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 In a Combative Year, Strong Equities and Savvy Hedge Fund Selection Drove Harvard’s Returns James Comtois Don’t Trust Active? This Endowment CIO Says You’re Going to Need It. James Comtois Why the Fed Prefers PCE Over CPI for Inflation Insights Sponsored by CME Group