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 The Editorial Team For Members Only Third Point Returns to Meta and Nvidia Stephen Taub Growth Is Expensive. Innovation Doesn’t Have to Be. Sponsored by Northern Trust Asset Management