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Personalized Investment Strategies Tailored to Your Needs
We are a diversified global financial services company offering an extensive range of investment capabilities.
About Gabelli Reno
Gabelli Asset Management Company (GAMCO) established its Reno office in 1992. Since then we have been committed to providing superior client service while protecting and growing the assets entrusted to us.
What We Do
We invest primarily in the equity securities of companies with healthy balance sheets and strong cash flows selling in the public market at a discount to our appraisal of their Private Market Value. We define Private Market Value (PMV) as the value an informed industrialist would pay to purchase assets with similar characteristics.
Our investment methodology has succinctly been defined by an observer as:
Graham & Dodd + Warren Buffett = GABELLI
Who We Work With
GAMCO currently manages separate accounts, mutual funds, and investment partnerships for the following types of clients:
*High Net Worth Individuals & Trust Accounts * Foundations, Endowments, & Non-Profit Organizations * Profit Sharing, Pension, and 401(K)
Retirement Assets * RIA and Wire House Advisors and their Clients * Corporations & Partnerships
Investment Process
Our investment process centers on the application of principles first articulated in 1934 by the founders of modern securities analysis, Benjamin Graham and David Dodd, in their seminal work Security Analvsis (1934). To this, we add what Warren Buffett contributed to the field of investing: the notion of valuing the franchise of a business and taking a substantial stake in portfolio companies. We then blend two unique elements of the investment process: assessing a company's Private Market Value (PMV) and identifying a catalyst to surface these underlying values. We begin the process by focusing on companies that dommate ther markets and demonstrate an ability to generate substantial free cash flow. Our goal is to identify companies in the public market that are selling at discounts to their intrinsic or private market values. A catalyst may take many forms and can be an industry or company specific event. Catalysts can be a regulatory change, industry consolidation, a repurchase of shares, a sale or spin-off of a division, or a change in management.
Our Approach
Our approach to investing is research driven. Our valuation methodology has a three pronged approach: free cash flow (earnings before interest, taxes, depreciation and amortization, or EBITDA, minus the capital expenditures necessary to grow the business); earrings per share trends; and private market value (PMV), which encompasses on and off balance sheet assets and liabilities. We generally rely on internal research. Our analysts narrow the list of potential investment candidates by reviewing publicly available materials such as annual and quarterly reports and proxy statements. Each analyst develops an operational understanding of his or her industry, effectively becoming an expert in that industry. The analysts sharpen this expertise by continually visiting companies and their senior managements, and speaking to suppliers, competitors and customers. The objective of this process is to identify companies that trade at significant discount to their intrinsic or private market value
Tyler Smith
Assistant Vice President
Tyler, a Nevada native of Carson City, graduated from UNR with undergraduate and graduate degree in business. He has been with Gabelli for over 7 years.
Dan Lofrese
Vice President
DLofrese@gabeli.com
Dan, a New York native, received and undergraduate degree from Fordham University and a graduate degree in business from UNR. He has been with the Gabelli organization since 1998 and joined the Reno office in 2015.
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The GAMCO Investors approach
GAMCO Investors follows a research-driven approach. Our analysts specialize in individual industries and sharpen their expertise through continuous research. They narrow down their list of potential investment candidates using publicly available materials, visiting individual companies, speaking with senior management and researching their competitors and customers.
(Y)our Investment Options:
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Why value investing?
Value investing works because it is founded on the notion of buying something for less than it is worth. The value investor has the best of both worlds: upside potential and the comfort of owning a business with a margin of safety. Value investing has withstood the test of time.
Great investors over a long period of time have earned substantial returns by employing a consistent investment discipline. One of the greatest attributes of successful value investors is buying bargains when the market refuses to focus on them.
