Warren Buffett has one of the best investment track records that you will ever see.
Over several decades, the Oracle of Omaha has delivered incredible returns for Berkshire Hathaway (NYSE: BRK.B) shareholders.
For example, according to the company's most recent letter to shareholders, Buffett has overseen an average 19.8% per annum increase in Berkshire's book value since all the way back in 1965.
This means that Berkshire Hathaway has returned a massive 3,787,464% over the period of almost six decades.
To put that into context, a single investment of just $100 would have turned into almost $3.8 million!
How did Buffett do it?
One of the keys to Buffett's success has been down to his penchant for buying companies with wide economic moats.
Back in 2007, he explained why moats are important when he makes investments. He said:
A truly great business must have an enduring 'moat' that protects excellent returns on invested capital. The dynamics of capitalism guarantee that competitors will repeatedly assault any business 'castle' that is earning high returns.
Therefore a formidable barrier such as a company's being the low-cost producer (GEICO, Costco) or possessing a powerful world-wide brand (Coca-Cola, Gillette, American Express) is essential for sustained success. Business history is filled with 'roman candles', companies whose moats proved illusory and were soon crossed.
Invest like the Oracle of Omaha with this ASX share
The good news for investors is that if they want to try and grow their wealth enormously like Buffett has done, they can follow in his footsteps with one ASX share.
That share is the VanEck Vectors Morningstar Wide Moat ETF (ASX: MOAT).
This exchange-traded fund (ETF) has been designed to replicate Warren Buffett's investment style. It gives investors access to a diversified portfolio of companies with sustainable competitive advantages and fair valuations.
Over the last 10 years, the index that the fund tracks has generated a return of 19.14% per annum. This is approximately double the market return and in-line with Buffett's long-term returns. Surely that isn't a coincidence!
To put this return into context, it would have turned a $50,000 investment into almost $290,000 today.I feel this demonstrates why following Warren Buffett's lead with ASX shares could help you grow your wealth enormously over the long term.
