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 Facing Anemic Returns, Allocators Struggle to Reach 8% Hurdle James Comtois Premium Robert Citrone’s Discovery Capital Scores a Three‑Year Run of Outsized Returns Stephen Taub II Communities on Alternative Investments Sponsored by Fidelity Investments