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 Liquidity Isn’t the Problem You Think It Is, Says Ludovic Phalippou Michelle Celarier How Hiddenite, a Young Long‑Short Fund, Delivered a Second Straight Triple‑Digit Year Stephen Taub ETFs: Growing Institutional Adoption Sponsored by Invesco