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 Macro Investing Continues to Drive Results at David Einhorn’s Value-Oriented Fund Stephen Taub What Can Short-Term Returns Tell Investors? James Comtois Portable Alpha: Rethinking the Architecture of a Portfolio Sponsored by Vontobel