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 China Is Back in Portfolios — But Only for Investors Who Can Live With the Risk Jonathan Kandell Ray Dalio: U.S. Risks a Major Geopolitical Setback if Iran Holds Hormuz Michelle Celarier Is Bitcoin’s "Digital Gold" Narrative Losing Its Shine? Sponsored by CME Group