Bill Ackman channels Warren Buffett with his $64 billion bid for Universal Music Group

In today’s CEO Daily: Diane Brady examines Bill Ackman’s effort to build a modern-day Berkshire— without the folksy charm.

The big leadership story: Anthropic is giving companies an early look at its most advanced AI model.

The markets: Stocks skyrocket globally on news of a U.S.-Iran ceasefire deal.

Plus: All the news and watercooler chat from Fortune.

Good morning. Is Bill Ackman like Warren Buffett?  

The CEO of Pershing Square Capital Management cited a desire to unleash “long-term value” when making yesterday’s $64 billion bid to acquire Universal Music Group. He’s long admired the chairman of Berkshire Hathaway, who handed the CEO role to Greg Abel earlier this year. And Ackman revived talk of creating a modern-day Berkshire last month when filing to list Pershing with a new fund on the New York Stock Exchange. 

As investors look at Pershing’s impending IPO as an alternative to Berkshire in the world of value investing, it’s worth comparing the two men and the companies they’ve built. 

Investing Approach – Buffett has a six-decade track record of 20% compound annual returns to investors, roughly double the S&P 500. Ackman’s hedge fund has delivered similar returns since its 2004 launch, not including fees. But it’s a choppier journey when you’re an activist investor who names enemies, looks for problems to fix and wages war in public. Pershing’s turnover is double that of Berkshire, though both are relatively........

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