Buffett Still Builds Wealth For Shareholders: Gabelli

Warren Buffett doesn't have to worry about Mario Gabelli when he hears from shareholders during Berkshire Hathaway's annual meeting Saturday.

"If I look at a 45-year career for Warren Buffett, I have to, as a shareholder, say, wow, terrific. Warren Buffett has built terrific wealth for his shareholders," the chairman of GAMCO Investors told CNBC Friday.

Speaking from Omaha, site of the annual meeting, Gabelli, a Berkshire shareholder for 25 years, he said he is not concerned about short-term issues such as the ethical conduct of departed heir-apparent David Sokol but does want to know where Buffett will spend the company's money next.

"How is he going to invest the money? Where is his elephant gun going to be aimed and what other Lubrizols is he going to be able to buy," he said, referring toBerkshire's $9 billion acquisition.

"We’re talking about a company where in five years, if they grow in book value at half of what they’ve grown over the last 40 years, you’re still going to have $400 billion to invest in terms of market value," he said. "So you’ve got to do deals."

Gabelli said one hot area for deals right now is utilities in which has substantial holdings in El Paso Electric, Public Service of New Mexico and Southwest Gas .

"There’s going to be another round of consolidation," he said. "That train has left the station."

Track breaking news from the Berkshire Hathaway annual meeting all weekend on CNBC.com and watch Becky Quick's "First on CNBC" interview with Warren Buffett Monday on Squawk Box, 6-9am ET.