Mario_Gabelli

Continue reading annual reports in an industry in which you want to dominate the knowledge of. Or read all the annual reports and figure out which micro cap company you'd want to take control of. Concurrently, start your own investment company and put yourself in the front office in the beginning.

Pure luck and the fact that there was only one pay phone at Columbia and we had to arm wrestle over who got to call their broker first. Lee Cooperman and Art Samberg were willing to risk their lives while I was the driver. Particularly on snowy or icy days. Somehow, the passion for investing was the fundamental glue that kept us together. So find those that are passionate about what you care for in business.

Getting up at 4AM and reading the Financial Times, BBC News, stuff that is sent to me by Henry van der Ebb and about stocks going down.

I started my career in the 1960s when conglomerates were launched the way digital companies were launched. At that time companies accumulated businesses in different parts of the economic cycle. In the 1980s the urge to do leverage buy outs was overwhelming. The fetish of the early 90’s was “TMT” and dot com.

Economic cycles in the capitalist systems are invariable. You should understand how the owner of the business functions as oppose to those who preach "risk on risk off" in these different market cycles.

First thing, I appreciate your belief in capitalism. As it is one of the best of the various alternatives to allocate capital.

The world is littered with countries that are pursued socialist philosophies - a visit to Cuba or Venezuela would underscore this.

Start by reading Ken Langone's "I love Capitalism!" to see what has made the American meritocracy a global standard.

As for your investment process, I will send you a free copy of Deal Deals and More Deals as well as Roger Murray's presentations on value investing.