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 Third Point Leans Back Into Risk Stephen Taub For Members Only Event-Driven Fund Posts Double-Digit Returns in Each of Its First Five Years Stephen Taub How Global Tensions Are Reshaping U.S. Equity Risk Sponsored by CME Group