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 For Members Only This CTA Is Outpacing Peers With Triple-Digit Gains Stephen Taub Valiant Bets Against Credit as Hansen Sees Risks Markets Are Missing Stephen Taub What’s Really Moving Commodity Markets in 2026? Sponsored by CME Group