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 Biopharma Funds Deliver Market-Beating Returns as Valuations Snap Back Stephen Taub When Your Analyst Falls for an AI: A Leadership Challenge No One Saw Coming Angelo Calvello Active Quant: A Smarter Path Between Active and Passive Sponsored by Robeco