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 After Buying Out the State of Michigan Retirement Systems, Domain Expands Multi-Family Real Estate Firm James Comtois Former Hershey Trust Chief Leslie Lenzo Launches Advisory Firm James Comtois Capital Markets, Reframed: A Corporate Defined Benefit Perspective Sponsored by Fidelity Investments