Here's a novel idea for a new fund -- simply mimic what someone else is doing. Douglas Davenport of Atlanta Investment Counsel, the manager of the $50 million Wisdom Fund, aims to replicate Warren Buffett's returns by shadowing his Berkshire Hathaway investments.

The advantage of Davenport's Wisdom Fund, according to the website, is that the Wisdom Fund does not trade at a premium, unlike shares of Berkshire Hathaway. But the fund doesn't come cheap, either: Class B and C shares have operating expenses of 229 basis points, while Investor Class shares cost 154 basis points.

Unfortunately for Davenport, Buffett has the habit of buying entire companies, as well as trying to keep a lid on his investments, reports the Wall Street Journal. But the dogged manager attempts to maintain the same proportion of companies, and estimates his investments are two to three weeks behind Buffett's moves.

But Davenport may have stumbled onto a great idea -- will we soon be seeing cheaper copycats of not only other Berkshire Hathaway's to-bes, such as Edward Lampert's Kmart, but say, popular, closed mutual funds?  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE