How does “Reputation” work?
Since there is a daily rep limit of 200, how can users with who have been members for less than 5 years have 400k reputation?
Because there are other things that don't count toward the daily limit, e.g. +15 for an accept of your answer, +2 for accepting someone's answer, bounties, etc. I've received over 300 on many days mostly because of accepts.
However note that it was recently suggested the wording be made more clear.