There's a big-picture reason why Apple doesn't appear attractive, Mario Gabelli of the Gabelli Funds said Wednesday.

"We like the product. Some of our growth guys like it. Mechanically, numerically it's good," he said. "It's the predictability of cash flow. It's the pricing power."

On CNBC's "Fast Money," Gabelli cited Grape Nuts and Cheerios cereals as an example of products that run counter to the idea of obsolescence.

(Read more: Why the market has further to climb: Strategist)

"I have a bias toward that predictability over the next five or 10 years," he said, ticking off a list of companies that were once strong and later faded: RCA, Polaroid, Xerox, Krispy Kreme and AOL.

(Read more: Gabelli investing in bourbon)

"So, what changes over the next 10 years?" Gabelli said, adding that he actually liked Apple as a company. "Today, there's no question it's an over-capitalized company with a great product and long lines."

(Read more: Is Apple stock really a no-brainer?)

Gabelli, who has $40.5 billion in assets under management, liked more traditional companies. His top holdings included Davide Campari-Milano (CPR.IT), Vivendi (VIV.FR), Mandarin Hotels (MANRIN.TH) and H.B. Fuller.

"We like to buy the ignored and the unloved," he said. "We like to buy the dull and boring."

— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On Oct. 2, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long AAPL; Jon Najarian is long FB; Jon Najarian is long CCL; Jon Najarian is long HTZ; Jon Najarian is long MAR; Jon Najarian is long MGM; Jon Najarian is long OPK; Jon Najarian is long WMB; Jon Najarian is long ZNGA; Jon Najarian is long UNH; Jon Najarian is long CYH; Jon Najarian is long YHOO; Jon Najarian is long SE; Jon Najarian is long ARO; Jon Najarian is long GPN; Jon Najarian is long TWGP; Michael Murphy is long BAC; Michael Murphy is long C; Michael Murphy is long FB; Michael Murphy is long VLO; Pete Najarian is long AAPL; Pete Najarian is long calls C; Pete Najarian is long calls JPM; Pete Najarian is long calls WFC; Pete Najarian is long calls INTC; Pete Najarian is long calls YHOO; Pete Najarian is long FB; Pete Najarian is long calls MSFT; Pete Najarian is long calls JBLU.