During a recent interview with Institutional Investor, Gamco CEO Mario Gabelli shared insights about the current market environment.

The article says that Gabelli “isn’t too worried about the trend toward passive investing that has robbed active-management firms like his of assets,” but believes a passive approach makes sense for long-term investors that “don’t have much knowledge.” Gabelli refers to himself as a “bottom-up stock picker,” the article says, and is currently interested in the “companion-pet” and housing sectors. Tech companies, he argued, are “trying to figure out how to monetize their data in the media sector,” and made the following comparison regarding Amazon founder Jeff Bezos: “The notion of Henry Ford when he introduced the assembly line is clearly what Bezos is doing.”

Gabelli isn’t too concerned about rising interest rates, inflation, or the threat of a trade war, the article concludes. “The big issue,” he argues, “is our $500 billion trade deficit, the $1 trillion budget deficit, the $20 trillion national debt, an aging population, and not a lot of companies starting up.”