Mario Gabelli explains his favorite stock picks for 2021

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.

More In CNBC TV Picks

CNBC ProLeon Cooperman likes GM and these other stocks, even as he's worried about the overall market
CNBC ProAriel's John Rogers likes this stock as a way to ride the hot IPO trend
CNBC ProTom Lee says hot IPOs may be a sign retail investors are coming back to stocks