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 AI Drug Discovery Reaches the IPO Market Stephen Taub Gulf Credit Is More Liquid Than You Think Laurie McAughtry The Evolving Role of PE in Portfolios Sponsored by Dawson Partners