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The Spark

Value Spark: Mario Gabelli on all things investing

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The Spark: How Gabelli values the auto space

We sat down for a lengthy, in-depth interview with legendary investor Mario Gabelli, founder, chairman and CEO of Gabelli Asset Management, to press him on whether stock picking still works in today's environment.

(The FULL Gabelli Interview — including exclusive stock picks and more — is available for CNBC Pro subscribers here.)

Here are the highlights of what he told us:

On investing vs. speculating:

"We want to own a piece of a business that we like, where the management comes to work every day and allocates capital to earn a higher return, and where we're buying it at a discount from where an informed industrialist would pay for the entire company."

"So we're looking for good companies at a reasonable price, and Mr. Market ... will [occasionally] give you the opportunities at a discount."

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