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 Norway Tops Japan as World’s Largest Asset Owner James Comtois Even the Largest Institutions ‘Should All Be Doing’ Some OCIO, Pension Trustee Says James Comtois Active Quant: A Smarter Path Between Active and Passive Sponsored by Robeco