Mario Gabelli of GAMCO told CNBC that he thinks the downturn “is good. This is what markets are supposed to do. Psychology and human behavior is supposed to give you the blow up.” He noted that we knew the fourth quarter of 2015 would “be reporting some real negative impacts from the convergence of “the four Cs: currency, China, commodities, and current earnings.” However, he said, “As I look to the fourth quarter of 2016, I see really bright spots.” He suggested that buying “individual companies that have certain characteristics” now is an opportunity: “you get a good price on a company that’s going to do well.” He said, “it’s a lot better than buying an ETF, where you panic and there is lack of liquidity.”