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Mario Gabelli

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

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  1. “Alan is Alan. Okay. And was Alan. Alan's one of the great writers of all time. Absolutely. In the financial world. But anyway, he invites me over, and that's how I got into the Barons roundtable. And I'm the longest living member of that roundtable.”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “A number of other things. Well, it was not bottom line, it was in a broadcast business. He also had perhaps some other businesses. He was trying to do things like go after Piper Aircraft. And he's a really great entrepreneur. Bottom line, I write to Alan. I say, Alan, enclosing a report I wrote on Chris Kraft for three reasons. One, I like the stock. Secondly, my clients are long. So, I want you to publish it. And third, I understand that if you do publish it, I get 50 bucks and I need the money. So, Alan invites”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “No, he called me for a different subject. I had known Alan, I would send him copies of my research, but somewhere around 1977, 78 or 79, I wrote a report on criscraft. Herb Siegel's company and the bone.”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “It's called risk arbitrage. The second part was that I was on Baron's starting on about 1978 or 79 or 80. I got a call from Alan Abelson, said, Mario, come by. For the round.”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Well, the hedge funds started earlier in the early 80s. We started a hedge fund per million arbitrage. We actually have written a book on that subject. There have only been three or four written on the subject. The first one was written by Geiser-Pratt when he was taking his studies at NYU, and it really unclothed a real closely guarded aspect of how firms made money with prop money on Wall Street. And then somewhere in the mid 80s, somebody else wrote a book on it. And then we'd wrote a book on it. And bottom line, that was our first hedge fund. It's still a very important part of our business. We managed a billion dollars in a hedge fund of arbitrage that is company A announced as company buying company B. And at what point do you buy it and what are the risks?”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Along only separately managed accounts Charging a 1% fee up to a certain breakpoint. And today we have 2,000 separately managed customized accounts, tax sensitive for those that are tax sensitive, institutional, corporate, and that's about $20 billion, all equities. In terms of what we are a portion of what we're man”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “In event, he said, follow the eleventh commandment. If you don't ask, you don't get. Notwithstanding that, within that framework, we then decided that we also started managing money.”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Very good at picking stocks and making money. So Jack says to me, I know because I made money off your ideas over the years, opens a drawer, hands me a check, and gives me my first client of $100,000 to manage.”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “To whoever we could figure out anywhere in the world. However, about three weeks after I started, maybe two weeks after I started, I was going to Toronto, which I've previously scheduled meeting to visit a company that ran shock absorbers in Canada. And Barry, I like this one. The guy, his name is Jack Van der Hoot, public company. Jack and I chatted. I tell him what I'm there. I'm learning all about the shock absorber business, getting an update on Marimon, Monroe, competitive dynamics, other companies that are doing it. And then he says to me, Mario, tell me what your business is. I said, blah, blah, blah. He says, he looks at me. He says, Mario will never succeed.”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “The first time in which we got approved from the regulators, and it wasn't as bad as it is today because no one was starting a business at the time. So we got started first week of January of 1977. We actually applied for the Ability to do that, and no one else wanted to join me. Two other individuals at William D. Witter thought about it for a while, and they would have been called Bramwell Gabellian Hathaway in that alphabet sequence, but we didn't get paid. I think in my first year, I made $5,000.”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Bailey, Griffiths, and Goldstein. And he says, Mario, why do you want to go to work for someone else? Start your own firm. And at the time, I knew I could make money in the market. I had been very successful in picking stocks within the context of the areas in which I had accumulated and compounded knowledge. That is what I mentioned, which is entertainment and media, automotive, and farm equipment, as well as conglomerates. But I didn't have the Rolodex collecting assets. And so I started an institutional research firm and had clients like General Motors paying me cash for my research as well as... The institutions that we had been covering when I was at William D. Witter.”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “A great research firm, and we were merged into Drexel Berm, not merged, taken over by Drexel. I walk into Tubby Berm and I say, Tubby, you are a great investor, much like Mr. Loeb. However, I'm looking for smaller firm and I'm going to start my own. And the reason I picked starting my own, I was in Denver meeting with a guy named Richard Goldstein. Goldstein was one of the founders of Janice.”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Is that about right? Yeah, let me give you a little background. I started right out of Columbia. I graduated on a Friday, and on Monday morning I joined Lowe Bros. On Friday night, Michael Steinhardt quit. Michael started an extraordinarily successful hedge fund called Steinhardt Berkhosen Fine. Sure. They gave me his industry, so I became the autoanalyst farm equipment and conglomerate analyst. Fast forward, I covered the media and entertainment business where nobody wanted to do it, and a bunch of business service companies fast forward. I joined William D. Wider.”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Well, I think it was a little different version as time goes on. The fish was 22 feet as opposed to 22 inches. What happened was about, I'm going to cuff numbers, maybe. And I said, well, they have to be Baba Ba, but they also have a PhD attitude. He looks at me, he says, what? I said poor, hungry, and driven. Then one of the individuals in the office or woman who went to Wesleyan and then went to Columbia Business School, and her father was a specialist says, don't ignore the fact it could also be privileged hungry and driven. So Rick writing a book called Success is a choice or wrote to success put a chapter on there called The PhD Attitude, and that's the dynamic barrier about how we came about with the notion that we love to hire PhDs for hungering driven with a passion for the market.”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Let me make it simple Columbia business school had two professors back in the late twenties, early thirties, Graham and Dodd, and they wrote a book called Security Analysis The 1950-ish, Warren Buffett takes the class and writes a story saying, hey, I was a pretty good investor before I got Ben Graham teaching me, and then I became an extraordinarily good investor. After Graham retired, Roger Murray succeeded and took on that program. So when I took security analysis, who went Roger Murray, Cooperman was there, Sandberg was there. For me, it was the moon, the sun, and the stars. I always wanted to be in the markets, but I didn't know exactly what aspect. And so that was a very important light shedding and changing moment.”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “Well, there were four of us. And what happened is at the time I was at Columbia, we both and all of us lived up in the West Bronx and Riverdale and by Vancouverland Park. There was a subway strike. So we figured out that we should carpool a very practical solution. And then when we did that for several years, we then took turns driving. And I'm surprised that both of them are still alive since I was the driver many times. And in addition to that, there was always a Fort Fellow, and then we would have Stanley Shopcorn at one time we'd carpool with. So it was a wonderful bunch of guys that were focused on stocks, loved the markets, had great passion for making money for clients even then.”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “Not really. That was just basically generating cash flow to pay my tuition because I didn't want to have any tuition loans, but I did have some coming out of graduate school.”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Just no, I think I did take some summer internships. The one with ABC, as I mentioned, was where I would go in using my undergraduate degree in accounting or a study of accounting at the time, but also essentially checking off each television station where a TV ad was placed and whether it was preempted and whether they'd have to get what make goods. In addition to that, I think I worked for WR Grace for a while down in Wall Street And they were a county department, and that's where I learned about the Antobe's disappearing when El Nino came along and was kind of fascinating because I was plugging in a lot of numbers.”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “Well, it ranged from everything from caddying to shining shoes to picking up crates in supermarkets for recycling purposes to actually working a gig with ABC down at 67 Street and Broadway, just as they were building Lincoln Center. I mean, it's so many, it's unusual not to be able to remember or to mention them all, including some where I was running dances for college students Along with two partners back in the 60s, we'd hired the band, the bounces, and the location at which the booze was served.”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “So I graduated from Fordham in June, went to Columbia in September, and obviously had a variety of entrepreneurial gigs, so to speak, for the prior 20 years, starting at the age of five.”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Well, essentially back in the period of time, the early sixties, you did not have to take the two or three years of work experience. So”

    2015-10-30 · Masters in Business · An Interview With Mario Gabelli: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source