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 D1 Capital Emerges as Largest Hedge Fund Holder of SpaceX Stephen Taub The Returns Gap Shows Investors Can't Stop Chasing Performance James Comtois Mid Cap Stocks: Finding Companies in the Heart of Their Growth Trajectories Sponsored by Fidelity Investments