Buy this, NOT that, with stock picker Mario Gabelli

"The Walking Dead" versus "Homeland"?

Legendary value investor Mario Gabelli fielded this question about whether to buy AMC Networks stock or CBS, which owns Showtime.

"CBS has been beat up so much that it can have a bounce here," he said on CNBC's "Squawk Box" Thursday.

In an iPhone-Galaxy, Apple-Samsung match-up, the chairman and CEO of Gamco Investors said he'd buy neither at these levels.

Stepping into the soft drink wars, with the choice of Coca-Cola or PepsiCo, Gabelli said: "I like them both. But I'm betting on Dr. Pepper."

Read More'Reasonable place' to buy stocks: Mario Gabelli

Disclaimer: Gabelli owns shares of AMC, CBS, Apple, Coke, Pepsi, and Dr. Pepper Snapple, according to Gamco's latest 13F filing