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 Video Five Black Swans That Could Change the Course of 2023 Staff Video The Case for European Small-Caps Gets Stronger Staff Sponsored Content Model Portfolios to Deliver Alternative Asset Exposure Sponsored by BlackRock