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 Inside Viking’s Hybrid Strategy for Investing Across Public and Private Markets Stephen Taub Valiant Bets Against Credit as Hansen Sees Risks Markets Are Missing Stephen Taub Navigating Private Markets in 2026: Q&A with StepStone and Fidelity Sponsored by Fidelity Investments