. What follows is the transcript of a recent zoom call with the legendary investor, where we discuss his approach to finding winning stocks, plus a few additional small-caps his funds are invested in.The 80-year old billionaire reflects on his journey from carrying golf bags for some of the richest guys on Wall Street to how he became wealthier than all of them.GABELLI: I think it is simple. When I was at Fordham, I was an accounting major; finance and global taxes at Columbia graduate school.
But it’s like baseball. As long as you make fewer mistakes than you do great plays, you’re going to do fine.Looking back on your investing career, going back to the 1960s, 1970s, is there a single big triumph that you like to think about, and say, wow, that was really a great one? Special Offer: Invest alongside the world’s most successful billionaire investors. Try Forbes Billionaire Investor Newsletter risk free for 30 days.
. It was “cranes, cubes, because they had ice cream machines and cash.” So we started buying the stock at $8. All of a sudden because of the Inflation Reduction Act and the IIJA, they’re going to get a lot of money in infrastructure improvement. The stock has gone to $18 from $8–an uninspiring company.Hyster-Yale Material Handling
There are a lot of good companies. There are a lot of good managements. So we started with a hall of fame. Every year we induct three to four individuals from companies we follow in which the values have surfaced. For example, this year we’ve taken a guy frombought them and clients owned a ton of it. We got a guy out of Nashville by the name of Colin Reed who runs theYeah, that’s the REIT. They own the Ryman and they own the Gaylord, and they got one in Denver that opened within the year.
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