Mario Gabelli Offers His Take On Yesterday's Madness

Mario Gabelli appeared on Fox Business Network yesterday to talk about the market meltdown. Gabelli is a famed value investor who is the founder and chairman of GAMCO Investors, a $30 billion dollar global investment firm headquartered in Rye, New York. Here are some excerpts from his appearance on Fox Business.

Gabelli on the market mayhem:

“It underscores the notion that we, as value investors call miss to market. Somebody decided to reposition the portfolios, started selling their ETFs and as you heard out in Buffett land, derivatives are good…but a negative on balance is derivatives and they have to be controlled. “

Gabelli on 1987:

“The markets were coming in because of a litany of worries…today as the same thing [as 1987].”

Gabelli on his portfolio:

“From my point of view, I’m looking at businesses and if the values of the businesses don’t change as much as the last tick on the trade.”