Mario Gabelli Doesn’t Like Apple, Likes Adult Diapers, Alcohol [VIDEO]

Mario Gabelli was on CNBC today for a lengthy interview check out transcript and video segments below.

Mandarin goes after certain growth dynamics: Mario Gabelli

Mario Gabelli, The Gabelli Asset Fund CEO, explains why he likes Mandarin Oriental Hotel Group, H.B Fuller, and Dish.

I don’t like Europe, China, or anything: Gabelli

Mario Gabelli, The Gabelli Asset Fund CEO, shares his take on the European markets.

Why I don’t like Apple stock: Mario Gabelli

There’s a big-picture reason why Apple doesn’t appear attractive, Mario Gabelli of the Gabelli Funds says.

Transcript:

let’s talk about value in the market. with another individual stockthat you don’t own. i want to know why. apple. what don’t you like about apple that it doesnd find its way into your portfolio?that’s obviously — i thought that was a better leading question.but apple — we like the product. our — some of our growth guyslike it. mechanically, knew mayorcally it is good. you know, my problem is — i — i go back 100 years. there was a company called grape nuts. in 1920, there was rca. ’50s, you remember polaroid. you remember xerox. and — you still have grapenutsand cheerios. fast forward, 1970. walkman. kerry yoes. fast forward in 1990, 1995, you have the company that — taser gun.krispy kreme. you still had cereals. it is the predictability of cashflow and it is the price in power. so i have a bias towards thatpredictability over the next five, ten years. year, january of 2000, iremember steve case and jerry levin sitting down, aol.marginalized. what changes over the next ten years? is tim — cook going to be able to keep that dynamic going? today there is no question it is an overcapitalized company. what a great product and long lines. do you — what’s your opinion of what carl icahn is trying to do? david einhorn had the right idea.create a preferred. big tax advantage to toners and gave them a very good capital gain as opposed to — when tax — you have anovercapitalized company with great cash flow. section of the irs called 532. somebody will correct me on that. where they have to pay it. unless they do deals, accumulating too much cash.they have run into a problem that goes back tohe late ’50s. why don’t they do it? does carl have a tame wind behind him? so — if they do pay out 50 billion in cash and that’s $50 a share, what does that give you? then what? it sounds like you are making a broader comment, not just about apple but about technology.you don’t have any technology stocks in your list of your topholdings. are you just not sold on those types for some of the same reasons — specifically about apple? i’m a big fan — creative destruction, digital revolution, another slogan we have, if you watch it, we follow it. anywith your in the world. and the clear example of that is that in ten years ago, if i wanted to buy the tampa — the newspaper, i would have paid 15 times cash flow and if i was not aware of the dynamics of the digital revolution and the internet and all of that interplay and social media, i would have bought that stock. and — or that company.and today they sold it for $18 million. you have to have that creative destruction as part of the growth and innovation. we like to buy what is. we like to be the i more and unloved.technology has a large number of players that are very smart and very quick. and are — momentum sensitive. we like to buy the dull and boring. we do own tech stocks. one stop that could be called

Gabelli: We like Apple’s product, but …

Mario Gabelli, The Gabelli Asset Fund CEO, and explains why he thinks Apple is an over capitalized company.

Transcript:

but apple — we like the product. our — some of our growth guyslike it. mechanically, knew mayorcally it is good. you know, my problem is — i — i go back 100 years. there was a company called grape nuts. in 1920, there was rca. ’50s, you remember polaroid. you remember xerox. and — you still have grapenutsand cheerios. fast forward, 1970. walkman. kerry yoes. fast forward in 1990, 1995, you have the company that — taser gun.krispy kreme. you still had cereals. it is the predictability of cashflow and it is the price in power. so i have a bias towards thatpredictability over the next five, ten years. year, january of 2000, iremember steve case and jerry levin sitting down, aol.marginalized. what changes over the next ten years? is tim — cook going to be able to keep that dynamic going? today there is no question it is an overcapitalized company. what a great product and long lines.

We look everywhere to invest: Gabelli

Mario Gabelli, The Gabelli Asset Fund CEO, is looking at bourbon plays around the world like Campari.

Transcript:

what do you make of this? it is nonsense. what do you make of the nonsense in d.c.? you do have a structural problem. the u.s. has a — the global economy is 75 trillion. the united states is 16. over the next ten years, based on the numbers, debt.currently 17 trillion, goes to $25 trillion. you lose total economicflexibility to when that occurs. have you no margin of safety. that assumings in the reports that project that, 3%. what if it ever went to 6%. 3% incrementally on $25 trillion is $750 billion. that is a challenge. we — this is an important part of dealing with that process when you look for opportunity, are you looking outside of the united states right now? because you are concerned about what is happening here? are the markets cheap? are they fully valued buffett said they were fully valued and hard to find value. what does gabelli think? everybody is right. go anywhere to look for things. for example, we have a slogan ifyou drink it we follow it. we are looking at borbon plays around the world. one in italy. it owns wild turkey. we like it. it is cheap.we like the companies in beam and located out of chicago.obviously brown foreman down on — kentucky. we look everywhere. in that context, in europe, this morning, for example, they announced a company in toronto, ontario teachers put anincremental investment into a company which is an amazon type in europe. and we own it. i visited them three, four months ago. you have to pick your spots.