Alcohol producer Constellation Brands secured a nod from the the Oracle of Omaha. "It's a positive for Constellation Brands ... it's a big vote of confidence," CFRA analyst Garrett Nelson said. Other investors follow Berkshire Hathaway's moves quite often "given [its] track record of success going back many decades.

The hedge fund manager is waging his own money this time in a bid to build another financial behemoth that can rival the life's work of Warren Buffett.

A key problem is that the Howard Hughes board and the special committee evaluating the proposal may not want to turn the company into an Ackman-led mini Berkshire.