YouSaid · the spoken record

Mario Gabelli

lines on the record: 121
first: 2015-10-30
most recent: 2015-10-30
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I actually started buying stocks when I was 13. 45 years ago, I was already working at Low Broads. And so the notion of what I do is fairly simple. I'm buying a good business that I hold for an extended period of time to defer paying a cash tax on the sale of that asset. I would say that if I were picking a career, the individual has to ask himself, how much can I make given the amount of ergs of energy I have to expend in my life and how do I get the best payback for that erg and why in my particular case I should have started business a lot sooner and I should have listened to Michael Steinhardt who was always saying what do you want to do anything else? Why don't you just do a hedge fund and go long short? But we're delighted with where you have. We'll continue to do what I want. I like the pressure. I like the intensity. I like being look stupid every day I come in.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Or the Knicks tonight is going to take a long time. The game starts at eight. It's not over until 11. And you got to work afterwards such as life.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“We have to be careful on all of those dynamics. But the advice is simple. Everyone's going to be smart. But you have to work from five to nine. Or if you're young, you could do it from 7 to 11 because you want to watch the Mets games or something like that.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, there's no question that a Well, you can smell it. You don't have to see it. So the building itself is smoke-free, but the campus setting, or this is not. And you got to give Mayor Mike a really good credit for that years ago, the whole subject of healthy living, though I must admit 16 ounces, he once said to somebody, why 32 ounces of soda? Well, 16 ounces of soda says, well, maybe they can have maker's mark.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you start following it. Do I own? Do I own a piece of American business? And read the annual reports and get the annual reports or read it online and do whatever it takes to continue to follow a company. Then secondly, I would say start saving. And the way you start saving is the following, though I must admit you got to not, I would buy one less loti per day. Assuming they're $5 a day, that's seven days a week is $35,000, almost $2,000 a year, and then figure out how much that would be in 40 years compounding at four, six, and eight, ten percent, and then how you're going to make that. Secondly, give up a beer. That's why I have to go, that one has to be over the age of 21. And one bear per day and see how much money you would have just for those simple things, assuming nobody smokes anymore.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And get into the game. Just like you would say, you want to learn how to swim, you ain't going to do it by thinking about it. So, you buy one stock, I don't care what it is, Madison Square Garden, Apple.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think Buffett has put something together in a very light way to help individuals in grammar school understand that teachers should tell them about the virtues of saving and Individual, how to open accounts, not accounts, but the banking system and how that works. But I would say the following.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I understand. Jeremy's a good guy. We look at the best anywhere in the world, and they Train individuals the way we want, notwithstanding that we will go in and if you're giving me advice, I'm in high school First of all, we should teach finance and basic what makes and how to save money for the rest of your life and how important is that to create options in your life. So if I was giving high school.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Let me tell you where we recruit from. We have no problem with anyone from Harvard. I'm politically correct. I'm the most politically correct guy in the world. I will recruit somebody from Wharton.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“If they basically were a history major, they have to go to graduate school because we don't have the time to train them. We think they should understand a lot more of the elements that go into it. It depends. So someone comes.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But these are not charter schools. These are primarily religious schools. Catholic schools, because that's the ones that are on our radar screen.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So No, I want the free market system to work because it worked for me. I grew up in the Bronx. Okay, I went to school. And the system allowed me to flourish, and I think it should allow everyone to flourish and we want a system that allows everyone to succeed to the highest degree of their interest and their passion and the time they're willing to spend.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't have to file. I could buy 20% of a bond and get control of a company. I don't have to file. I own 5% of a company. I have to file. We file over 5% of holdings of a company on a 13D filing within 10 days. And then every time we go over 1% delta, we have to file. We do that religiously on 100-odd companies. And so, as a result of that, why not do it on the debt world?”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And do you own it? And how do you own it? And then on top of that, you know, if we keep going, for example, I can buy 5% of a bond.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's not nonsense, but it certainly can be a pass. You really, a practitioners know, and the uptick rule. I mean, there is no advantage of having eliminated the uptick rule except as an accommodation to somebody's packaging products. There's still a lot of things that are going on, and then disclosures. How can someone, legally they can do it right now, and how can they buy derivatives and not file a 13D until a certain time period?”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And they have great language of coal liquidity. We provide liquidity. We provide liquidity providers. This is all kind of nonsense.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's correct We're trained, not in our shell, but we train differently. Okay, if you look at flash trading, It's obvious. If you look at the co-location, How can you do that”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And they should have them there for a little longer than that. So there's a lot of elements that have to go back into the free market. I don't like dark pools. I want to see everything in a fishbowl of the free market system because I want the world to believe that this is a fair game and that it's run by people that have come to work every day to keep it honest and open. And this is a challenge. We had specialists when I was around in the 40s and 50s and 60s. Know everyone has their own approach over-the-counter trading fixed income instruments today? What are the spreads? What are the margins? So there are ways that we, and the SEC is doing a very good job, but they should have committees of people that are practitioners. And meet with them. And have somebody organize it and open there? What is going on that we should be thinking about?”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But also the notion that they're cheaper in some ways they are, but in some ways there are tax issues that are hidden. In some way there are transaction costs that are hidden. And then the notion of corporate governance, how do they vote? They're getting better, but they got a long way to go. They don't pay attention to the vote. And they are getting better, but as I said, and in addition to that, there is constant abuses. If you sit at a training desk and you see flash trading, And it constantly probing what you're trying to do is to scalp you. It was like the specialist on steroids. Spoofing.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The second question was, let me finish up on the first one. The second thing was the way these products are packaged. Starting with John Bogle in the smileless investing. You”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The pushback, and then you had the nifty 50, and then you had the klein of stocks, and then you had the TMTs, and then you had in the 80s the leverage buyouts with Drexel Burnham. And then you had, so you go through all these cycles in capitalism, and there's some exit and flows. The challenges today are trying to figure out whether this experiment of trying to keep the world afloat by pumping money into the system is an interesting subject that we are going to write a casebook on 20 years from now together.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think that what has to change is to make sure that the American public understands that capitalism is a very, very important way of allocating capital. It's a combination that's made America a unique study in the history of mankind, the combination of free markets with all the flaws. The rule of law with all of its flaws and meritocracy, which means everybody could be educated. And we got to go back and really help individuals educate it. From my point of view, in terms of the markets, you go through cycles. I was there in the 60s when you had the conglomerates and the 50s.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's fairly easy. They figured out how not to pay a royalty to get a name that was available. And Alphabet is the new holding company that allows them to do a lot of very creative things. Very clever. Financial engineering”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Now we I wear my hair shirts. There's so many of them, and they come and bother me every day when I think about it just trying to figure out my, listen, I bit on Google when they had the reverse Dutch auction, and I got all of several hundred shares.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That doesn't mean I pull the trigger. And that means that there are mistakes that we've made that you won't know about, and that is not buying a stock.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I think the notion, well, it's a big deal. 28 million shares at 235, and the math is 30 odd billion. If you look at the cash flow over the next seven years, he will have recovered his cash, assuming they'll cost the capital for a moment. He does have a zero cost flow. That he would have gotten his money back, and then he'll have a very interesting business for the next 20 years.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“35,000 individuals trekking out there all with a mission and all with an understanding all with a way to say thanks to Warren for making them a return. and to watch what he does within the context of investing, though I must admit precision cast parts was a surprise to me.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I like Warren. I go to see his meetings every year for last 10 or 12 years. We, in fact, host a dinner on Friday night. Our firm does, but for the Columbia Business School, it's their guest list, our nickel, and whatever money they raise, they keep. So we do that every year. It's kind of like our pilgrimage to...”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“When I was in Japan 30 years ago, I started reading and they changed it over to a weekly magazine format. And then there's Bloomberg Business Week. I started reading Business Week back in the 30s or 40s or 50s, but it's changed a lot in the last five years.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“My wife said, you got to read Steve Jobs. I said, So I read trade magazines Billboard. I've been doing that for 40 years. I read ad age. I read four in the automobile parts business. I read about three or four in the gaming industry, and that's more recent the last 10 years. I read Asian. There's a magazine that's fantastic. If you want to understand the Asian world And then you obviously.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I must admit I had a professor at Fordham that taught me money and banking. His name was Eamon Kelly. Ayman was getting his PhD at Columbia, taught at Fordham undergraduate of finance class. He then became the president of Tulane for 17 years. And he was very good. So I had a whole bunch of individuals, the guy that taught me Latin. In high school and was very influential because it taught you how to parse sentences and how to structure sentences and had a guy at low bros by the name of Eric Rinner and Alan Kirschberg who would take apart your research reports and really make sure that you had every eye and every T dotted grammatically and that kind of discipline that was important to the idea of communication.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Have not been to Cinema. London, I have, man. Tokyo, Hong Kong. There are a lot of places, Dallas, Texas, where I was not too long ago. There are a lot of fantastic places that generate economic activity.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, Massachusetts 6%, New York is eight. If you're in New York City and California's 13%, but you don't have an estate tax, everyone has everything. There's a lot of pluses and minuses in every state.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You pay 23.8% tax versus a 43% tax, depending on if you're living in a great state like Florida. New York has got all sorts of taxes.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, on the other side of the coin, our private wealth management clients really understand and appreciate it's not what you make. It's what you keep. And if you can hold something for 13 months as opposed to 13 minutes.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“There are certain of those elements, and so we are practitioners of this, and we've been doing it very successfully. We've compounded the client assets at about 16% Kega for 39 years.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The clients, which we have $20 billion entrusted to us, do not. Allow us to go short or hedge. The way we can hedge is by buying companies like Warren Buffett is buying precision cast parts. Let's assume that we owned a quarter of a billion dollars worth of that stock, or we own a quarter of a billion dollars worth of O'Reilly's. That is not being taken over. Should we sell a little bit of O'Reilly's and put it in because the stock is now selling at, they're going to earn $11 next year or $11.50 next year, great business model, great management. And that's 25 times earnings. Should we take a little bit off the table and put it into precision cast parts where you have very low beta and very low correlation with the market and you can earn 4% annualized Better than the T-bills, which are six basis points today.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“There are challenges in times like this because we don't fully know all of the clients' tax basis. They're all their entire tax picture, so we have to be sensitive about all of that”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“We try to be 100% invested all the time. Within the framework of our client accounts, we are also very conscious that if XYZ individual gives us 100% of their assets, we're not going to put it 100% at equities all the time. On the other side of the coin, if you're a $2 billion pension plan to find benefits or defined contributions and you give us $100 million and you want us to be the best in small cap, we're going to be 100% invested as best as we can all the time. And so we're constantly looking for ideas. So we customize 2,000 accounts for each client specific. And I have a wonderful team, both in terms of judgment and in terms of client service that does that.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It doesn't matter. It's irrelevant to the point. But Sounds like a horse with forefeet. Other people. To look, my father, I found I was a charter member of Local Six in New York That's a restaurant of hotel workers. And, you know, we need to raise wages. We need to have everyone have that vision of success and allow them to earn a fairer rate of return. So we have to deal with that. Notwithstanding that, my tax rate is probably close to 40% cash.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That we have fingerprints on ranging for even schools on the West Coast. And I'm sure this will create more conversation about more schools that are indeed.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I enjoy being competitive. I like the pressure, but I also like giving back. So you start off the conversation, but I've given significant amounts of money to Columbia, Boston College, Roger Williams, University of Miami, University of Nevada. What about Fordham? Fordham, Fordham Prep, Schools Everywhere.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The notion of the free market, and it's very important to have that kind of pushback, and don't worry about being politically correct. Notwithstanding that, you got to get your facts right. So, you mentioned two colleagues who am I competing with? Is it the hedge fund guys? And where are they in the list of earning returns? Secondly, within the framework of what we do, we are a public company. And to compare a W2 individual that did not start a firm, Did not make $5,000 when he started an firm and took all of the entrepreneurial risks. This is a slight difference. I just saw the movie Steve Jobs, okay, and the risk that that individual took. So one has to kind of weigh it out. No matter how you look at it.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“First of all, anybody can say anything they want. God bless America. I really like the notion of the French Charlie Libadeau approach to Swiss Charlie.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, we've sorted out acquisition It depends on how we look at the world for the company over the next 10 years. How will this company do in its business model? What are the risks to it? So we're having those conversations all the time about stock specifics.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Essentially, if the company leverages it up because the CEO, she decides to get married again and wants to impress her new husband that she wants to be bigger and makes an acquisition that materially overpays, then we would seriously have some issues.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So No, a certain dollar amount as a percentage of a client's portfolio. Okay, I mean, I've owned genuine parts now for 40 years. Even before I was managing money, we still own it. We owned Berkshire Hathaway since we started mutual funds in 1987. We still own it. So, you know, there are certain companies like General Mills, Campbell Soup. General Mills' business model has morphed and changed, and they are doing quite well over. And yogurt is a $94 billion industry globally, $12 billion in the United States, and they're doing quite well at YoPlate. They now have the global brand, and that's very good for quick, easy snacking, quick, easy grab and go. And it is also perceived to be a healthy product.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Enough. So, any event, independent of all of that, the point is that there are elements that we look at that tie into the stocks we do. And going back to the question, which I did not answer, our exit strategy is aside from client-specific is also baked into why we're buying a company because we think it's going to be subject to some form of financial engineering.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It sounds like an individual that wants to have solar power on his roof so that it could be independent and off the grid if he had to be.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Whatever it is, the point is that we need to cover our infrastructure. It increases productivity, whether it's an avionics, whether it's bridges, whether it's roads, whether it is cybersecurity. We need better infrastructure. Somebody's got to fund it and somebody's got to pay for it.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source