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 Brian O’Neil (Briefly) Pauses His Retirement to Oversee Wallace’s $1.7B Portfolio James Comtois Jericho Capital Extends Its Run After Historic Gains Last Year Stephen Taub Future Return Expectations Are Not a Straight Line, Especially in U.S. Equities Sponsored by Morningstar