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 Overseas Stocks Drive Double-Digit Returns for State Plans Like Louisiana and New York James Comtois Michael Green, the ‘Cassandra of Passive Investing’ Puts His Thesis to the Test Michelle Celarier Institutional Asset Owners are Rethinking ETFs Sponsored by Invesco