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 ‘Precarious’ Risk-On Strategy That Drove Seawolf’s Outperformance Michelle Celarier Actually, Private Equity Firms Have Little to Fear from Litigation by Retail Investors Michelle Celarier AI and Process Integration Offer Managers a Path to Better Performance and Cost Control Sponsored by SS&C Advent