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 Systematic Hedge Funds Deliver Near-Record Returns in September II Editor For Members Only Third Point Returns to Meta and Nvidia Stephen Taub Portable Alpha: Rethinking the Architecture of a Portfolio Sponsored by Vontobel