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 New S&P-Led Consortium Targets the Private Markets Data Problem James Comtois CTAs Racked Up Big Gains — At Least Before the Iran War Upended Markets Stephen Taub II Communities on Alternative Investments Sponsored by Fidelity Investments