David Rubenstein discusses Orioles purchase and major investment misses

David Rubenstein, co-founder of the private equity firm Carlyle Group, discussed his investment history and recent acquisition of the Baltimore Orioles in anticipation of his new book, ‘Inside the Owner’s Box: Conversations on Power and Leadership in Sports.’

Rubenstein noted that he purchased the Orioles for approximately $1.7 billion in 2024, driven by a desire to engage in philanthropy for his hometown of Baltimore. He observed that while ultra-wealthy individuals previously avoided the scrutiny of sports ownership, rising valuations have made it an attractive way to combine prestige with profit.

Reflecting on past financial decisions, Rubenstein identified his decision to sell early stakes in Amazon and Facebook as his most significant investment errors. He noted that Carlyle sold its Amazon position during the dot-com bubble collapse, a move that cost the firm billions in potential long-term value. He also mentioned passing on an early opportunity to invest in Facebook when it was a small startup.