Following the definitive announcement of Warren Buffett's retirement, this year's Berkshire Hathaway Annual Shareholder Meeting and related events drew even more attention. The 2025 Gabelli Omaha Value Investor Conference featured numerous influential figures from the value investing industry, including Mario Gabelli and John W. Rogers, who were part of one of the panels.
Gabelli is an investor veteran and founder and CEO of GAMCO Investors and has a tradition dating back to 1976. John W. Rogers is the founder and CEO of Ariel Investments, an investment company focused on small- and mid-cap companies.
Chris Marangi, co-CIO of GAMCO, was the moderator of the panel.
Check out our coverage of the 2025 Berkshire Hathaway Annual Meeting and other exciting Omaha value investing events here.
ETFs Are Overtaking the Market
Marangi began the discussion by asking what long-term value investors, who think like business owners, should look for in a world dominated by triple-leveraged ETFs and zero-day options.
Rogers's first impression from his recent encounters with investors is that almost everybody is thinking short term. They are assessing their performance by looking at the last quarter's results, and companies are screened, rarely looking at the underlying economics.
Factors such as cash flow generation, the significance of a company's moat, and the quality of management are often disregarded.
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