17.5% of market cap paid out in fees?, page-31

In reply to your other question, no I don't believe it will happen every year because the overperformance should decrease as the overall market picks up. If BFC were to only outperform the index by 5% then this fee would me much much smaller. Also, the management fees relative to revenue and free cash flow, will be larger in the beginning as bfc is still in its infancy. This kind of stock is more for 10% returns a year or and the management fees should hold it back from being a growth play. In saying that, the market is NOT efficient and anything can happen in between reporting periods.

I currently hold and will let this one grow slowly and treat it more like an Asian exposed ETF more then anything .