In an interview with CNBC, GAMCO’s Mario Gabelli says the way to make money in a fairly flat market is by going back to “plain ol’ stock picking” — and says that the “new normal” will look a lot like the old normal.

“It’s not the new normal — it’s the way it used to be” until the financial sector blew up, Gabelli says. He adds that he expects “the strong will get stronger,” citing firms like Goldman Sachs and JPMorgan. And he also is on the lookout for companies that will go through what he terms “financial engineering”. (Thanks to valueinvestingpro for posting this video.)

[youtube=http://www.youtube.com/watch?v=NUC01LSvoEg]