Billionaire value investor Mario Gabelli shared his views on what could be ahead for stocks following the United Kingdom's vote to leave the European Union.
The chairman and CEO of Gamco Investors, which manages $37.5 billion in assets, believes the recent rout in the market resembles those in the past and should be used as a buying opportunity.
"You look for companies that either benefit from inflation or benefit from globalization," Gabelli said, pointing to multinational names based in the U.K. as an example of firms that could profit from the devaluation of the pound as their goods become less expensive abroad.
"I happen to like companies that have pricing power that can do well in a global marketplace," he said, labeling the currency force as "very powerful."
Other topics discussed during this exclusive "Squawk Box" interview include:
- His favorite multinational stocks on sale due to the global sell-off.
- Areas of the economy that are poised to do well and how to invest in those sectors.
- What value investors like himself look for during volatile times.