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 SpaceX Boosts Returns of Endowments That Invested Early James Comtois The World’s Largest Pensions Are Hiring for an AI Future as They See Record Asset Growth James Comtois The Evolving Role of PE in Portfolios Sponsored by Dawson Partners