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 Valiant Bets Against Credit as Hansen Sees Risks Markets Are Missing Stephen Taub For Members Only Third Point Leans Back Into Risk Stephen Taub Podcast- Unlocking Systematic Alpha Through Equity Extension Strategies Sponsored by Fidelity Investments