Mario Gabelli

Mario Joseph Gabelli (born June 19, 1942) is an American stock investor,
Mario Joseph Gabelli
investment advisor, and financial analyst. He is the founder, chairman, and CEO of
Gabelli Asset Management Company Investors (GAMCO Investors), an investment Born June 19, 1942
firm headquartered in Rye, New York. Forbes Magazine listed him as #346 on the The Bronx, New York,
list of wealthiest Americans in the 2006 Forbes 400 and estimated his net worth at U.S.
$1 billion as of 2011.[3] Nationality United States
Alma mater Fordham University
Gabelli founded his firm in 1977 as a broker/dealer, and the company has since
Columbia Business
grown into the diversified financial services corporation. He was paid $55 million in
School
2004.[4] His pay of $58.2 million in 2006 was "more than the pay of any senior
executive of a major Wall Street firm" that year, despite the fact that he manages Occupation Founder, Chairman,
only a fraction of the assets of larger Wall Street companies.[5] Gabelli was paid and CEO of Gabelli
$45.9 million in 2008 at Gamco Investors, a 35% decrease compared to his 2007 Asset Management
compensation of $70.9 million.[6] Company Investors
Salary US$88.5 million
Gabelli is a leading proponent of the Graham-Dodd school of security analysis and
(2014)[1]
pioneered the application of Graham and Dodd's principles to the analysis of
Net worth US$ 1.1 billion
domestic, cash generating, franchise companies in a very wide range of industries.
(December 2015)[2]
His proprietary Private Market Value methodology is now an analytical standard in
the value investing community.[7]

Gabelli is a Chartered Financial Analyst, a member and former officer of the New York Society of Security Analysts, the New York
Society of Auto Analysts and the Entertainment Analysts Group of New York.

Gabelli has been a frequent commentator on CNBC, Bloomberg, and CNN, and appeared ten times on Louis Rukeyser's Wall Street.
Gabelli is often written about in the financial print media including Institutional Investor, Business Week, Fortune, Forbes, Money,
and Changing Times. He has also written articles for investment publications such as the Financial Analysts Handbook and for the
GAMCO blog.

Contents
Early life
Career
Gabelli & Co.
The Gabelli Mutual Funds
Fund Manager of the Year - 1997
Philanthropy
University of Nevada, Reno
Columbia Graduate Business School
Fordham University
Gabelli gift lifts alma mater
Fordham University Ph. D. Program
Boston College
Presidential Scholars Program
The Gabelli Foundation's Recent Gift to Boston College
 Roger Williams University - Mario J. Gabelli School of Business
University of Miami
Barron's All-Century Team
The third decade
Fred Mancheski/other
The Fourth Decade
Institutional Investor - Money Manager of the Year
Boston College
Columbia Business School - Distinguished Leadership in Business ward
A
Columbus Day Pararde - Grand Marshal
Iona College
Roger Murray - Value Investing 20 Years Later
The World's 99 Greatest Investors: The Secret of Success
Foreign Policy Association
New York Society of Security Analysts - Lifetime Achievement Award
National Italian American Foundation
Notes
References

Early life
Gabelli, the son of Italian immigrants, was born in The Bronx and went to Fordham Preparatory School, where he graduated in
1961.[2] He has said he read market reports for fun when he was very young and that he bought his first stock when he was 13 years
old.[2]

Gabelli won a scholarship and graduated from Fordham University summa cum laude in 1965. He received his Master of Business
Administration degree from Columbia Business School.[8] At Columbia, he was taught by Roger Murray, noted value investing
professor and co-author of the Fifth Edition of Security Analysis, The Graham & Dodd Value Investing Bible.[9] Gabelli and his firm
later launched the Graham & Dodd, Murray, Greenwald Award for Distinguished Value Investors. This award is presented yearly at
his Annual Client Symposium.

Career
After graduation, Gabelli accepted a position at Loeb, Rhoades & Co. as a security analyst responsible for coverage of farm
equipment, auto parts conglomerates and later media and broadcasting. Gabelli was putting into practice the theory of value investing
that he learned at Columbia. He rated companies not by earnings but cash flow, analyzing a firm in great detail to calculate what he
called private-market value: not the share price at which a stock was selling on an exchange, but the price per share someone would
be willing to pay in order to buy the whole company. This method would be widely used in the 1980s in leveraged buyouts, in which
a public company's managers would buy their company, or at least a considerable part of it, and take it private. The calculations
employed were often not the same as the standard valuation measures for public companies. This methodology was later trademarked
as The Gabelli Private Market Value with a Catalyst Methodology.

Gabelli & Co.

In 1976, Gabelli formed Gabelli & Co., an institutional brokerage house, with borrowed funds and money he had accumulated
trading his own account. Soon after Gabelli formed Gabelli Investors ( later GAMCO Investors) to manage money for clients. After
sending a memo to a Barron's editor touting a company he fancied, Chris-Craft Industries, Inc., Gabelli landed on the cover of this
financial weekly. By 1981, GAMCO had 81 accounts and was managing about $33 million. Despite the rocky economy and stagnant
stock market or the late 1970s and early 1980s, Gabelli made money for his clients each year. While investors were seeking to get in
on the ground floor of a company's growth, Gabelli preferred to cash in on a company's death. During the next few years, he invested
in or recommended companies that were taken over by other firms or privatized.

By the mid 1980s Gabelli was managing over $350 million in client assets and compounding returns at more than 35 percent per
year. While Business Week was touting the "Death of Equities" on its cover, Gabelli was quoted as saying "I don't need a rising
market to bail me out." Gabelli's firm was doing all its own research, usually with the idea of identifying firms that might be
candidates for leveraged buyouts: those with characteristics such as a large amount of cash on hand, underlying assets such as real
estate, or a large block of stock in the hands of a company founder with no children. He also looked for companies in industries
where new competition was difficult and cash flow was high. Once Gabelli selected such a stock, he was willing to wait for years
until it appreciated. He began buying Cowles Communications, Inc., for example, in 1977 at $14 a share and eventually became its
biggest stockholder. In 1984, the company (now Cowles Media Co.) was privatized at $46 a share, for a total payoff to Gabelli's
clients of $33 million. Another media winner was Chris-Craft, whose BHC Communications achieved almost a sixfold pretax gain in
income over six years in the 1980s and in the 1990s assembled its own network, United Television. The relentless Gabelli was
visiting about 50 companies a year to gain information and meeting the managers of more than 100 other corporations annually, as
well as getting together with other portfolio managers to discuss ideas and reading about 20 trade journals, two or three newspapers,
and a number of industry and company reports. He also was writing research reports for his brokerage customers and portfolio-
manager and other professional-investor clients. "I read annual reports instead of novels," Gabelli told Jerry Edgerton of Money in
1986. As a narrowly focused investor with large holdings in a few companies, he was able to bring influence to bear on company
management.

Between 1978 and 1985, Gabelli's portfolios outperformed the Standard & Poor's index of 500 stocks each year and more than
doubled the results of this S&P index in five of those years. Between 1977 and 1988, Gamco Investors' assets appreciated at an
annual compounded rate of 28 percent, a rate exceeded by very few money managers. This money management entity had never lost
money over a year and had met Gabelli's objective of ten percent annual return after taxes and inflation in all but two years. GAMCO
Investors' equity assets, flush with cash invested by companypension funds, reached $1.6 billion in 1986.

The Gabelli Mutual Funds

Gabelli's first investment vehicle for the general public, The Gabelli Asset Fund, launched in March 1986 as a no-load fund requiring
a minimum of $25,000 to invest. Later, and today, this fund is available for a minimum investment of $1,000 and accepts IRA
investments without a minimum. The Asset Fund was later followed on by The Gabelli Equity Trust, a closed-end fund, which, at the
time, was the largest equity offering on the NYSE. By the end of 1988, Gabelli's firm had three mutual funds—two run by himself—
with combined assets of $650 million.

Fund Manager of the Year - 1997

In 1997, when ten Gabelli equity funds averaged a return of 31.7 percent, the best of any U.S. mutual fund group, Gabelli was
.[10]
honored by Morningstar, Inc. as the domestic equity fund manager of the year

Philanthropy

University of Nevada, Reno

In December 2013, the University of Nevada, Reno announced it had received a $1.5 million donation from the Gabelli Foundation
to help pay for the construction of the E. L. Wiegand Fitness Center.

Gabelli is a member of the Wiegand Foundation’s board of trustees. In September, the Wiegand Foundation gave the largest donation
in its history of $8 million as the lead gift toward the construction of the four
-story fitness center.
“As a trustee of the E. L. Wiegand Foundation, I was moved by the university’s vision of taking care of the ‘whole student,’” Mr.
Gabelli said.

The Gabelli Foundation is based in Reno, and Gabelli has visited Reno numerous times and toured the UNR campus last summer. “If
you go to a Jesuit school, they have a philosophy about the body and the mind that says in order to get your mind to work, you have
to have your body in shape,” said Gabelli, a graduate of Fordham University, a Jesuit institution in New York. “I’m into that kind of
holistic approach.”

He said an institution’s faculty and facilities are the top two things that attract students to a campus. “This donation was an easy way
to hitchhike on the Wiegand Foundation’s gift, and once we get there, we will look at another opportunity to help UNR,” Gabelli,
said, referring to the fitness center’s anticipated opening in late 2016. UNR President Marc Johnson said the E. L. Wiegand Fitness
Center will allow students to more fully integrate wellness into their daily lives.

“We are deeply grateful to Mr. Gabelli for generously supporting this milestone project,” Johnson said.The fitness center will be built
on the parking lot north of the Brian Whalen Parking Complex.Its location bordering North Virginia Street will complete a vision for
the university as an institution that nurtures students’ minds with the Mathewson-IGT Knowledge Center, their spirit with the Joe
Crowley Student Union and their bodies with a new fitness center
, Johnson said.

Columbia Graduate Business School

In July 2013, The Gabelli Foundation pledged an additional $15 million. This gift is earmarked for the construction of Columbia
[11]
Business School's new Manhattanville campus. The building is scheduled to open in 2018.

Fordham University
Among those recognized at the 2010 Fordham University Founder’s Award Dinner were Mario J. Gabelli, CBA ’65, and Regina M.
Pitaro, FCRH ’76, a Fordham trustee and managing director of GAMCO Asset Management. In September 2010, Fordham formally
announced Gabelli’s $25 million gift, the largest ever in the university’s history. The gift allowed Fordham, which renamed the
undergraduate business college the Gabelli School of Business, to expand student scholarships and faculty chairs, and is crucial to the
creation of the Center of Global Investment Analysis which brings together students, faculty and professionals in the financial
[12]
community to enhance scholarship in the study and understanding of capital markets.

Gabelli gift lifts alma mater

Thursday, September 27, Fordham unveiled a new 50,000-square-foot building for its under
graduate business school.

The building, in the heart of the university's 85-acre campus in the Bronx, cost $38 million to renovate. It will now have the latest
technology for education, lounge space on every floor and ample Bloomber
g machines—not to mention a Roman fountain.

It is only part of the business school's efforts to boost its standing, however.

As part of the institution's capital campaign, renowned investor Mario Gabelli, chief executive of Gamco Investors Inc. and a
Fordham alum, pledged $25 million, the biggest gift the university has ever received. The funds helped push the business school's
donations to $50 million, $10 million over its goal. In honor of his gift, it has been named the Gabelli School of Business.

But instead of putting his money into brick and mortar like many philanthropists, Gabelli — who said this is the biggest single gift he
has made yet —wanted his grant to help build the school's faculty
.

"My heart and soul is based on education and giving back to help the system," said Gabelli, who also contributes to Columbia
Business School and Boston College, among others. "And what makes a good university is faculty." His money will endow six
faculty chairs, create a visiting-professor program and support a new center for global value investing—a highly unusual program for
an undergraduate business school.
Donna Rapaccioli, dean of the business school, said Gabelli's support has already put it on an upward trajectory. This year, the
college received more than 7,100 applications for 395 spaces in its freshman class, up from 6,000 applications the previous year
.

"Mario's gift certainly added to making Fordham a hot school, and this new facility is adding to that," Ms. Rapaccioli said.

Fordham University Ph. D. Program

In 2014, Mario Gabelli funded the University's ability to initiate the Gabelli Ph.D. Program which will establish a doctoral-level
business program at Fordham's Gabelli School of Business.

"We are, of course, deeply pleased by Mario's latest gift," said Joseph M. McShane, S.J., president of Fordham. "Pleased for what it
means for business education at Fordham and pleased for the vote of confidence from a world class investor. Mario's generous gift
builds on his legacy, and adds significantly to the Fordham School of Business intellectual capital."

[12]

Boston College
In September 2010, Boston College announced Gabelli’s $3 million gift that was used to endow a professorship in finance in the
college’s Carroll School of Management. An undergraduate dormitory is also named after Gabelli because of a past donation to the
school. Previously, Gabelli, who serves on the college’s board of trustees, gave $10 million to create the Gabelli Distinguished
Presidential Scholars Fund which provides fifteen students with full tuition every year
.

Presidential Scholars Program

In 2014, Boston College's Presidential Scholars Program was renamed the Gabelli Presidential Scholars Program as a result of a
major gift from the Gabelli Family Foundation.

The program provides an integrated educational experience within the University's honors program. The program has 264 alumni and
currently enrolls 72 of BC's most accomplished students.

Mr. Gabelli has been one of the program's most generous and ardent supporters since its inception in 1991.

"It is fitting that this program be named in honor of Mario Gabelli, who has been so committed to advancing it over the past 25
years," said University President William P. Leahy, SJ. "I am grateful to the Gabelli Family Foundation for its generous gift in
support of our Presidential Scholars".

[13]

The Gabelli Foundation's Recent Gift to Boston College

In December 2015, The Gabelli Foundation made a contribution to Boston College to further the Foundation's commitment to the
Jesuit philosophy of enhancing the intellectual, spiritual and physical aspects of the whole person. Gabelli commented on the recent
gift by saying "we believe the United States has flourished because of the Rule of Law, the free market system and meritocracy. The
underpinning of meritocracy is education. We believe for the great educational institutions to succeed, the institution needs facilities
(Gabelli Hall), faculties (The Endowed Chair), students (Gabelli Presidential Scholars) and financing. To this we add the Jesuit
philosophy of the whole person. Our recent gift was intended for the Athletic Department." The Gabelli Foundation's commitment
serves to further support Boston College's ability to provide students with a great educational experience which prepares them to
succeed as the next generation of leaders.

Roger Williams University - Mario J. Gabelli School of Business

The Roger Williams University Mario J. Gabelli School of Business was established in 1995, three years after the university
conferred an honorary doctor of business degree on Gabelli. In subsequent years, Gabelli has continued to support the school through
additional financial pledges as well as being a mentor to students through the University's Leadership Institute Distinguished Leaders
Lecture Series.

As an Association to Advance Collegiate Schools of Business (AACSB) accredited school - a distinction less than 5%of the world's
13,0000 business schools have earned in recognition for their academic programs - GSB hosts an active chapter of the Beta Gamma
Sigma honor society as well as a chapter of theDelta Sigma Pi professional fraternity.

The Center for Advanced Financial Education (CAFE) program allows students to manage two real dollar portfolios in real time.
CAFE is an award-winning program, having captured two highly competitive, portfolio management based, national championships
in 2013-14. Current, industry standard, trading room technology, including Bloomberg terminals and Bloomberg certification is
available for finance and other majors.

University of Miami
In 2011, a gift from Gabelli enabled the School of Business Administration to establish a new endowed professorship. The Gabelli
Asset Management Endowed Professorship will provide critical support of the University’s faculty, research and services initiatives.
In addition the Finance Professorship, GAMCO has supported the school’s academic initiatives, scholarships, mentoring and job
placement initiatives.[14]

Barron's All-Century Team

On January 10, 2000, Gabelli was inducted into the Barron's All-Century Team, their list of the most influential mutual fund industry
portfolio managers. [15]

The third decade

By 1998, Gabelli Asset Management Inc. was managing $16.3 billion. In February 1999, the company went public selling 6 million
shares, or about twenty percent of the common stock at $17.50 per share.

Fred Mancheski/other
In March 2006, a judge awarded partial summary judgment in favor of claims that Gabelli had unfairly prevented investor Frederick
Mancheski, who invested $50,000 in 1977, from selling his shares in Gabelli Group Capital Partners (GGCP) at fair market
prices.[16] In the ensuing settlement, GGCP distributed assets on a pari passu basis including nearly two million shares of NYSE
listed GAMCO and approximately $20 million in cash.[16] Contrary to statements, Mancheski still controls over 90% of the shares
that were distributed.

In 2001, whistleblower Rufus Taylor III filed a civil lawsuit against several companies owned by Gabelli, alleging fraudulent
practices in FCC auctions between 1995 and 2000.[17] In those auctions, the government set aside cell phone licenses to be sold to
small businesses. Taylor's lawsuit said that Gabelli used more than twelve "sham" startup companies to meet the requirements of a
[18]
small business applicant in the auctions and acquire the licenses at a small business discount.

The "whistleblower" actually was an attorney who once worked in the telecommuncations business for LICT's competitor Adelphia
which went bankrupt. These parties were not sued by the government or private plaintif
fs.

The lawsuit allegations claim Gabelli, by virtue of his role in publicly traded LICT Corp., was fraudulent because Gabelli had de
facto control over the companies and had aggregate assets that far exceeded the ceiling of the small business criteria, which would
disqualify an applicant from the small business discount auctions. Supposedly, many other participants, both individuals as well as
corporations, in the wireless auctions, totally unrelated to Gabelli, also set up business arrangements to take advantage of the small
business discount and succeeded, even though in reality they too could not pass the small business criteria. The government stood on
the sideline and did not take up the suit for the American public.

Indeed, LICT's FCC attorney stated that Gabelli complied with FCC requirements. The suit had alleged that the Gabelli-backed false
"entrepreneurs" included an NBA player, a related party, a former partner of an accounting firm, an aerobics instructor, and even the
caretaker of a vacation home in part owned by Gabelli.[18] On July 12, 2006, the suit was settled when the bidding entities reportedly
[19]
agreed to pay $130 million to settle the allegations.

Gabelli's money management business, GAMCO Investors, Inc., was not a party to the lawsuit.[20] Neither Gabelli nor his companies
nor any of the other parties were charged. The Government did not pursue any other wireless auction participants in the small
business discount area. LICT and other FCC auction participants continue to participate in the ongoing auctions of wireless spectrum
and other FCC license auctions.

The Fourth Decade

Institutional Investor - Money Manager of the Year

The Institutional Investor selected Mario Gabelli as 2010 Money Manager of the Year for its second annual U.S. Investment
Management Awards. The award selection was based on performance as well as a survey by U.S. institutions. In 2010, GAMCO
[21]
returned 28.6% for institutional clients. Since inception in 1977, it has generated annualized returns of 16.3%.

Boston College
On April 27, 2012, Mario J. Gabelli was at the 24th annual Boston College Wall Street Council Tribute Dinner in New York City’s
Waldorf-Astoria. Mario was presented with the President’s Medal for Excellence in recognition of his achievements, exemplifying
the Boston College motto “Ever to Excel.” The black-tie dinner drew more than 1,000 guests.

Gabelli is a founding member of the Boston College Wall Street Council, a network of more than 1,700 BC alumni, parents and
friends who work in and represent the financial community in New York. Through its annual dinners, the council has raised more
than $25.6 million for BC’s Presidential Scholars Program. Boston College’s most academically gifted undergraduates are chosen for
the Presidential Scholars Program, an extraordinary honors program that combines rigorous course work, community service,
international experience and internships.

Since its inception, more than 200 Presidential Scholars have graduated, earning some of nation's most prestigious academic awards,
including Rhodes Scholarships, Fulbright Grants, Marshall Scholarships, National Science Foundation Fellowships, Truman
Scholarships, Beckman Scholarships, and many others.

Gabelli established the Gabelli Distinguished Presidential Scholarship and is a lead supporter of the Presidential Scholars Program. In
addition, he has served as a University Trustee and Trustee Associate and has endowed the Mario J. Gabelli Professorship in Finance
in the Carroll School of Management. In 1995, the residence hall at 80 Commonwealthvenue
A was named in honor of Mr. Gabelli.

[22]

Columbia Business School - Distinguished Leadership in Business A

ward
On May 4, 2015, at Columbia Business School's 39th Annual Dinner, Mario Gabelli was presented with the school's Distinguished
Leadership in Business Award. Gabelli is a leading proponent of the Graham & Dodd school of security analysis which he learned
while studying for his MBA at Columbia. He is a member of the school's Board of Overseers.

Columbus Day Pararde - Grand Marshal

When Mario Gabelli leads the way down Fifth Avenue for the over 35,000 participants expected to march in the 68th annual
Columbus Day Parade on Oct. 8, he’ll join a list of notable New Yorkers who have presided over the celebration as grand marshal
that stretches back to its beginnings in 1929. It’s an esteemed list of honorees that includes men and women recognized for their
contributions as Italian Americans by the Columbus Citizens Foundation (CCF), a non-profit organization that fosters appreciation
for Italian-American heritage and achievement here in New York City through a slew of cultural and charitable activities, as well as
scholarship and grant programs for students.

Gabelli’s appreciation of the honor was apparent during a recent phone interview. Of the many awards he’s received throughout his
45-year career in the financial industry, which include the CCF award for Business and Education; the Ellis Island Medal of Honor
for Business Leaders; the South Bronx Educational Foundation’s distinguished Public Service Award and the Sacred Heart
University’s Discovery Award, presiding over the Columbus Day Parade on behalf of CCF, of which he’s been a member since 1976,
is especially rewarding given Gabelli’s advocacy for academics and CCF’s legacy of supplementing the education of deserving
students. The pairing is particularly fitting. “For me, it’s about providing some sort of visibility and leadership for what we do to help
individuals that need scholarships to go to school,” says Gabelli, a Bronx native and first-generation Italian American whose mother
and older sister were both born in Italy. “That’s very fundamental to me. It underscores the meritocracy of this country. It underscores
that education is the great driver and underpinning of that meritocracy, so the notion of equal opportunity for everyone is alive and
well, and we want to keep it that way.”

Gabelli himself graduate from Fordham and holds an M.B.A. from Columbia University Graduate School of Business and honorary
doctorates from Roger Williams University in Rhode Island and Fordham University. He is a trustee of the Columbia University
Graduate School of Business, Boston College and Roger Williams University. He also serves on the boards of The American-Italian
Cancer Foundation, The Foundation for Italian Art & Culture, The Winston Churchill Foundation and the E.I. Wiegand Foundation.
In 2010, he donated $25 million to Fordham University, the largest gift in the school’s history, for its undergraduate business
program, known now as the Fordham University Gabelli School of Business.

In 1977, Gabelli started GAMCO Investors, Inc., an investment consulting firm esteemed within the financial industry as a provider
of investment advice, alternative investments and mutual funds, as well as institutional and private wealth management. Gabelli has
created mutual funds that have consistently been recognized as among the industry’s top performers. His “Private Market with a
Catalyst” is widely recognized for its visionary and innovative research methodology that focuses on individual stock selection by
identifying firms selling below intrinsic value with catalysts to realize the value. Thirty-five years after founding the company, as
chairman and chief executive officer, Gabelli is still actively involved in GAMCO’s everyday operations. He travels often on
business, but is looking forward to being in the city for Columbus Day, and says now that he’s returned to New York from a recent
business trip, the totality of his impending duties as grand marshal are starting to take fect.
ef

“I did talk about it this morning with my wife,” Gabelli says. “I think the last time I walked down a parade was probably when I was
in high school. The Columbus Day Parade happens on a Monday when Wall Street’s open, so historically, I’ve never tried to take the
day off from work, but am more than delighted todo it this year”. [23]

Iona College
On April 12, 2013, Mario Gabelli received the 2013 Legacy Award from Iona College. The award was presented during the 51st
Annual Trustee Dinner at the Waldorf Astoria in New York City and it exemplifies the college's mission of service, scholarship and
value-based learning.

Roger Murray - Value Investing 20 Years Later

On April 17, 2013, GAMCO Asset Management together with the Gabelli Center for Global Investment Analysis at Fordham
University hosted a 20th Anniversary presentation entitled "Value Investing 20 Years Later: A Celebration of the Roger Murray
Lecture Series 1993-2013" at The Paley Center for Media in New York City. The focus of the presentation was the value approach to
investing pioneered by Professor Benjamin Graham and David Dodd and further developed by Professor Roger Murray and current
Professor Bruce Greenwald of the Columbia University Graduate School of Business.
The World's 99 Greatest Investors: The Secret of Success
The following is an excerpt from The World's 99 Greatest Investors: The Secret of Success by Magnus Angenfelt:

"Buy what you know. Develop a core competency in an industry or industries and invest there. Become an expert - read every trade
publication, talk to every company management (public or private), and go to every company and industry presentation in your area
of competence. Do hard work. Create spreadsheets on companies you want to buy, breaking out earnings, cash flows, and private
market values for each stock. Model numbers for the next five years. Focus on companies that have a stock price below intrinsic
value. Look for a margin of safety. Look for a catalyst or event that will help surface values. Then remember investing is for the long
term.

Work hard - that's the best advice I can give anyone. The world is full of smart people. Those who are smart and also willing to make
sacrifices to truly excel in their profession will be the biggest successes.

I think the real bargains are what they would callthe smaller, ignored, and unloved companies."

Foreign Policy Association

On June 27, 2013 at the Foreign Policy Association's 95th Anniversary and Annual Dinner, Mr. Gabelli was awarded the Foreign
Policy Association Medal which recognizes individuals who demonstrate responsible internationalism and work to expand public
knowledge of international affairs.

New York Society of Security Analysts - Lifetime Achievement Award

At its annual dinner on October 7, 2014, the New York Society of Security Analysts awarded Mario J. Gabelli the Irving Kahn
Lifetime Achievement Award. This award is presented to a member of the investment profession who has made distinctive
contributions to the industry and whose exemplary achievement, execellence of practice, and true leadership have elevated the
integrity and competence of the profession. Gabelli's role as a leading proponent of the Graham & Dodd, Murray, Greenwald value
investing methodoloy has made him an industry leader
.

National Italian American Foundation

On October 17, 2015, Gabelli was honored by the National Italian American Foundation (NIAF) at their 40th Anniversary Gala in
Washington, D.C. with their Leadership and Service Award recognizing him as an Italian American who has distinguished himself in
business and made a significant contribution to NIAF
. Gabelli is a former member of the Board of Directors of NIAF
.

Notes
1. http://www1.salary.com/Marc-Gabelli-Salary-Bonus-Stock-Options-for-GAMCO-INVESTORS-INC-ET-AL.html
2. Forbes: The World's Billionaires - Mario Gabelli (https://www.forbes.com/profile/mario-gabelli/) April 2015
3. Mario Gabelli - Forbes (https://www.forbes.com/profile/mario-gabelli) Forbes.com
4. Editors, Forbes Magazine (November 2006)."#346 Mario Gabelli" (https://www.forbes.com/lists/2005/54/454O.html).
Forbes 400de. Forbes. Retrieved 2007-02-03.
5. New York Times: "OPENERS: SUITS; SUPER PAY," 25 March 2007 (https://query.nytimes.com/gst/fullpage.html?res
=9B0CE0D81530F936A15750C0A9619C8B63&scp=8&sq=mario+gabelli&st=nyt)
6. "Mario J. Gabelli's Compensation in 2008"(https://web.archive.org/web/20090417010752/http://theglobeopinion.co
m/compensation/mario-j-gabelli). The Globe Opinion. Archived from the original (http://www.theglobeopinion.com/co
mpensation/mario-j-gabelli)on 2009-04-17. Retrieved 2009-04-13.
7. de Ternay, Guerric. "Mario Gabelli: How Do Value Investors Pick the Right Stocks?" (http://boostcompanies.com/mari
o-gabelli/). BoostCompanies.
8. "Mario J. Gabelli" (https://www8.gsb.columbia.edu/about-us/board/mario-gabelli)
.
 9. "The Great Minds of Investing - Mario Gabelli: A Knack for Making Money"(http://observer.com/2015/06/mario-gabell
i-a-knack-for-making-money/). The Observer. June 6, 2015. Retrieved October 12, 2015.
10. "Morningstar Hall of Fame: Fund Manager of the Y
ear Winners" (http://corporate.morningstar.com/US/asp/subject.as
px?filter=PR4198&xmlfile=174.xml)
11. http://www4.gsb.columbia.edu/news/item/7330338
12. Bob, Howe (September 2010)."Business Alumnus Gives $25 Million to Fordham"(http://www.fordham.edu/Campus
_Resources/eNewsroom/topstories_1946.asp). Fordham University eNewsroom.Cite error: Invalid <ref> tag;
name "fordham1" defined multiple times with different content (see thehelp page).
13. Jack, Dunn (September 2010)."Gabelli $3 Million Gift Endows CSOM Professorship"(https://web.archive.org/web/2
0120113022041/http://www.bc.edu/publications/chronicle/TopstoriesNewFeatures/topstories/Gabelli092310.html) .
The Boston College Chronicle. Archived fromthe original (http://www.bc.edu/publications/chronicle/TopstoriesNewFe
atures/topstories/Gabelli092310.html)on 2012-01-13.
14. "Business School Establishes Endowed Professorship"(http://www.miami.edu/index.php/news/releases/business_sc
hool_establishes_endowed_professorship/). University of Miami Press Release. March 2011.
15. "All-Century Team of All Stars". Barrons. January 10, 2000.
16. Sorkin, Andrew Ross (2006-05-05)."Gabelli Settles Investor Suit for $100 Million"(https://select.nytimes.com/gst/abs
tract.html?res=F10C12F7355B0C768CDDAC0894DE404482) . The New York Times. p. Late Edition - Final, Section
C, Page 3, Column 3,. Retrieved 2006-05-30.
17. Keenan, Matthew (June 2006)."Gabelli in Talks With Justice Department onClaim" (https://www.bloomberg.com/app
s/news?pid=newsarchive&sid=aKftUB.Ca_QQ) . Bloomberg. Retrieved 2008-04-06.
18. Glovin, David; Sree Vidya Bhaktavatsalam (June 2006). "Gabelli to Pay $130 Million to Settle Fraud Lawsuit"(https://
www.bloomberg.com/apps/news?pid=newsarchive&sid=aQKQ.Qp3K.4c). Bloomberg. Retrieved 2008-04-06.
19. Masters, Brooke A. (July 2006)."Gabelli Settles FCC Auction Charges"(https://www.washingtonpost.com/wp-dyn/co
ntent/article/2006/07/13/AR2006071300773.html) . The Washington Post. Retrieved 2008-04-06.
20. Glovin, David; Sree Bhaktavatsalam (June 2006)."Gabelli Reaches Accord With U.S. Over Cell Licenses"(https://w
ww.bloomberg.com/apps/news?pid=newsarchive&sid=aVVIiTzLzatY). Bloomberg L.P. Retrieved 2008-04-06.
21. "U.S. Investment Management Awards" (http://www.usinvestmentawards.com/). Institutional Investor. May 2011.
Retrieved 2011-07-14.
22. Sullivan, Kathleen (April 26, 2012)."President's Medal for Gabelli"(http://www.bc.edu/content/bc/publications/chronic
le/FeaturesNewsTopstories/2012/news/gabelli042612.html). Boston College. Retrieved 2012-05-02.
23. Sullivan, Kathleen (October 7, 2012). "Getting to Know the Grand Marshal". Nework
Y Daily News.

References
Angenfelt, Magnus (2013). The World's 99 Greatest Investors: The Secret of Success. Sweden: Roos & egner.
T
ISBN 978-91-86691-53-0.
FORTUNE Magazine: "Mario Gabelli's broken legacy," 12 June 2006
Mario's entry on Forbes 2006 list
Gabelli Asset Management Company (GAMCO) Investors website
Gabelli Funds Current Holdings
GAMCO Investors Current Holdings
Rohrer, Julie, "Cashing in at the Wake," Institutional Investor, January 1985
Rohrer, Julie, "The small firms rise again," Institutional Investor, March 1979

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