The First Rule of Investing: Don't Lose Money That's also the second rule of investing, says Blackstone's Stephen Schwartzman, because if you don't lose money, you will significantly outperform the market. Related Articles For Members Only IPOs Are Working Again, Even If the Market Says Otherwise Stephen Taub Private Markets’ New Tension: When Retail and Institutional Investors Collide Julie Segal How Global Tensions Are Reshaping U.S. Equity Risk Sponsored by CME Group