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 The Pension Fixer Who Finally Got to Build His Own Portfolio James Comtois PivotalPath: Hedge Funds Post One of Their Best First Halves in Nearly Three Decades The Editorial Team Podcast- Back to the Future of Direct Lending: The Alpha Edge in the Traditional Middle Market Sponsored by Fidelity Investments