Trader Mario Gabelli
Mario Gabelli is one of the most popular traders and investors among journalists.
His frequent appearances on top financial TV shows, his outspokenness with journalists, and his stories about the shady life on Wall Street have made him a star on major networks like CNBC and CNN.
Mario's catchphrases became quotes in major financial publications, and his expert opinion was considered one of the most influential.
Mario Gabelli was born on June 19, 1942, in New York City, in the Bronx, one of the most violent neighborhoods at the time. His family were labor migrants who arrived in the United States from Italy long before his birth.
It is worth noting that Mario grew up in a very ordinary average family, namely, his father worked as a cook in one of the local restaurants, and his mother was an ordinary housewife.
Gabelli received his basic school education at a local school, after which his parents tried to enroll the boy in a private school at Fordham University.
While still in school, at the age of 13, Mario found a great part-time job in New York City, serving golfers balls and carrying clubs. Naturally, golf clubs are typically frequented by wealthy individuals, and his clients were typically investors and traders from Wall Street.
It was from them that he first learned about stocks and the impact of financial statements on their decision-making, so already at the age of 13 he spent evenings studying financial statements and tried to buy his first shares with the money he earned.
Attending a private school affiliated with a university opened up ample scholarship opportunities, which Mario took advantage of by enrolling in college at Fordham University.
During his apprenticeship, Mario Gabelli repeatedly demonstrated his entrepreneurial acumen, selling electronic flashlights and household goods.
After graduating from college, Mario enrolled in Columbia Business School, where he developed a serious interest in stocks. It's worth noting that at that time, the source of his stock market information was the renowned trader and investor Roger Murray, an ardent admirer of Benjamin Graham.
Having a practical mentor rather than a theoretician, Mario Gabelli finally fell in love with the stock market and saw his career as a trader as undeniable.
Career ladder
After receiving his MBA, Mario Gabelli joined Loeb Rhodes as an analyst. His responsibilities there included identifying profitable stocks in the agriculture and automotive sectors.
After working for the company for some time, Mario received a tempting offer to take over the position of chief analyst at William D. Witter, which was soon acquired by Drexel Burnham.
In 1976, Mario Gabelli, already having trading experience and initial capital, opened his own firm, Gabelli & Company, Inc., which provided brokerage and dealer services, executing and bringing transactions to the market.
A year later, feeling solid ground under his feet, Mario created the firm Gabelli Investors, Inc., which was later renamed GAMCO Investors, the purpose of which was to manage investors' assets.
After four years of operation, the fund had just over $33 million under management, which is what actually began to attract media attention.
Mario used the media exposure to his advantage, launching an active campaign to raise additional capital. In 1986, Gabelli founded his first mutual fund, the Gabelli Asset Fund, and later, Equity Trust.
The influx of assets was incredible, and after just a few years of operation, the funds' accounts held over $600 million. In 1998, the funds managed over $17 billion, with an average annual return of 28 percent.
Mario Gabelli's personal fortune is currently estimated at over $1.5 billion.
