Mario J. Gabelli

Mario Gabelli's grandfather, an Italian immigrant, died in a coal-mining accident in 1910 in western Pennsylvania when Mario's father was only two years old. Mario's father then returned to Italy with his mother to be with family. He remained there until he was in his twenties and married. 'My parents left Italy and settled in the Bronx where my father became a charter member of Local 6 New York City Hotel & Restaurant Workers and worked as a sous chef,' says Mario. 'Neither of my parents were educated beyond the sixth grade. My mother spoke minimal English, but my father could speak five languages. I was raised with Italian being my first language.'

From the beginning, Mario's parents demonstrated to him the importance of a strong work ethic. His father worked two jobs to support the family, but still did not make enough for extras like a car or even a television.

Mario, the second child, was born in 1942. His family lived on Bathgate Avenue in the Bronx on a shop-filled street in an apartment over a deli. By the time Mario was five, he considered himself to be an entrepreneur. He found an old Army ammunition box and turned it into a shoe shining kit. 'In those days, it was no big deal for a little kid to be on his own walking around the Bronx,' says Mario. 'I could take the Third Avenue L near our apartment all the way to Chinatown and no one batted an eye. I had a sign that said: Shoe Shine 10 cents. I would set that up and call out to customers. I wanted to make money, and shining shoes was just the first of many jobs to come.'

In the beginning, Mario was a truant in the first grade and repeated that year as his mother enrolled him in a Catholic grammar school, which was across the street from a police station. 'I was told that if I didn't behave, I would be arrested. I never skipped a class again.'

At the age of 12, Mario began caddying at Winged Foot and, at the age of 13, at another country club in Scarsdale, hitchhiking back and forth to the Bronx or taking a bus. He often caddied for stock market specialists, and listening to their conversations intrigued Mario. He studied the market, reading the newspaper Journal American and Business Week. He bought a few shares in PepsiCo, Beech Aircraft, and IT&T.

Mario responded well to the discipline of his Jesuit high school, Fordham Prep. His good grades earned him three scholarships, one from the state, one from his caddying job, and one from the School of Business at Fordham University. He majored in accounting and used his skills doing tax returns to barter for things he needed'such as a suit from a tailor. He also sold seeds, Christmas cards, and ads. One summer, he worked in the accounting department of ABC and the following year at W.R. Grace while taking courses at New York University. Mario enjoyed school activities and served as president of his class during his senior year. He graduated summa cum laude and then, with the help of another scholarship, earned his MBA from Columbia University.

'I got a great education,' says Mario. 'Much of my success is largely due to the wonderful professors I had, particularly Roger Murray. He was the one who pointed me in the direction of security analysis. As soon as I was introduced to that, I thought, bingo'this is what I want to do.'

Mario joined Loeb, Rhoades & Co. as an equity analyst. Eight years later, he joined William D. Witter, which quickly merged into Drexel Burnham. Within 90 days of the merger, Mario felt it was time to go out on his own.

He founded Gabelli & Co., an institutional brokerage firm, in 1977. 'When I started my company,' says Mario, 'the phone company was on strike. I was renting space on Wall Street. To make phone calls, I had to go down to a pay phone booth on the corner of Wall Street and William Street. A guy I knew saw me making a call, and he said, 'Hey, Mario, I heard you were starting a new office on Wall St., but this is a little small.' It was a slow start. I didn't even have a typewriter, so I rented one to write my first research report. I put in a lot of hours and was persistent. Eventually it all worked out.' Today, what has become GAMCO Investors, Inc., is a diversified financial services company that manages in excess of $30 billion and employs 250 people.

When asked about his success, Mario says, 'I always knew I could make money for clients. I had confidence, I had some good mentors, and I had luck. But I think what I had most of all was a passion for my work. Even today, I dance my way to work. I love what I do, and that may be the secret to great success.'

As a philanthropist, Mario Gabelli's foundation mostly focuses on education. He contends that the scholarships he received when he went to college gave him the boost he needed to live up to his full potential. 'My parents never went beyond the sixth grade and we had limited financial assets, so it was education that was the driver behind my ultimate success.'

Education, Mario believes, gives young people options. 'I sometimes give lectures to college students, and I tell them that the big movie when I was their age was The Graduate. There is a scene in the movie when the young graduate is told that the future is in plastics. I tell today's college students, now the future is in getting rid of plastics. It's a different world today'a fast world, a digital world, so today's young people need to get an education. It is important that they discover a career about which they feel passionate. They need to identify their objectives in life. And then they need to reach for the stars. This is an exciting time in the world, and it's full of opportunities for those who are persistent in pursuing their goals.'

Mario and his wife, Regina, have worked together for nearly 40 years and have been married for almost 20 years. He is grateful for her love and support and says, 'Family is so important. My daughter runs our family foundation, which was established in 1982. I credit the college scholarships I received with making my education possible, and so we largely concentrate our giving in the form of scholarships. It is amazing the difference a good education can make in an individual's future success.'

Honored to become a Member of the Horatio Alger Association, Mario is looking forward to meeting and interacting with the Scholars. 'The Association is giving a support system and encouragement to the next generation of leaders,' he says. 'The core values of this organization are the same values I have always embraced: hard work, determination, and compassion for others. Horatio Alger Scholars have had great challenges in their lives, but they are already proving they can overcome obstacles. I say to them: Life is full of potholes. Forget the potholes; full steam ahead.'