JCF Trustee Emerita Susie Stern and her husband, Jeff, recently hosted a Jewish Communal Fund fireside chat in their home featuring Mario Gabelli, one of the great investment managers of our time. Mr. Gabelli, a longtime JCF fund holder, spoke about the economy, his personal and corporate philanthropy, and how the upcoming presidential election may or may not impact the markets.
Mr. Gabelli, who serves as Chairman and Chief Executive Officer of GAMCO Investors, Inc. and LICT Corp., spoke about his early start, growing up in the Bronx and earning extra money by caddying at a country club. Having gained a reputation as a shareholder who is a “constructive activist,” Mr. Gabelli said that he focuses on “being practical and working for your clients by bringing in professionals that can help [turn a company around].”
A graduate of Fordham University and Columbia Business School, Mr. Gabelli has given generously to his alma maters. “I cobbled together scholarships in high school, college and graduate school, so naturally I want to give back,” he said. “I love education.” His philanthropy also extends to hospitals. “I want to take care of those who help us,” he said.
He is a member of The Board of Overseers of Columbia University Graduate School of Business and The Board of Trustees of Boston College and Roger Williams University. He also serves on the board of The American-Italian Cancer Foundation, the Foundation for Italian Art & Culture, the Winston Churchill Foundation of the United States, and the E.L. Wiegand Foundation.
Mr. Gabelli has been a JCF fund holder since 1980. Known for being “the ultimate value investor,” Mr. Gabelli praised Jewish Communal Fund for being “cost-effective.” “I can’t say anything but positive things about JCF,” he told the crowd.
He spoke about the rising student loan debt, which has increased to $1.3 trillion. “We have to fix education, and do it in a cost-effective way,” he said.
As for the upcoming presidential election impacting investments, he said that what will matter most is “how [the candidates] create jobs and make them competitive on a global basis.”