Value Investing the Gabelli Way
Avenues for value creation and surfacing value via financial engineering – including spin-offs, exchange offers, Reverse Morris Trust transactions, tracking stocks, share repurchases and REIT conversions – is increasingly being used by public corporations to create and surface value. Our Private Market Value with a CatalystTM methodology, supported by deep, bottom-up research pre disposes us toward companies with underappreciated assets and managements focused on gaining recognition for those assets. Financial engineering has been and will remain a natural focus for investment. In this white paper, we survey a variety of techniques utilized by the likes of Dr. John Malone’s Liberty Media, among others.