David Rubenstein’s Address to the Orioles

Introduction: Good afternoon, everyone. It’s a great honor to be standing here today before the Baltimore Orioles, a team that’s been an essential part of not just this city’s culture, but also an important institution in baseball. As someone who has spent a good portion of my life working in the world of business and investing, I’ll be honest — I’ve learned a lot from sports. In fact, much of what I know about leadership, teamwork, and overcoming challenges comes from my understanding of the parallels between the worlds of business and sports. And today, I’d like to share some of these insights with you. I hope that the conversation we’re about to have will help you not only be better players on the field but also better teammates, leaders, and individuals off the field.

The Importance of Teamwork

One of the first lessons I learned in business was the importance of teamwork. At The Carlyle Group, I’ve had the privilege of working with some incredibly talented individuals, and together, we’ve built a successful business. But here’s the thing — no one accomplishes anything significant alone. The key to success in business, just as in sports, is the ability to work together as a team. Every member has a unique role to play. Whether you’re pitching, batting, or fielding, each of you brings something essential to the team. The same goes for any successful business operation.

Let me give you a business analogy. When I think about running a firm like Carlyle, I don’t think about it as a one-man show. I think about it as a collection of individuals who bring their strengths, their perspectives, and their talents together to achieve a common goal. Each person at Carlyle, much like each player on the Orioles, has their specialized role — whether they’re managing client relationships, doing research, or analyzing investment opportunities. If any one of those roles is missing or doesn’t do their job, the whole machine doesn’t work. The same principle applies to a baseball team.

But what does good teamwork look like? Well, it involves trust. It means understanding your teammate’s strengths and weaknesses. It means putting the team’s success above individual glory. In business, just as in baseball, you have to trust that the person next to you is doing their part, and they have to trust you in return. The great teams, both in business and sports, are those where the players understand that the whole is greater than the sum of its parts.

As a team, it’s important to make sure that every member feels valued. And when things go wrong — and believe me, they will — the team must come together to address challenges head-on. Whether you’re 10 games under .500 or faced with a tough quarter in the financial world, overcoming adversity is not about individual performance, but about how the team responds together.

Adapting to Change and Innovation

In the business world, things change constantly. The financial landscape is constantly shifting. New industries emerge, technologies evolve, and markets fluctuate. If you’re not paying attention and adapting to those changes, you’ll quickly find yourself behind. Similarly, in baseball, you must be able to adjust to the ever-changing dynamics of the game.

This might come in the form of a change in the opposing team’s strategy. It might mean adapting to a new pitching style or changing the way you approach your training regimen to ensure you stay ahead. In business, I’ve often said that innovation and change are constants. Companies that succeed are those that embrace change and find ways to adapt. For the Orioles, this might mean finding new ways to scout talent, utilizing cutting-edge technologies to improve performance, or creating new approaches to mental conditioning.

Let me tell you a little story about a company we invested in at Carlyle. It was in a sector that was being completely disrupted by new technology, and initially, the leadership was resistant to change. They had been successful for a long time and felt that they had it all figured out. But when they finally acknowledged the disruption around them and adapted to new realities, they saw dramatic improvements. The lesson here is that the willingness to innovate and change — to learn from what’s happening around you — can make all the difference in your success.

In baseball, this could mean embracing new strategies like shifting the defense based on data analytics or investing in sports science to keep players healthier longer. Innovation doesn’t just come from technology; it also comes from creativity in how you approach the game. Staying ahead of the curve in sports, just as in business, often means being willing to question the status quo.

Resilience: Overcoming Failure

Another critical aspect of leadership and success, whether in business or sports, is resilience. Resilience is about how you respond when things don’t go your way. Everyone will face setbacks, whether it’s a losing streak, a tough decision, or personal challenges. What makes a great player — or a great leader — is how you respond to those setbacks.

In my career, I’ve faced countless failures and setbacks. But the key is not letting those failures define you. Failure is not an end; it’s simply a step in the process of learning. In fact, I would argue that some of the best business leaders, the ones who have built empires, are the ones who have experienced the most failure. But they didn’t let failure stop them. They learned from it, adapted, and became even stronger.

Similarly, every baseball season comes with ups and downs. You’ll have tough losses. You’ll face injuries, slumps, and challenges you didn’t expect. But it’s how you bounce back that matters most. When you’re on the field, you have to remember that every at-bat is a new opportunity, no matter how the last one went. In business, we talk about taking the long view. A bad quarter doesn’t define a company, just as a losing season doesn’t define a baseball team.

Resilience is about staying focused on the bigger picture, not getting caught up in individual mistakes, and remembering that every setback is an opportunity to improve. One of the greatest baseball players, Babe Ruth, was known for his home runs — but did you know he also held the record for most strikeouts? That’s the reality of failure — it’s part of the process, and it’s about how you respond to it.

Leadership: Leading by Example

Now, let’s talk about leadership. In my experience, leadership is about more than just holding a title. It’s about setting an example and inspiring others to follow. Leaders don’t just tell others what to do; they show others how to do it. They set a standard through their actions.

In a team like the Orioles, leadership comes from every player — from the veterans to the rookies. You don’t need to be the captain to be a leader. Leadership is about setting the right example in practice, in games, and in the clubhouse. It’s about encouraging your teammates when they’re down, giving your best effort every day, and staying focused on the team’s goals.

A great leader also knows when to step back and let others shine. In business, I’ve worked with CEOs who were great at making decisions, but they also recognized the importance of empowering their teams. The best leaders trust their teams and give them the tools and opportunities to succeed. As players, you should do the same. Support each other, lift each other up, and celebrate each other’s successes.

The Bigger Picture: Legacy and Impact

Finally, I want to leave you with this thought: it’s important to keep perspective on what you’re doing. As professional athletes, you have an incredible platform. The games you play, the jerseys you wear, the impact you have on the fans — it all means something. But even more importantly, the legacy you leave can transcend the field. You have an opportunity to inspire the next generation of players, to give back to your community, and to make a positive impact that lasts far beyond your playing days.

I’ve spent a significant portion of my career focused on philanthropy, and one of the greatest joys has been using the resources and platform I have to make a difference in the world. Your legacy isn’t just about the number of games you win, but the lives you touch along the way. Whether it’s mentoring young players, participating in charitable activities, or being a role model, you have the opportunity to shape your legacy in ways that matter far more than just the final score.

In closing, I want to remind you all that success in baseball, as in business, isn’t just about individual achievement — it’s about how you work together as a team. It’s about adapting to change, staying resilient in the face of failure, leading by example, and creating a lasting impact. I believe in each of you and in the potential of this team. Keep pushing forward, keep learning, and remember that every day is a new opportunity to become a better player and a better person.

Thank you, and good luck this season!