Billionaire Mario Gabelli on his favorite Trump election stock ideas

Value investor Mario Gabelli, founder and CEO of Gamco Investors, shared his top stock picks and market views in an exclusive interview Friday on CNBC's "Squawk Box."

On Donald Trump election plays: "Buy infrastructure stocks ... [And] the bank stocks, particularly the trust banks, where they have less regulation, State Street, Northern Trust and Bank of New York, they become global power houses. They have great balance sheets. ... They are going to benefit from rising interest rates. ... Don't ignore the money managers. T. Rowe Price, Januses ... those will do well," he said.

On corporate tax reform: "Corporate tax rates ... have to change. And that in part will be a very big plus for corporate profits after-tax. And as a result of that, cash flows will improve," Gabelli said.

He also discussed:

  • The media stock landscape.
  • Post-election market volatility.
  • Government regulation.
  • The Time Warner and AT&T deal.

To watch the broadcast interview in its entirety, you must be a CNBC PRO subscriber.