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 How Tax Changes Will Upend Investing at Endowments and Foundations John Crabb Middle Market PE Firms Optimistic for 2026 Deal Revival John Crabb Higher Taxes Could Reshape How Endowments and Foundations Think about Almost Everything Sponsored by Fidelity Investments