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Thursday, May 28, 2015

Mario Tweets Some History

News summary by MFWire's editors

If you are a mutual fund CEO who built his own business what do you tweet about. Well, if you're Mario Gabelli you tweet about corporate news, current events, sports and articles your employees uncover about your early days.

Yes, Mario appears to be reminiscing about his the days when he ran his "Orphan Asylum". His orphanage housed unloved stocks -- companies such as Forest Labes, Cedar Point, Coca Cola Bottling of New York and Butler International among others. His rivals in the fund business were Rowe Price with its New Horizons fund (where did the "T" go?) and Keystone and its S-4 fund (think Wells Fargo Funds by way of Evergreen).

The Forbes writer describes the young Gabelli as a "red-head" who works 7am to 11pm "to keep the wolf at bay" and whose friends thought he was crazy to quit a well-paying analyst job after William D. Witter merged with Drexel Burnham Lambert in order to start his own mutual fund. Oh, where has the time (and red hair) gone?

Asked about the possibility that he was wrong to start a mutual fund and that his orphan stocks could never up, Gabelli says:

"Like the captain of the titanic, I plan to go down in style."

Obviously, his Titanic made it to port safely and repeatedly for the past four decades. But he is traveling in style. 

Edited by: Sean Hanna, Editor in Chief

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