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 Opinion: The Hidden Costs of Indexing Are Hurting Institutions’ Returns Joel Schneider ‘We Want to Keep the DNA That Has Made Us Great’: Inside Cohen & Steers’ Succession John Crabb Private Equity’s Biggest Leap of Faith Isn’t NAV Finance Sponsored by 17Capital