But [Robert G.] Hagstrom wrote the book on [Warren] Buffett ("The Warren [Buffett] Buffet Way") and believes that gives him the tools to run a fund with returns to make his idol proud.

For his part, Hagstrom never has promised Buffett's returns. As chairman of Berkshire Hathaway, Buffett's investments took the company's value from $12 a share 30 years ago to more than $22,000 per share today. Buffet's modus operandi is long-term, buy-and-hold in a few stocks -- no more than 15 at one time -- purchasing undervalued companies and letting his winners run.

It's a strategy that works for many funds, notably The Sequoia Fund, co-managed by Buffett's former stockbroker, Bill Ruane. Sequoia, closed to new investors, has an average annual total return of more than 14 percent over the last 10 years. That's good, but it's not Buffett's 20-plus percent; just as important, Sequoia has never been marketed for its Buffett connection.