It is mathematically impossible for Buffett to have amassed his wealth using Buffett principles. .
An individual shareholder in Berkshire would not have replicated the return that Buffett personally made because Buffett gets a management fee paid in Berkshire shares.
Easy example:
Mini Buffett sets up a $1million dollar investment company.
$100,000 is his own money, $900,000 from other investors.
He charges 1% of the the net assets as a management fee.
Assume 20% constant return.
Year 1:
Buffett makes $20,000 on his own investment, and $10,000 as the management fee. Total wealth $130,000. Value of investment company: $1.2million (never declares a dividend)
Year 2: Buffett makes $24 on his own investment and $12,000 management fee. Total wealth: $166,000. Value of investment company: $1.44 million
Year 3: Buffett makes $28,800 on his own investment and $14,400 management fee. Total wealth: $209,000.
Now compound this out to 20 years and see the result, and this is just on one million. What if the starting figure is $10 million with $1million personal wealth. (and never declaring a dividend)
I have no idea what the actual management fee was, but in its early days Berkshire was generating around 20% annual returns.
A high compounding return on personal invested money + management fee on a growing pool of assets = one massive massive increase in ones personal wealth.