SAN FRANCISCO: Warren Buffett followers who invest like the billionaire instead of with him would have earned higher returns since the bear market bottomed more than three months ago.

Berkshire Hathaway Inc's 18 percent advance since US equity indexes reached their lows on March 9 lags behind 16 of the company's top 20 stock holdings. A $1 million investment mimicking Berkshire's portfolio would have produced a $724,000 profit through today, compared with a $184,600 gain for the same-sized investment in Berkshire shares. Buffett is chairman and head of investing at Omaha, Nebraska-based Berkshire.

Buffett, 78, has seen long-standing equity positions in Wells Fargo & Co and American Express Co more than double from their March lows after losing over half their value in the 12 months prior. Companies Berkshire owns outright, meanwhile, had declining sales amid the global recession, and the firm's losses from derivative positions on corporate and municipal debt may not reverse as quickly as those tied to stock markets.