Mario Not Looking So Super These Days

Mario Gabelli, the famous, and now verging on infamous, investor, has seen better days. The stock of his publicly traded mutual fund company, GAMco, has fallen 27% since January as he has had to juggle civil lawsuits from his original financial backers and the federal government, the former over claims that he screwed out of $100 million and the latter over charges that he manipulated FCC auctions for his personal financial gain. But no matter: “Look, lawsuits come and go,” he told Fortune Magazine. “What I care about is making money for my investors.” Whoops. Turns out his flagship fund has only returned about 7% a year over the last five years, lagging roughly two-thirds of its peers.
Mario Gabelli’s Broken Legacy [Fortune]

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