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 Repricing Risk: Why Investors Are Looking Beyond the U.S. for Alpha James Comtois Premium Volatile First Half Leaves Credit Hedge Funds Lagging, Despite Pockets of Strength Stephen Taub Higher Taxes Could Reshape How Endowments and Foundations Think about Almost Everything Sponsored by Fidelity Investments