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 Biopharma Continues to Buoy the IPO Market Stephen Taub For Members Only AI Drug Discovery Reaches the IPO Market Stephen Taub Re-Examining the Role of Commodities in a New Market Regime Sponsored by Invesco