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 Premium Third Point Cycles Through New Top Positions as Returns Struggle Stephen Taub How Institutional Investors Are Managing the Private Credit Crisis Michelle Celarier How Global Tensions Are Reshaping U.S. Equity Risk Sponsored by CME Group