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 Don’t Trust Active? This Endowment CIO Says You’re Going to Need It. James Comtois CalPERS Appoints New Public Markets Deputy CIO James Comtois Building Portfolio Resilience: Why Today’s Approach Needs to be Different Sponsored by Schroders