Bruce Berkowitz on Managing Risk and Reward Clients come first, and Fairholme Capital's Berkowitz is the largest client in everything his firm does. The result has been great risk-adjusted returns for both him and his clients. Related Articles Strong Markets Lifted Ivy League Returns, But PE Keeps Dragging Them Down James Comtois In a Combative Year, Strong Equities and Savvy Hedge Fund Selection Drove Harvard’s Returns James Comtois II Communities on Alternative Investments Sponsored by Fidelity Investments