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 Secondaries Behind Family Office Charge to Private Equity John Crabb Liquidity Isn’t the Problem You Think It Is, Says Ludovic Phalippou Michelle Celarier II Communities on Alternative Investments Sponsored by Fidelity Investments