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 Survey: Most Allocators Don’t Understand the Risks in Their Own Portfolios James Comtois For Members Only Valiant, D1 Lead Tigers Through Volatile First Quarter Stephen Taub II Communities on Global Markets Sponsored by CME Group