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-- my next guest.
Bought his per share many years ago and has never sold that he is running his own business like what they eat buffet and he looks so young to.
Mari the belly you need to be -- -- -- out here.
Well thank you -- judgment the stores are in the back.
-- they -- like faceless can change your lifestyle you're scaring me Mario let's get to the back and by the way he is the Gabelli funds chairman.
Worth about what thirty billion dollars in assets under management.
What I call you baby Buffett what do they mean by that it's the way you buy stocks isn't it.
I don't know what that means because I've never heard it before and notwithstanding that I'm in the little -- Buffett is in the major leagues he's that kind of -- all star Yankee.
And what we try to do is every day come to work fine an idea for our clients read -- -- reports study what the company's metrics are.
And try to figure out what will work five years from now -- ten years now so that notion by hold.
And long term investment but you know you've -- a good point and that is.
How to we learned this we learned at Columbia graduate school of business I was very fortunate -- -- -- bend the successor Ben Graham so that's what we do we do it.
A -- -- for Columbia.
Who will be participating by the way in our big Monday interview Columbia Business School and many other business schools as well.
I think you do differently from Warren Buffett is you pick certain names he might not pick Churchill Downs of course the running of the Kentucky Derby is this weekend.
The last time you mentioned that it was really just march on our show.
It is up significantly that's 88% in such a short amount of time.
-- you know I mean how is it that you feel that -- going to do adopt.
Well no -- I actually don't I basically what we look at is what's going on over the next five years and to the degree a company like this one.
Is buying up locations and having -- -- knows that is a racetrack would -- casino.
And they have one in Illinois like -- -- now I hadn't heard that before.
All right CIA you know and and and in addition to that they have made investments in Internet.
So that they have a skill set of being able to participate in Internet gambling.
And we're buying it at a reasonable multiple of cash flow and it just happens to be today is the Kentucky Derby tomorrow I mean and show that.
You know I don't want you to over analyze that but that's my take.
Won't do whatever you don't want needed to Houston you know he can get -- would give a -- -- a horse yes over analyze.
I'll hold there.
I -- I would get as you can see I'm not a big race span Monica notably a nagging in their hand at an -- -- body about that are let's get sale.
The fact that over the past years Berkshire Hathaway has not outperformed the S&P 500 if even if that happens.
This current year Warren -- -- will be the first time that he's missed it five years in a row how do you how would you would interpret that if he misses it for the fifty year.
Couldn't -- -- and basically you a company that has a market cap of 260 billion dollars.
He's come pounded book value which is his surrogate.
For intrinsic value for forty years at about 20%.
My hope is that you can do 10% a year Qaeda compound annual growth rate the next ten years in which case the holdings we have we'll do quite well.
And in that context -- he that is against the market that if you buy a mindless investing like in the ETF electronically traded fund.
Or an index -- you're gonna make seven to 9% so you'll continue to do extraordinarily well over the long term.
And no one cares about the last ten yards of the first ten yards this is a long term game it's not.
In the beginning and then like a baseball game as part of the game their two balls you are throwing right now -- at least try to catch and that's Weatherford a natural.
-- National Fuel Gas but we have many of these.
So yeah that field house.
Our holdings are -- like a -- there's no pyramid is no concentrated investments no matter how Smart we are and how hard we work.
We always gonna find new dynamics that change the world changes so we have a diversified portfolio.
Mario go belly up the compelling Francis great to see you thank you so much it's a privilege to be here but I was.
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