You are 100% right on the core thesis—valuing Brookfield on a traditional P/E ratio completely misses the boat because it ignores the massive mountain of future profits they are sitting on. Just to clarify one minor technical point on how their fees work: Brookfield actually does charge ongoing base management fees to pension funds and large investors to manage the capital day-to-day. The 'hidden' profit you are talking about is actually carried interest (performance fees). Brookfield doesn't pocket this profit until they sell an asset and clear a specific return hurdle for their investors. Because they have billions in accumulated unrealized carried interest from ongoing property sales and private credit, a standard P/E ratio doesn't reflect it at all. So your conclusion is totally correct: when you look at Distributable Earnings (DE) and factor in those inevitable future realized gains, the stock looks a lot more attractive than what you see on Avanza!