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 CalPERS Promotes Anton Orlich to Private Markets Deputy CIO James Comtois For Members Only Inside Viking’s Hybrid Strategy for Investing Across Public and Private Markets Stephen Taub Navigating Private Markets in 2026: Q&A with StepStone and Fidelity Sponsored by Fidelity Investments