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 Light Street Stung by July Tech Rout, Still Tops Broader Market Stephen Taub Opinion: Private Markets Face Their Next Test Thomas Deinet A New Cycle Emerges Sponsored by Heitman