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 Why This Former Hedge Fund Partner Is Still Battling D.E. Shaw Michelle Celarier Selective Keeps Its Distance from Risk Assets Amid Strong Bond Yields James Comtois What Do We Know About Hedge Fund Activity in FX Options? Sponsored by CME Group