Speaking recently with CNBC, Mario Gabelli, chairman and CEO of Gabelli Asset Management, offered thoughts on a number of investing topics.

Gabelli considers himself an investor, not a speculator. Gabelli views investing like owning a piece of the underlying business, and looks for firms with solid, hardworking management that allocates capital with a goal of generating returns on that capital. Mr. Market, he says, will often times give you the opportunity to buy these companies at discounted prices.

The information flow in today’s market moves rapidly, which he believes amplifies short term market movements. He also says that to be successful in the market, investors need to exhibit patience and many individuals still don’t display that characteristic, but changes in technology, like robo-advisors, could be good for investing as they make things easier.

When it comes to future stock price returns, Gabelli says the S&P 500 is likely to produce a 5-7% annual return over the next 10 years unless there is a big uptick in inflation.