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

“Yeah, it could be. That's an important element, but the cars last a lot longer. Today, for sure. I can drive a car now for 150,000 miles. And it's like driving one for 40,000 miles in the 60s. And by the way, gasoline in 1962, I saw a photograph the other day, 32 cents. I was getting 10 miles on a gallon. It was three cents a gallon. Today I bought some the other day in New Jersey for $1.80. And I get 25 miles in a gallon. We're paying seven cents.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Versus 250 million cars on the road each year this year we'll sell 17 million will scrap 12 or 13 that means we're adding 4 million cars that's 1.5 what's the average age of the car how long are they driven does the consumer want to repair cars where do they repair it where do they buy parts and all of those elements and then what happens to that bread basket of auto parts is there inflation there hasn't been inflation in that for two or three years the company's done extraordinarily well because miles driven are up they you start off asking about gasoline prices the fleet age”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Because they are working on very low margins and you would leverage the SGNA with a rising constant unit count but higher revenues per unit. That's very positive. Take a company like Genuine Parts, located in Atlanta, Georgia. I've been following the company only for 45 years. They sell parts under the NAPA brand. Oh, sure. If inflation picks up.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, to the degree that inflation accelerates from one percent to four percent over the next ten years because of rising wages. That is important to understand the implications on a industry or company from the impact of higher inflation. For example, if I said to you tomorrow, what you and I would shop for, let's say a basket, a shopping basket. Everything constant, the same number of serial boxes, same number of yogurt, same number of milk, same number of orange juice, coffee, and so on, same mix. If next year that base. That would be very positive for those that distribute those products.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That means you're holding companies on average 16 years. So within the framework of buying something, we're already looking for our exit strategy. So, why are we buying X, Y, Z company today at $84 with 62 million shares, $5 billion market cap? They're going to do $500 million of EBITDA for the NSTR on October 1st. What is the value of that business? And why was this company spun off What were they thinking of? Why were they preparing the company so that it would be tax officially bought by someone else? And you see that all the time, whether it was Zoita spun off from Pfizer, whether it is XYZ spun off from XYZ, and so on. So we're constantly asking those kinds of questions analytically.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, several else, but first of all, if it gets over 5% of a particular portfolio, we really want to make sure that we examine it. No matter how smart we are and how good the company is, we want to marginalise safety in the portfolio. Secondly, we do not want to have a client with $10 million all in one industry no matter how good it is. And so we diversify the industry and so on. And maybe we'll have anywhere from 10 names representing 30% of the portfolio. And if it's a taxable client, we try to make sure we are out of style. Is a very important one, and that is that our turnover is probably 6%”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“All of the above, and let's take one of our closed end funds, which we started in 2003. I've got Barbara Morrison, Bob Leineger, I've got Chris Marangie, Kevin Dreyer, Jeff Jonas. Each of us manage a piece of it, knowing full well that we each complement each other where our core competencies are. So one fellow would have a significant competency in the financial services industry. One other one would have a terrific competency of accumulated knowledge that he's and compounded knowledge in the healthcare area. So we blend that together. Much the way you'd get a five-star French restaurant or three-star like per se.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's always the menu changes and the people change as long as they're good at what they're doing. And I have skin in the game because they own a big piece of the company.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Very rich in content. For example, today at 11 o'clock, O'Reilly's was having a presentation. Somebody else was having one at 10. Somebody else was having one at 9. So I get the transcripts when I can't listen to them and read them at night. So you learn a lot. Cheesecake factory, fantastic insights into the business. If you read the details and ponder over them and pull them apart, you know the company for the last 20 years. They started with 75 million. In fact, I was at the opening of one of this locations in Malibu or somewhere. Marina Del Rey is somewhere in California about, I used to say this, Malibu 25 years ago. So you keep following that company and things change. And meanwhile, they've taken the cash flow. They've taken the shares outstanding from $75 million to $48 million. So you owning 2,000 shares, you own a bigger piece of the company today, and the company's still doing quite well, even in an environment which people, in quotes, a calorie conscious.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I spend 50% 40 years ago when I first started Low Bros, I'd spend 50% of my time gathering data and understanding research and 50% communicating at either visiting clients. Today I spent 50% of my time doing research, talking to analysts, listening to conferences. I was on a conference call today. These earnings season is...”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Individuals that were analysts and now are managing money and they are, we announced that we have Kevin Dreyer and Chris Marangi running as co-chief investment officer of the value side. Howard Ward has a team doing growth, international growth, global growth. And then we have a great arbitrage team and we have great individuals doing a lot of different things.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“We live by our ability to earn a return for our clients, which are most important. And every day we come in and want to be focused on that. That is the driving dynamic, nothing else is important. And we expect our teammates to have the same passion, and some of them don't have it all the time. So if you're in quotes on vacation and something happens in your stock, you got to be available. I mean, you know, you got no choice. And so we have trained a lot of individuals that way. And I've been very fortunate. We have a team of really highly skilled.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“First of all, we're not a large corporation. Okay, a modest size. Come on. What they call in the World Street is a small cap stock. It's a small cap company”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, this started in 1934. It's now 2015. That's good for another 80 or 90 years. It's basically buying at a business at a discount and what business do you want to buy from what it's worth? And every day you come in, whether you were looking at Pfizer buying Allergen this morning or announcing they'd try to put their arms around it or whether somebody's going to buy Starwoods, what are they willing to pay? When and why are they willing to pay it? What are the elements that go into that parfait? Why does a private equity firm willing to pay for a business? Why do stocks sometimes go up sharply when somebody announces they want to buy them? What's the rationale for that?”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“No, but the underlying premise was that the methodology of gathering array projecting interpreting data Graham and Dodd Murray Greenwell met theology of security analysis made sense for an extended period of time.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Bramo wouldn't join me. Hathaway wouldn't join me because they needed I was willing to make $5,000 at two and a half or three and a half kids at the time. And obviously nobody from the government came along to say I was going to help you. Bottom line, fast forward, we go public in 1999 through Marilyn Smith Barney. So for the last 16 years, we're a public company. So we have a simple mission statement. Make money for the client, make money for my teammates, make money for the shareholders. That was what we did in 1977. That's what we do today.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I have no idea how I chose my grammar school. I was at PS4 in the Bronx, and then I went to a school called St. Joe's on Tremont Avenue at 177 right across from Police Station. Those are long stories, not necessary.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But I never knew which part of it That I wanted to be in until I went to, as I mentioned earlier, to be in graduate school and took the security analysis course with Roger Murray.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I used to caddy for him. He was an assistant pro. In any event, he went to a great school in Westchester called Stepanak. But I was around and the specialist would come up from the New York Stock Exchange and they'd play golf and I would be able to caddy for them. So I was like 12 or 13 years old. And I figured out this was an interesting gig.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“What's your passion? Okay, a lot of very smart people in the world. A lot of people To work from five to nine, not nine to five. So then you got to say, where do I want to spend my life for the next 40 or 50 or 60 or 70 years? And so that's for me, it was very simple. I was carrying at Sunnydale Country Club in Westchester County. I would hitchhike up from the Bronx or somehow get up there by public transportation. And because I didn't have a van that drove me to pick me up in Yonkers, I would stay late. And as a sideby, by the way, the pro's name was Whitey Voigt. He had two sons, Wes Voigt, who became a fabulous singer under the name of Chip Taylor. And a son by the name of John Voig”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, if I pick peewee's, I'd be sued. If I pick midgets, I'd be sued. But fortunately, I picked Mighty Mites 25 years ago as the brand name. And that's what we do. And they look for ideas. For example, they were just in New Jersey looking at XYZ company. And we follow industries in which we like. The other day a company called Lance bought about three years ago, merged with a company called Snyder's Schneider's Lance, Pretzels, you know, the pretzels are the Snyder's pretzels. And yesterday they announced that buying diamond foods, but it was something that we had thought about that would fit interestingly a long time.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Combination of both. Look, we have developed a wonderful team, Chris Marangie, Kevin Dreyer, and the value team, Bob Leineger, Barbara Marson, and so on. And we have them, some will like to do large cap, some will do microcap. So I have a team that does microcap, laurel letterham, Beth Lilly, and so on. They don't have to be in one location anymore. They could be everywhere. And as a result of that, they are constantly looking at stocks that we think would fit within the framework of what match the portfolio. So if you're dealing with a, we have a fund called Mighty Mightes, dealing with companies on their... Ideally, $600 million market cap. The name came from Mike. Family children playing football in the Papuerna League. They were the midgets, the peewies, and the Mighty Mice”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, ideal world would be that, but I tend to, I don't know, American Faro run by a different jockey would have still won. Interesting question. Okay.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, well, that's the old fashioned story. A good business run by a great man. He was very good. He hired a guy named Bob Eiger. Bob Eiger's been the head of Disney now for umpteen years You know, the moon and the sun and the stars come together for that company with the right management.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Whether there's a sound or not. In any event, the point is that rules change, but people that implement the rules also don't change. Notwithstanding that, you have to be aware of gap accounting. As much as you would like to run a business for cash, economics, and there's a material difference between all of these. So you have to understand the accounting, and obviously that comes into play a lot, and how companies could use the eraser, the old eraser on the back of a pencil.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“No, not really. As you got to understand, I was an accounting major at Fordham. I had 32 credits of accounting and 24 philosophy. So I could tell you a lot about what if a tree falls in the woods. If an accountant...”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“We look at the cash, we look at the economics, and look at the category, and then look at the methodology of predictability and what's the valuation on those. So these are not complicated. They're very simple to do”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, if I can get one that does well in an inflationary environment, as well as doing okay in a deflationary environment, that's a good starting point. Then the second thing you look at is if I sell you a pound of sugar And I make a dollar. That's one transaction. But I sell you a razor blade. I sell you a razor blade at a dollar. I made a dollar and I got gross margins of 50%. But if I sell you a subscription to sell you razor blades for the rest of your life and you pay me a monthly revenues, that has a higher valuation. So we look at not only the accounting.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You start off with some simple principles. What company will do well with their business model in an inflationary environment?”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“In that industry, and then drilling down company violence. And then finding new ideas all the time, and that is the short version of how to do it.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Company, they sell it. It is a way to consolidate the Caribbean. Latin America and the Caribbean in terms of wireless, cable, old fashioned pots, plain old telephone service. And John owned a company called Columbus. He merges it into it. So now I have a new management that's very good at Caleb Wallace, located in Miami. And now I'm looking at the whole ecosystem in the Caribbean. Dennis O'Brien was going to go public, which Did You Sell. He didn't do it. So we visited with him on that company. We're watching Millicom, which has lots of fingerprints and footprints in the Caribbean. We go to Scottholm to visit the company that controls it called Shinovic.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He runs a whole bunch of companies. He's got his fingerprints on about 125 to $140 billion of assets. He's personally worth about $12 billion. Not that anybody's counting that. Notwithstanding that, he's a money maker for clients. He's constantly coming in to look at scale and structure, look at tax way to handle things from a tax basis. And he's a great financial architect. Independent of that, he understood the content of cable and understand speed and understand video and content. So he was a master chess player in a multidimensional game. Now, independent of that, so go back to cable and wireless. It was on our radar screen because I started following it in the early 90s because they owned Hong Kong telecom. So when I went to Hong Kong to follow the telecom industry, you would then go to London to figure out what Cable& Wallace is doing, but also understanding what was going on in Hong Kong Telecom. Bottom line, we kept track of it. They spun off the business. They sold it to Vodafone in the UK, and they had this.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“In an industry Well, you know, that's a great question. We started following a company, an individual starting in about the mid-1970s, Dr. John Malone. John was in Denver. He actually started in a cable business, AT&T's PhD, and so we would follow everything he's done. So as a result of that recently, about a year and a half ago, there was a company in London that relocated to Miami called Cable and Wireless. They had, sure. They had operations in the Caribbean, so we were following it. All of a sudden they decide to buy a company called Columbus, which is privately owned, but John Malone was on the board and an important owner. Malone.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And following the broadcasters, you follow the cable guys today, so you look at content and distribution globally so you would follow companies around the world that do that and you develop a core competency and so you'd go around the world. Same thing with vendors to Boeing and Airbus.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It owns bourbon. Bourbon. This is one of the areas that we like. So that's an example. The other one is simple. Following the movie industry in the late 60s”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And the stock is up to $240, and we still have clients with $20 tax basis. But the point is we cover industries. So what is going on at any point in time? And if you're traveling to Europe, you have time. For example, I would go to Milan to see Expo Milan 2015. That is a food expo that deals with food, natural and organic. And so you learn a lot about who's doing what. And we see a company called Kampari, which owns, you know, beverages.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I would be in Paris to visit with Pernu. I would go to London to visit Grand Met now known as Diageo. I would go down to visit companies that were in the booze business. I'd go to Chicago to visit James Beam. I will go to Japan to visit Centauri. Along with the analysts. So we have a team that covers beverages, wine, water, beer, soda, and so on. There are certain characteristics about that industry. The rising middle class around the world, the fact that after the Berlin Wall came out, you had 3 billion new customers. The Chinese and the people in India do drink, and that's good. And those are beverages that have certain pricing characteristics. So the beer industry, for example, we did the craft brewers. I went to see Sam Adams and not have to go all the way to Boston. I mean, it was terrible. As a Yankee fan, it was a challenge. Notwithstanding that, I like Bob Krafter.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Look, I avoided certain countries over the last 40 years, 50 years, 60 years. Notwithstanding that, we would go to follow industries globally. So a simple example, Barry, is if you drink it, we follow it.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The world changes very quickly. For example, somebody will come along and say, why should any healthcare company be public?”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I enjoy it. I like the competitiveness. I like every day I come in, something goes wrong, and I look stupid. I feel stupid. And that keeps you up at night. And that's why you get up at four in the morning to figure out what mistakes did you make today”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“We have our fingerprint on two thousand separately managed accounts because I help direct those. Then we have a Grow team. our firm and then we have teams that do specialty products so I'm involved with the value in all cap value team In addition to that, we have an oversight in some of the hedge funds that we run. In addition to that, we do have a fingerprint on some of the mutual funds.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, you want to make sure You could call it early. You got to look at the price of the stock that you're buying. You can have all of the same dynamics. If you pay two X as opposed to X You know, you're on a 10 foot wall, you can get hurt if it comes down. If you're on a two foot wall, you'll do okay.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And dri You have a very quick learn. And in addition to that, some of the language that's used in the value investing world is called margin of safety.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And they were very uncertain. So we try to figure out a time frame in which we would have to hold the stock. So we said maybe two or three years. So we looked for a catalyst that would surface the value. That is the spread between the public price and the private price. And then we try to figure out what was the value growing just in case this thing didn't work right away.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Would I want to own it? And then I would ask myself what would a strategic that is a company, what would they pay because they would get some synergies? So we developed a phrase called the private market value. So this was in the mid 70s, late 70s. What was the value of a business that was publicly trading if I could buy the whole thing? So it's the intrinsic value that is the present value of the future stream plus the takeout premium. And then we said it's not complicated. We had no tenu with our clients' money.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Immunies, I assume, will lock step. I mean, but any of it. So we said, look, let's figure out. Who again back in the 60s when I was at Low Broads, you did bootstrap financially. You'd go out and you figure out what was the receivables worth, $90 of the dollar, you figure it out. What was inventory worth? 50 cents of that. What was property, plant, and equipment worth at the gavel? So you would string together a company, then figure out how to assemble the financing. Then in the 70s or 80s, it came along Henry Kravis and so on, and they did leverage buyouts. And then today it's private equity. But at the time, we said, let's assume I'm a wealthy family. What would I pay to buy this business?”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And you'd read everything, and then you would start giving speeches. And so you would learn about the details, and you start anticipating how managements would think. What if there was an oil crisis? What if there was a car strike? What if the price of steel went up? What if? And so you would then say, but who's going to buy the business? So again, you started the conversation by saying this was a murky world of the mid 70s when you could buy stocks at three times. But interest rates at that time, Barry, a 10 year GUVI was 10%. In fact, in August of 1981, you could get 15%, 14 and 7 eighths for 10-year government today is 2.10.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Small ownership stake. Well, they were not soybeans and they were not commodities that you can trade like an ETF. So it was not mindless investing. It was basically understanding an industry, understanding a company, dealing with all the public information, going to trade shows, going to meet the companies. I mean, I used to spend a lot of time in Detroit, you know, in all of the environments that one would go to see a company in, I think it was Romulus in Kelsey Hayes and the Trier business and so on. You go down to Monroe, Michigan, and then you go to Dayton, Ohio, and then you would go to Toledo and you'd see all these companies. You'd do it three or four times a year.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You read the public company data in a given industry, you develop a core competency in that industry, you array the data based on the way we like to look at it, and then you project it, and then you interpret it, and then we communicate it. So we call it GAPIC. So we take an industry like automotive. We cover companies that are either distributors of parts like O'Reilly's and genuine parts or AutoZone. We do car dealerships. We do original equipment manufacturers. We do the car companies, and we do a global today. But at that time, Barry was not very complicated. What is a company worth? How do you value the business? And so we looked at it from the point of view of what would you pay for the business if you can buy 100%. So if the company was public, again, this is the late 70s.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you know, that's a great point. But in 1981, 2003, I was involved with the autoanst of New York, and we had a trip to Tokyo and Japan. Tokyo and China, in part through Henry Kissinger, Walter Kissinger's brother, who ran a company in Long Island called Allen. But prior to that, in the mid-70s, we hoganized as part of my institutional research a trip to C Forge Motor Company in Valencia, as well as Ford Motor Company and several companies in Europe. So we had been following companies, but not necessarily recommending them.”
2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source