Bill Ackman's first stock was Wells Fargo, and Warren Buffett was a key factor in his choice. Ackman determined Wells Fargo, which counted Buffett as a big shareholder, was oversold at the time. "My first actual investment was I bought Wells Fargo stock," Ackman recalled. "I had already started following Warren Buffett, and he was a big shareholder at a much higher price." Moreover, Buffett's Berkshire Hathaway had taken a position in Wells Fargo the previous year.

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Persons: Bill Ackman's, Wells Fargo, Warren Buffett, Ackman, Buffett, Pershing, Julia La Roche, they'd, Justin Sullivan, Wells, Berkshire Hathaway, Warren Buffett imprimatur Organizations: Wells, Service, Harvard Business School, Harvard, Bank Locations: Wells, Wall, Silicon, Wells Fargo