Mario Gabelli explains his favorite stock picks for 2021

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

(This story is for CNBC Pro subscribers only).

Billionaire investor Mario Gabelli said Wednesday that he was optimistic about the U.S. and global economy in 2021 and that he was bullish on several cyclical names and sports-related businesses next year.

Gabelli, the chairman and CEO of Gamco Investors, discussed his outlook on CNBC's "Power Lunch" and said that the U.S. needed government spending on small businesses and infrastructure to help the economy recover even faster.

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