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 BlackRock Says Hedge Funds Are Key as Diversification Falters in Volatile Markets Julie Segal How Short Sellers Are Surviving a Crazy Bull Market — While Waiting for It to End Michelle Celarier Podcast- Capturing Alpha: A Bridge Between Quantitative and Fundamental Disciplines Sponsored by Fidelity Investments