Veteran investor Mario Gabelli said the market will remain somewhat challenging until 2024, but that doesn't mean there aren't any cheap stocks to buy right now. "There'll be a terrific 2024; the outlook is pretty bright," Gabelli said Wednesday on CNBC's " Squawk Box ." "The market short term has a lot of geopolitical dynamics that I have to be concerned about, and something is going to go wrong in private credit. Something's going to go wrong in what's called shadow banking. But, those are just minor speed bumps." The Gamco Investors CEO and chairman said there are already some buying opportunities after the big market correction last year. The S & P 500 just suffered its worst year since 2008 with a near 20% loss and snapped a three-year win streak amid aggressive Federal Reserve rate hikes. Gabelli said he likes Mueller Industries , a manufacturer for refrigeration and heating systems, which he said will benefit from the Inflation Reduction Act. MLI 1Y mountain Mueller Industries The company has a "decent management, good business, your minimum earnings power of $5 a share," Gabelli said. "They are going to report over $10 for the current year." Gabelli said he also finds Warner Bros Discovery attractive. "One area that I've always liked is the entertainment business," Gabelli said. "When I look at Warner Brothers that's dropped from $27 before they close that a deal with AT & T." WBD 1Y mountain Warner Bros Discovery Warner Bros Discovery has gotten some love on Wall Street this week. Guggenheim upgraded the media company to buy from neutral Wednesday, citing an attractive risk/reward and narrative for the first half of the year. Bank of America added the stock to the "US1" list. The Wall Street firm said it remains bullish on the long term potential and views the current risk/reward as "highly attractive." — CNBC's Michael Bloom contributed reporting.