Warren Buffett taught 2 investing rules to A-Rod that the baseball star used after getting his $250 million contract

• Alex Rodriguez became business partners with Warren Buffett when the Berkshire chief insured his baseball contract.
• The two met regularly in Omaha during his sporting career, A-Rod told Bloomberg TV on Tuesday.

Alex Rodriguez shared some of the advice Warren Buffett gave him after the baseball star signed a 10-year, $252 million contract in 2000.

In an interview with Bloomberg TV on Tuesday, A-Rod said Buffett would talk to him about investing and money, including his idea not to buy a fair business at a great price, but to instead buy a great business at a fair price.

"The reason why Warren and I got to know each other is because he insured my contract," Rodriguez said. "I reached out to him and said, 'Now that we're business partners, maybe I can come see you in Omaha.' I got an email back that said 'How's October? And I said I'll be there, since we're not making the playoffs. And that led to five or six years of going to Omaha."

The Berkshire Hathaway chief shared rules for investing that A-Rod said he still remembers: "1) Never lose money, and 2) Don't forget rule number one."

Buffett is considered one of the most successful investors ever, and his reputation continues to instill confidence in his conglomerate. A recent survey found that most investors think Berkshire Hathaway stock will outperform the S&P 500 in the next five years.

Last year, shares of Berkshire gained 3.3%, while the broader index lost 18.1%.

A-Rod also told Bloomberg that most people overestimate their investing ability, and that it takes hard work and smart people around you to become savvy with your cash.

When asked what he would do with $100,000 in the current market landscape, the retired baseball star said he would park it in US short-term debt.

"I would keep it in T-bills right now," he said. "I would not do anything. Everything to me is still kind of very expensive."