Halftime Report

Monday - Friday, 12:00 - 1:00 PM ET
Halftime Report

Mario Gabelli reveals second-half playbook

Gabelli's second half view

With stocks setting new all-time highs this week, legendary value investor Mario Gabelli shared three of his top picks for the second half of 2014.

"The market—based on earnings, based on multiples, based on valuations—is OK, but there's no margin of safety, and you can have a shock," he said Thursday on CNBC's "Halftime Report."

Gabelli, who oversees $48 billion in assets as CEO and chairman of the Gabelli Funds, took into consideration potential risks in equity markets.