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 Late to Private Markets, City of Austin May Have Gotten the Timing Right James Comtois OCIO Boom Is Pushing Smaller Foundations Deeper Into Private Markets James Comtois Creative Disruption: Private Markets in 2026 Sponsored by Franklin Templeton