I'm just curious - what exactly is the justification for taking 1m of shareholders money to fund this value prize of yours? In essence, you will be giving 50k a year to people who are already rich. I'm just curious - how exactly does this benefit GBL shareholders?
And by the way, why aren't you directly addressing the flows situations in the earnings press releases?
And by the way, why are you going to do something with that cash? How long are we supposed to wait? For goodness sake, please at least start paying a dividend if you can't find anything else to do with the money. Either that, or please buy more than 5,000 shares in the open market during the quarter.
And what's with the WHG rift? Do you enjoy bad publicity?
I've been a shareholder of this firm for a long time but am really wondering what direction you are taking this firm. Are we yet again going to hear a refrain that your balance sheet is overcapitalized without something being done?
And by the way, nice job on the performance of the funds last year. Can you tell me why you had such bad outflows despite that? I guess not - your press releases don't even address this issue.
Long suffering shareholder hoping for a much higher valuation. Every other asset manager has one. Seems ironic that WPL has a higher valuation than GBL. Seems really odd considering that the Gabelli funds are doing TERRIFIC (last year and so far this year and the long-term numbers are perking up - Mario hasn't lost his touch!).
Mario---your actions are not consistent with what you tell others to do. Why pay yourself the massive salary. If it was essentially discontinued and a much larger dividend was implemented you could take the benefit of the 15% rate vs the tax on ordinary income. While I am sure you have some type of plan, why not act in the best interests of your shareholders, rather than what makes you happy. I used to have respect for you, but no longer. Self serving management does not get it, especially when you preach otherwise.