Mario Gabelli says sell-off 'reminds me of 1987'

Mario Gabelli, Gabelli Asset Management Company Investors
Scott Mlyn | CNBC

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Billionaire investor Mario Gabelli said Tuesday that the sell-off in the U.S. stock market could accelerate and said that conditions reminded him of the dramatic pullback in the 1980s.

Gabelli, the chairman and CEO of GAMCO Investors, said on CNBC's "Closing Bell" it was unclear how some algorithmic trading strategies and the shift toward ETFs would effect the markets, and that he was unsure how the market would react to evidence of an economic slowdown in the United States.

"It reminds me of 1987, and it's an area where everyone is going to try to get out of the exit door and it's going to be very narrow," Gabelli said.

To watch the full interview with Gabelli, see below: