Mario Gabelli took home $55 million in total compensation last year, but it looks to be well-deserved, reports Reuters.

Of that $55 million, Gabelli took home $44 million for his portfolio management responsibilities and $11 million for running Gabelli.

"What would someone pay to have the kind of record and kind of visibility that I have brought to the table for 28 years to the money management business and is that a value added?" Gabelli told Reuters.

Gabelli Asset Management has returned 9,761 percent since 1977, compared to 2,917 percent for the S&P 500 Index. More recently, the asset management firm raked in $255.2 million in revenues for 2004.

If $55 million still sounds significant, take heart: the founder of Gabelli Asset Management doesn't get stock options, a pension or 401(k) plan, bonuses or a base salary, and still gets paid far less than the top hedge fund managers.  

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