There is only one Oracle of Omaha, despite the many who claim to be his spiritual successors.

Ahead of the Berkshire Hathaway annual shareholder meeting, a sign featuring an image of Warren Buffett appeared, inscribed with the words "The Next Warren Buffett."

Key Points

Individuals such as Sam Bankman-Fried, Weizhen Tang, and Edward Lampert were once viewed as potential successors to Buffett, but ultimately faced convictions for fraud or bankruptcy.

Devoted followers of Warren Buffett often state that he is irreplicable. Yet, this has never deterred others from attempting to emulate his success. Buffett concluded his decades-long tenure as CEO of Berkshire Hathaway in December 2025. His leadership was marked by exceptional investment performance, rare skill in mergers and acquisitions, and a steadfast commitment to his hometown of Omaha, Nebraska, and his understated personal style.

The new Berkshire CEO, Greg Abel, assumed the role in January. However, almost from the moment the "Oracle" emerged from Omaha, a continuous stream of imitators has appeared—individuals anointed by fans, the media, or even themselves as the "next Warren Buffett."

These aspirants rarely pass the test, with some failing spectacularly. The so-called "curse of the next Buffett"—the idea that those crowned with this title are doomed to fall short—may not be a literal superstition. But a review of the list provides compelling reasons for believers.

* *Fortune* magazine featured Sam Bankman-Fried on its cover, questioning if he was the "next Buffett," mere months before his cryptocurrency exchange, FTX, collapsed in 2022. Bankman-Fried was convicted on fraud and conspiracy charges and is currently serving a prison sentence. His appellate lawyer did not respond to requests for comment. * Weizhen Tang, who labeled himself the "Chinese Buffett" on LinkedIn, was convicted in 2013 for defrauding clients in a $50 million Ponzi scheme and sentenced to six years in prison, being released in 2019. In an emailed statement, he said, "My goal was never to simply imitate a title, but to apply a specific investment philosophy. Regarding the 2013 conviction, I have always maintained my innocence." * Edward Lampert, identified by *BusinessWeek* as a potential Buffett successor as early as 2004, became a billionaire by moving beyond his hedge fund to acquire the bankrupt retailer Kmart and later the struggling Sears. However, the merged company filed for bankruptcy in 2018. Lampert did not respond to requests for comment.

Some individuals have achieved success, even if they haven't reached Buffett's stature or become icons of American business. Prem Watsa, CEO of Toronto-based Fairfax Financial Holdings, has been called the "Canadian Buffett." His company, which owns insurers and operates with a decentralized model similar to Berkshire's, has seen significant growth. He told *The Wall Street Journal* in 2015, "There's only one Buffett, and he's in Omaha."

Chamath Palihapitiya, known as the "SPAC King," told *Fortune* in 2020 that he hoped to build "the Berkshire Hathaway of our generation." Subsequently, rising interest rates led to the collapse of the special-purpose acquisition company bubble. The venture capitalist said earlier this year on a podcast that Buffett's stellar performance was partly due to "information asymmetry" that existed in markets before regulatory disclosure reforms in the early 2000s. Palihapitiya is now developing software that incorporates artificial intelligence. He did not respond to requests for comment.

Buffett has stated that he never sought insider information, relying only on public documents like Moody's manuals. When speaking with CEOs, he typically asks just two questions: If you had to buy shares in one competitor and hold them for ten years, which one would you choose and why? And, which company would you most want to short? "Making money in the stock market doesn't require inside information," Buffett said in a telephone interview from his Omaha office. His advice for those who aspire to be like him: "It helps to know you're going to live to 95, because the miracle of compounding really happens in the last ten years."

Becoming Buffett is no easy feat. Even he has struggled in recent years to replicate his past stock-picking success, stepping down with a record $373.1 billion in cash and equivalents. He had warned that Berkshire's massive size would inevitably lead to slower growth. In 2024, Buffett said it was "impossible" for the company to have "spectacular performance" again. The prolonged AI boom has driven stock prices to historic highs, making it difficult for Berkshire (and its disciples) to find bargains.

One contender still actively striving to be the next Buffett is Bill Ackman. The hedge fund manager views real estate company Howard Hughes as a modern version of Berkshire and, through his Pershing Square Capital, acquired nearly 50% of the proposed conglomerate last year. A 2015 *Forbes* magazine cover hailed Ackman as the "Baby Buffett," and he has called the Berkshire chairman his "mentor." "Warren Buffett has a 60-plus-year track record—my aspiration is to beat it," Ackman told *The Wall Street Journal* magazine last year. He declined to comment for this article. Ackman recently filed plans to take his hedge fund, Pershing Square, public alongside a new investment fund. This new U.S. fund would provide him with more permanent capital to emulate Buffett's long-term investment strategy, moving away from his previous activist approach. Pershing Square's largest fund has gained over 170% since 2015.

Buffett himself says he pays little attention to the imitators. He stated that while his mentor, Benjamin Graham, provided immense inspiration and knowledge, he became an investor simply because he loved the work. "At 95, I can't think of anything else I'd rather be doing," Buffett said in the interview.

Mohnish Pabrai, who runs the Pabrai Investment Funds, modeled after the Buffett Partnership that operated before Buffett took over Berkshire. Before starting his fund, he had never worked at a Wall Street firm, claiming all his investment knowledge came from studying Berkshire, the wisdom of Buffett and former Vice Chairman Charlie Munger, and Buffett's biography. Despite calling himself a "shameless cloner" of Buffett, Pabrai is dismissive of those who compare themselves to the investor. "There will never be another Warren Buffett, not in a thousand years," Pabrai said. "He is that unique."

Buffett has occasionally taken action to distance himself from followers. In 1996, after a self-described "citizen entrepreneur" named Samuel Katz wrote to Buffett about plans to create a unit investment trust containing Berkshire stock, Buffett reluctantly introduced Berkshire Hathaway Class B shares. Katz eventually abandoned his plan, and Buffett later acknowledged that issuing the B shares benefited the company. In 2006, Berkshire's lawyers applied to trademark the "Buffett" name, partly in response to numerous websites using his name to promote services. The trademark application was later abandoned.

Some who are genuinely related to Buffett deliberately avoid comparisons. Alex Rozek, a great-nephew of Buffett, served as CEO of the publicly traded holding company Boston Omaha until 2024. Rozek said that while he respects his famous great-uncle, his company never received any assistance from Buffett or Berkshire. He also believes people should not rush to proclaim themselves the next Buffett. "I'm sure everyone who goes to play or coach in the NFL wants to win eight Super Bowl rings, but I highly doubt anyone starts their career by saying, 'I'm going to be the next Bill Belichick,'" said Rozek, who now operates a fiber broadband company called Mac Mountain. "I've never seen any upside to it."