There’s a good chance that Berkshire Hathaway’s stock will lag the S&P 500 in the coming years. This is a matter of simple probabilities, and not a criticism of Berkshire Hathaway Chairman and Chief Executive Warren Buffett or his designated successors.

The Oracle of Omaha has $180 billion collectively invested in four brand-name companies with well-defined competitive advantages and phenomenal capital-return programs.

Fast forward half a century, Bill Ackman, the billionaire hedge fund manager behind Pershing Square Capital Management, is looking to replicate Buffett’s success by creating a “modern-day Berkshire Hathaway.

Who is billionaire Bill Ackman? Ackman is a prominent investing activist: When he considers that a company in which he has invested has underperformed, he urges the board and mana