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 Investors Are Underpricing AI’s Political Risk, Xponance Warns James Comtois SpaceX Boosts Returns of Endowments That Invested Early James Comtois The Evolving Role of PE in Portfolios Sponsored by Dawson Partners