Bill Ackman, the Berkshire Hathaway model is difficult to replicate, mainly due to three points:

First, top investment talent is unwilling to join insurance companies;
Second, there must be sufficient control over publicly listed companies;
Third, the short-term "get-rich-quick" mentality must be abandoned, and a long-term perspective of decades must be adopted.
The core of this model is to obtain float through insurance business, invest 100% of the float in short-term government bonds to ensure safety, and then allocate proprietary capital into quality stocks to build a compound growth flywheel.