Think about all the altcoins that have 0 earnings, but a high price. The PE ratio is closer to infinity in this market than it is to the S&P 500 or a traditional fund management company
They calculated a 20% yearly return for performance fund in the optimistic scenario. If Iconomi hits on just one ico that pumps, return would be better than that.
They completely neglected to add in any value that will come from the fund management platform, a social trading platform that can take some of etoro market.