Ackman first heard about Warren Buffett when he was 20. Four years later, he read his first Berkshire Hathaway shareholder letter, and something clicked. “I was inspired to become an investor,” the hedge fund manager recalled.

Billionaire hedge fund manager Bill Ackman has been attempting to use real estate developer Howard Hughes Holdings ( HHH 2.82%) to create a "modern-day Berkshire Hathaway " for some time. Now, it looks like a deal has finally been reached that could allow him to get started.

Bill Ackman has his sights set on being this generation's Warren Buffett. Though the activist turned long-term investor is hesitant to say he thinks he will be the next Oracle of Omaha. "Warren's an icon,