When it comes to investing, former Major League Baseball star Alex Rodriguez likes to get advice from his daughter.
"When the market is going up and down I ask my 9-year-old, I say, 'Ella, do you think Facebook, do you think Instagram is going to be really good?' She goes, 'Dad, I love it,'" the former New York Yankee said in an interview with CNBC's "Closing Bell" on Friday.
Rodriguez, one of the highest-paid athletes of all time, is no stranger to investing. It started in 2003 when he bought a duplex. That investment has grown into a diversified holding company, A-Rod Corp, which focuses on real estate, sports and wellness, media and entertainment.
"We usually like to invest in companies that we understand, that we're passionate about and we can bring our expertise, which is more than capital. We don't want to be just capital," Rodriguez said.
His firm's latest investment is in Petros Pace Finance, which specializes in financing commercial properties that want to reduce their carbon footprint.
As far as stocks, he said he likes to keep it simple and focus on things the family is using every day. That means names such as Google, Amazon and Facebook. He said he also likes Berkshire Hathaway, J.P. Morgan Chase and Bank of America.
Rodriguez reportedly made more than $325 million playing baseball. He retired in 2016.