Lengthy Interview Witn Mario Gabelli On His Top Picks

0
Lengthy Interview Witn Mario Gabelli On His Top Picks

Lengthy Interview Witn Mario Gabelli On His Top Picks

Published on Oct 13, 2016

I sat down with billionaire investor Mario Gabelli in Rye, New York. We spoke about his picks such as CST Brands, Viacom, Genuine Parts, VW and others. I met him in July.

David Einhorn’s Greenlight had a strong fourth quarter; Gains on Neubase Therapeutics [Q4 Letter]

david einhorn, reading, valuewalk, internet, investment research, Greenlight Capital, hedge funds, Greenlight Masters, famous hedge fund owners, big value investors, websites, books, reading financials, investment analysis, shortselling, investment conferences, shorting, short biasDavid Einhorn's Greenlight Capital was up 5.2% in 2020, underperforming the S&P 500's 18.4% return. For the fourth quarter, the fund was up 25%, which was its best quarterly result ever. Longs contributed 42% during the fourth quarter, while shorts detracted 15% and macro detracted 1%. Q4 2020 hedge fund letters, conferences and more Growth Read More


0:09
tell them what to do so I am
0:13
was it corresponding and I was for several application it’s a it’s a
0:16
compliment so they have extra nice behind actually haha its financing . mad
0:23
and several magazines and websites
0:26
these are three individuals that are in college
0:29
oh not the nozzle in college and they are here for the summer so I’m just
0:34
going to have some interesting quite you will ask interesting questions and the
0:38
occasion and any feedback though they’ll get you the answers okay okay let’s do
0:43
it what makes a great value investor what what are the criteria you would say
0:48
a necessary or character what do you need to be a great value
0:52
so I think one of the elements is patience
0:56
secondly if you do have to understand that when we buy shares of stock
1:02
we’re buying a piece of business
1:05
so what is the business worth from my point of view i had an accounting
1:10
background and a philosophy minor but then when I went into graduate school I
1:15
had financed but in particular security analysis
1:18
so I was trained in the gram and dodge methodology of valuing a security you
1:24
gather the data that is you look at all the public information you then we as a
1:29
firm put it together x raying it they would project that we interpret and then
1:35
we communicate so we called the gaping Catholic approach gapi see approach to
1:40
investing so we try to find companies now back about him about 7080 years ago
1:47
you would try to find a company where you had a million shares outstanding
1:52
excelling at ten dollars but they had cash or receivables of twelve dollars
1:56
it was basically finding a company below in the public markets below the net
2:03
current value of their assets that is very hard to do think the markets have
2:07
been reasonably called over
2:09
so you’ve been trying to find other businesses where you do this work
2:16
the second thing that’s important other than patients is a accumulating
2:21
knowledge of industries over an extended period of time
2:25
so by following the auto industry as I’ve done for 40 years of 50 years and
2:29
the farm equipment industry and the entertainment business you can adopt the
2:33
change quicker and if the the stock market which we call mr. market comes
2:40
down as it did on friday and today it’s because of brixon you can see what what
2:46
companies make an interesting opportunity of a weak enough and then
2:51
how much time do you have to hold
2:53
so those are kind of the elements mhm and today if even if you find something
2:59
below book well you mostly even if there’s a gap of twenty percent it’s
3:05
hard to make that twenty percent and right it’sit’s liquidating the company
3:09
or I waited out is a reason right well there’s other elements
3:14
so what we call the private market value would a catalyst because we would like
3:20
to harvest a narrow the spread between the public price of a security what you
3:24
can buy a company at and what it would sell to a private equity and or a
3:29
strategic that is a corporate buyer
3:32
so in that framework we don’t necessarily look at book value we look

[drizzle]

Gabelli Funds - Financial Engineering

[/drizzle]

No posts to display