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 Opinion: Private Markets Face Their Next Test Thomas Deinet Churchill’s Ken Kencel on Private Credit’s Second Act Julie Segal Podcast- Back to the Future of Direct Lending: The Alpha Edge in the Traditional Middle Market Sponsored by Fidelity Investments