This is a well-known American investor, financial analyst, investment advisor, philanthropist and fundraiser. In financial circles, he was nicknamed the “Super Mario” of the stock market because he accomplished incredible things in the investment sector in his time, skillfully jumping over tricky obstacles and swiftly achieving his goals. We will tell you more about this remarkable Bronx native further in the article at bronx1.one.
First shares at the age of 13
Mario J. Gabelli was born in the Bronx in 1942, to Italian immigrants. His father, Giuseppe Gabelli, was a cook, and his mother, Giuseppina Aranquillo Gabelli, was a homemaker. The couple had three children, Maria, Mario and John.
Mario attended three schools in the Bronx: Public School 4, St. Joseph’s School and the School of Immaculate Conception. Although the parents did not have an education, they were very concerned about the education of their children and sought to ensure their success in the future.
Gabelli recalled how his parents encouraged him to study under experienced teachers and obtain the necessary knowledge for a decent job since they did not want their children to follow in their footsteps and earn little money through hard physical labor. So they did everything they could to enroll their son at Fordham Preparatory School in September 1957.
In fact, Mario developed an early interest in money, stock exchanges and currencies. He stated that he began reading market reports for fun when he was 11-12 years old, and the future great investor bought his first shares at the age of 13.
Mario attended school alongside other outstanding figures. Among them were Norbert Sander, William Magee and Eugene Pabst. This environment also shaped the development of Mario’s personality and worldview. He had made up his mind that he wanted to attain great success and become renowned.
Gabelli participated in a variety of extracurricular activities during his academic career, including bowling, swimming and track and field. But, seeing how difficult it was for his parents to provide for his education, Mario began working after school. At that time, while playing golf in Westchester, he developed an interest in investments. His classmates even joked that he would become the main shareholder of Ford Motor Company.
Gabelli graduated from Fordham Preparatory School in 1961, and for his outstanding performance, he was awarded a scholarship to Fordham University, where he graduated with honors in 1965. He eventually got a Master of Business Administration degree from Columbia Business School, where he was fortunate to study under renowned professor Roger Murray.
Fast-paced investment career
After completing his studies, Gabelli began his career as a security analyst at Loeb, Rhoades & Co., where he analyzed agricultural equipment, auto parts conglomerates and, later, media and television. Mario applied the value investing strategies he learned at Columbia University, evaluating companies based on cash flow rather than profit. Gabelli conducted a thorough analysis of firms to determine what he referred to as private-market value (the amount an investor is willing to pay to purchase an entire company rather than just the stock exchanges).
In 1976, Mario founded his first brokerage company, Gabelli & Co., using borrowed funds and his own savings received from trading. Things were going well, and Gabelli surprised everyone with his keen sense and reliable intuition. As a result, at this point, his investment career really took off. Mario soon established Gabelli Investors to manage clients’ funds. In March 1986, the first general public investment fund, the Gabelli Asset Fund, was founded.
The next project was the Gabelli Equity Trust, a closed-end fund that was the largest equity fund on the NYSE at the time. By the end of 1988, Gabelli’s company had three mutual funds with a combined asset value of $650 million. Furthermore, ten years later, Gabelli Asset Management Inc. has already managed $16.3 billion in funds.Â
In 1997, Gabelli equity funds had the best average return of any U.S. mutual fund group, at 31.7 percent. Gabelli was named the best national equity fund manager by the company Morningstar, Inc.
On January 10, 2000, Gabelli joined the “Barron’s All Century Team,” which includes the most influential mutual fund portfolio managers. At the second annual awards ceremony in the United States in 2010, Mario was named best financial manager of the year by the institutional investor. On April 4, 2020, at the 73rd awards ceremony in Washington, he was officially inducted into the Horatio Alger Association of Distinguished Americans.
In December 2023, Forbes magazine listed Mario Gabelli on its list of billionaires, estimating his fortune at 1.7 billion US dollars.
Big heart
Mario Gabelli and his wife Regina joined the Giving Pledge project in 2017, committing to donate a major portion of their fortune to charity, though they had been doing so for many years. These are just a few examples of their deeds of patronage:
- In September 2010, Fordham University officially announced a $25 million contribution from Gabelli, the largest in the University’s history. With this donation, Fordham was able to increase student scholarships and expand its faculty, while also raising the level of capital market research and comprehension.
- In September 2010, Boston College announced Gabelli’s $3 million donation that was used to fund a professorship in finance in the college’s Carroll School of Management.
- In July 2013, the Gabelli Foundation provided $15 million for the construction of a new Columbia Business School campus.
- In December 2013, the University of Nevada, Reno announced that the Gabelli Foundation had donated 1.5 million dollars for the establishment of a fitness center.
- On July 1, 2021, the Gabelli Foundation donated 1.5 million dollars to establish a foundation at Pace University.
- In October 2022, Gabelli donated $2 million to establish the Distinguished Professorship in Finance at Case Western Reserve University.Â
- In February 2023, he established a finance professorship at Iona University and pledged to support strategic initiatives on the new campus.
On November 8, 2023, Mario Gabelli was honored with the Alessandro di Montezemolo Lifetime Achievement Award, which recognizes individuals who demonstrate high charitable standards. Additionally, Gabelli has served on the board of directors of the American-Italian Cancer Foundation since 2000.
Read an article about Fordham Hospital here.
A proud father and a happy man
Mario Gabelli lives with his second wife, Regina Pitaro. He divorced his first wife, Elaine, the mother of his four children, in 1996. Gabelli has three sons: Marc, Michael and Matthew, and a daughter, Elisa. Despite his busy full-time job, Mario was able to build great relations with his family and pass on his knowledge, skills and values to his children. All the children are involved in a common cause. His two sons serve on the Board of Directors of his father’s company, while his daughter oversees the Gabelli Foundation.
When Mario talks about his success, he credits it to hard work, the values instilled in him by his parents, the discipline he learned at university and the social mobility that American culture provides.
“I’m a very lucky person. I get paid to come to work to do what I like doing.”
Read an article on another outstanding entrepreneur and investor from the Bronx, Lloyd Blankfein.