Alex Rodriguez calls himself a product of his mentors.
The baseball great, who began his business career early on in his playing days, counts Earvin “Magic” Johnson, Berkshire Hathaway Chief Executive Warren Buffett, Chicago Bulls and Chicago White Sox owner Jerry Reinsdorf, and serial retail entrepreneur Marc Lore among those who have guided him in the business world.
“I've always been kind of thirsty for knowledge and information. And luckily for us, we live in an era [where] access to people and access to information is readily available, more so today than they were even 10, 15 years ago,” Rodriguez told TheStreet in a sit-down interview.
When speaking with his mentors, the three-time Major League Baseball Most Valuable Player always takes notes, an effort that dates back to his early days in business. Sometimes the lessons are both profound enough and simple enough to stick without being put to paper.
In one of their early meetings, Rodriguez asked Buffett, “What are some of the things I should be thinking about doing?”
“And he said, ‘there's two.’ So I quickly pulled up a notebook and brought my pen out. And he goes, ‘No, no, you don't need a pen or notebook. This is very simple.’”
Rodriguez opted to write it down anyway.
“He said, number one, be a great baseball player; be the best baseball player you can. And number two, be a gentleman and be a good personal character,” Rodriguez said.
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Magic Johnson asked for one promise
One of the first athletes to build a true business empire, Johnson, the former National Basketball Association point guard, has also been a pivotal figure in Rodriguez’s business journey.
“When you think about Magic. It's almost like he's the intersection, a hybrid between Warren Buffett and Quincy Jones," Rodriguez said. And Quincy is someone that everyone in the music industry calls him like the Godfather.
"I think Magic is like our Godfather, right? And he's a combination of [really wise and] one of the greatest basketball players of all time. And he goes after it in business with the same ferocious attitude and energy that he did basketball. And those are all things that I respect.”
Johnson has spent countless hours advising Rodriguez, according to the former World Series champion. In return, Johnson asked for only one thing: At their first meeting, which was scheduled for 30 minutes but turned into a three-hour dinner, the NBA great simply told the then 20- or 21-year-old Rodriguez to promise that if he ever was in a position to help other athletes, he would do that.
“So a lot of what I'm doing today, I'm probably spending 20 to 25% of my time mentoring a lot of athletes, and a lot of people of color like myself, and people that really want to advance their business career," Rodriguez said.
"And every week we have two or three people that come through here, they just want to stop by, ask a few questions and just kind of jam out a little bit, which is kind of cool."
"Here" is the headquarters of Rodriguez's investment firm, A-Rod Corp., in Naples, Fla., on the west coast of the state, almost directly opposite Fort Lauderdale.
Rodriguez shares Buffett’s approach
A-Rod credits Buffett with helping him think about his businesses over decades and immediately. Making short-term moves that generate long-term value creates competitive advantage, Buffett told Rodriguez.
“Most people don't have the luxury to do that, especially if you're in a public company,” the CEO said.
The Oracle of Omaha also shared a piece of his trademark folksy wisdom with Rodriguez.
“'Alex, if you want to be a great businessman, find a great business to buy,'” Buffett told Rodriguez.
The 14-time MLB All-Star also shared an approach he has adopted with his business partner, friend, and soon-to-be co-owner of the Minnesota Timberwolves, Marc Lore. The partners have built their business with a focus on hiring the best people.
Their joint company is called VCP -- "Vision, Capital, People. And what it really means is having a very big, clear vision and then having the capital to deploy resources and capital. And then the hardest part is finding the best people in the world,” he said.
Rodriguez believes that hiring what he calls “A+” players creates a sort of ripple effect.
“Because what I found is when you hire A’s, they bring in other A’s, and then when you hire B’s, they bring in C’s. So really [focus] on the real top to your talent, even though you may not have as many, just quality over quantity,” he added.
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This story is a partnership with Sports Illustrated’s exploration of the ways sports and finance intertwine — from the NIL revolution to online betting, business-minded athletes, and more. For more on sports and money, see SI’s October 2023 Money Issue or go to SI.com.
