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 CalPERS’ Stephen Gilmore on TPA: ‘This Will Make Management More Accountable’ James Comtois Scott Lavelle, Managing Director, Investment Advisor Research (IAR) and Product Management, PNC Institutional Investor Small Caps Stage Quiet Comeback as AI Trade Shows Cracks Sponsored by CME Group