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 Will Short Seller Andrew Left’s Latest Gambit to Prove His Innocence Work? Michelle Celarier The Debate Over Private Credit Returns Is Just Heating Up Michelle Celarier II Communities on Alternative Investments Sponsored by Fidelity Investments