Mario Gabelli

Mario Gabelli
Mario Gabelli
Born	June 19, 1942 (age 84); The Bronx, New York City, U.S.
Occupation(s)	Stock investor, investment advisor, financial analyst
Known for	Founder, chairman and CEO of Gabelli Asset Management Company Investors (Gamco Investors)

Mario Joseph Gabelli (born June 19, 1942) is a prominent American stock investor, investment advisor, and financial analyst. He established and currently serves as chairman and CEO of Gabelli Asset Management Company Investors (Gamco Investors), an investment management firm based in Rye, New York.

According to Forbes Magazine's December 2023 Billionaires list, Gabelli was positioned at #1725 with an estimated net worth of $1.7 billion. In January 2000, he was honored by being named to the "Barron's All Century Team," which recognizes key mutual fund portfolio managers. Additionally, in December 2019, he was granted honorary membership in Local 6 and the Hotel Trades Council, and in April 2020, he was inducted into the Horatio Alger Association of Distinguished Americans.

Early life and education

Born to Italian immigrant parents in The Bronx, Gabelli graduated from Fordham Preparatory School in 1961. His investment journey began early when he bought his first stock at age 13.

He received a scholarship to attend Fordham University, graduating summa cum laude in 1965. He then earned an Master of Business Administration degree from Columbia Business School, where he was a student of Roger Murray, a renowned value investing scholar and co-author of Security Analysis. Gabelli later created the Graham & Dodd, Murray, Greenwald Award for Distinguished Value Investors, which is presented annually during his Client Symposium.

Loeb, Rhoades & Co.

Following his academic pursuits, Gabelli began his professional career at Loeb, Rhoades & Co. as a securities analyst. He initially covered sectors such as farm equipment and automotive parts conglomerates before shifting focus to media and broadcasting companies. Utilizing value investing techniques acquired at Columbia, he emphasized cash flow analysis over earnings to estimate a firm's private-market value—the hypothetical price per share if the entire company were purchased.

Gabelli & Co.

In 1976, leveraging borrowed capital along with personal trading gains, Gabelli founded Gabelli & Co., an institutional brokerage firm. Soon after, he launched Gabelli Investors (which later became Gamco Investors) to oversee assets on behalf of clients.

The Gabelli Mutual Funds

Gabelli introduced his inaugural public investment fund, The Gabelli Asset Fund, in March 1986. This no-load fund initially required a $25,000 minimum investment but has since lowered the threshold to $1,000 and allows IRA contributions without minimums. He subsequently created The Gabelli Equity Trust, a closed-end fund that at its inception was the largest equity offering listed on the NYSE. By 1988, his firm managed three mutual funds totaling $650 million in assets. By 1998, Gabelli Asset Management Inc. oversaw $16.3 billion in assets and went public in February 1999 by issuing 6 million shares (approximately 20% of common stock) priced at $17.50 each.

Fund Manager of the Year (1997)

In 1997, the average return across Gabelli’s ten equity funds reached 31.7%, outperforming all other U.S. mutual fund groups that year and earning him Morningstar’s Domestic Equity Fund Manager of the Year distinction.

Money Manager of the Year (2010)

In 2010, Institutional Investor honored Mario Gabelli as Money Manager of the Year, recognizing his fund’s strong performance alongside positive feedback from institutional investors.

Wealth & Philanthropy

Mario Gabelli and his wife Regina became signatories of The Giving Pledge in 2017, committing to allocate the majority of their assets to charitable causes. As reported by Forbes in April 2020, Gabelli’s net worth was estimated at $1.4 billion.

Broadcasting & Cable Hall of Fame

On September 26, 2024, Gabelli was awarded The Chairman’s Award and inducted into the Broadcasting & Cable Hall of Fame Class of 2024, acknowledging his pioneering contributions and significant investment in advancing the media sector.

American-Italian Cancer Foundation

Gabelli received the Alessandro di Montezemolo Lifetime Achievement Award on November 8, 2023, honoring his extensive philanthropic efforts. He has been a member of the AICF Board since 2000.

The National Judicial College

On September 28, 2023, Gabelli was honored with the "Making the World a More Just Place" accolade by The National Judicial College, the only U.S. institution dedicated to judicial training both domestically and internationally.

Iona University

In February 2023, Gabelli endowed a finance professorship at Iona University’s LePenta School of Business and committed to supporting key initiatives at the Bronxville campus, which houses the NewYork-Presbyterian Iona School of Health Sciences.

Horatio Alger Award

Gabelli was inducted into the Horatio Alger Association in April 2022 and received its award recognizing individuals who overcome adversity and contribute to education and philanthropy.

Case Western Reserve University

In October 2022, Gabelli made a $2 million donation to establish the Mario J. Gabelli Distinguished Professorship in Finance at Case Western Reserve University. The first holder of this chair was celebrated during a ceremony on October 12, 2022.

Pace University

The Gabelli Foundation contributed $1.5 million on July 1, 2021, to create the Gabelli Endowed Anthony R. Pustorino Distinguished Professorship in Accounting at Pace University’s Lubin School of Business, ensuring permanent support for this named faculty position.

University of Nevada, Reno

In December 2013, the Gabelli Foundation donated $1.5 million toward building the E. L. Wiegand Fitness Center at the University of Nevada, Reno. Gabelli is also a trustee on the Wiegand Foundation board.

Columbia Graduate Business School

The Gabelli Foundation committed $15 million in July 2013 for Columbia Business School’s new Manhattanville campus project, with the facility slated to open in 2018.

Columbus Day Parade

Gabelli served as Grand Marshal for New York City’s 68th Annual Columbus Day Parade on October 8, 2012, which is recognized as the largest Italian-American cultural event in the city.

Fordham University

As a leading donor to Fordham University, Gabelli gave $25 million in September 2010—the largest gift ever received by Fordham—resulting in renaming its undergraduate business college as the Gabelli School of Business. This contribution enhanced scholarships, faculty endowments, and established the Center for Global Investment Analysis to foster connections between students and capital market professionals. In 2014, he supported Fordham’s Gabelli Ph.D. Program to advance doctoral education in business. In December 2020, through his foundation, he made an unprecedented $35 million gift to further develop the business school that carries his name.

Boston College

In September 2010, Boston College revealed a $3 million endowment from Gabelli designated for a finance professorship within the Carroll School of Management. Additionally, an undergraduate residence hall carries Gabelli's name, honoring an earlier contribution. Serving as a trustee, Gabelli had previously donated $10 million to establish the Gabelli Distinguished Presidential Scholars Fund, which annually covers full tuition for fifteen students. Alan Marcus was appointed the inaugural holder of the endowed professorship in 2012. Following a significant gift from the Gabelli Family Foundation in 2014, the Presidential Scholars Program was renamed the Gabelli Presidential Scholars Program. The Foundation further supported Boston College’s Jesuit mission of comprehensive education with an additional donation in December 2015.

Roger Williams University - Mario J. Gabelli School of Business

The Mario J. Gabelli School of Business at Roger Williams University was founded in 1995, three years subsequent to awarding Gabelli an honorary doctorate in business. Gabelli has maintained his financial backing for the school through ongoing pledges.

University of Miami

Gabelli’s 2011 donation facilitated the Miami Herbert Business School in creating a newly endowed professorship.

NYC Local 6 and the Hotel Trades Council

In December 2019, Local 6 bestowed honorary membership upon Mario Gabelli in recognition of his support for the Hotel Trades Council's scholarship fund, which enhanced their capacity to provide awards and grants. His father, Joseph Gabelli, was among the founding members of both organizations.

Ellis Island Foundation

In 1996, Gabelli was honored with the Ellis Island Medal of Honor for Business Leaders, acknowledging his patriotic efforts and promotion of diversity contributing to America's economic and social achievements.

Mancheski v. Gabelli Group Capital Partners - Investor Lawsuit

Frederick J. Mancheski, who was Gabelli’s initial investor back in 1976, along with former counsel David M. Perlmutter, filed suit against Gabelli alleging obstruction in their attempts to sell shares at fair market value. In March 2006, a court granted partial summary judgment favoring Mancheski’s allegations. The resulting $100 million settlement required GGCP to distribute assets on a pari passu basis, including nearly two million Gamco shares listed on the NYSE and roughly $20 million in cash.

US Ex Rel. Taylor v. Gabelli - Wireless Spectrum Auction Fraud

The U.S. Government pursued litigation following whistleblower Rufus Taylor III’s claims that Gabelli and associates employed fraudulent small-business entities to obtain U.S. cellular spectrum licenses during FCC auctions between 1995 and 2000. This involved creating over a dozen fictitious startups to qualify for small business discounts on licenses. In July 2006, Gabelli and related parties agreed to a $130 million settlement to resolve these allegations. Importantly, Gamco Investors—Gabelli’s asset management firm—was not implicated; FCC officials confirmed no misconduct by Gamco.

Personal life

Gabelli resides with his second wife, Regina Pitaro. He divorced his first wife, Elaine—the mother of his four children—prior to 1996. Two of his sons hold positions on Gamco’s board of directors, while his daughter oversees operations at the Gabelli Foundation.