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24-Mar-2009 at 08:53
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GAMCO Investors, Inc.
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The GAMCO Blog
September 14, 2009 at 09:24
THE LAST TWELVE MONTHS

September 8, 2008 – March 8, 2009 – September 8, 2009

It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity. It was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to heaven, we were all going direct the other way – in short, the period was so far like the present period . . .
A Tale of Two Cities
Charles Dickens, 1859

If we look at the last twelve-months in six-month intervals, we can rephrase Dickens’ comments to read, “It was the worst of times, it was the best of times,..”

Six Months – September 8th 2008 to March 8th 2009

Panic gripped the markets just prior to and subsequent to the Lehman meltdown.

Six Months – March 8th 2009 to September 8th 2009

But, like a light switch, following Vikram Pandit’s (Citigroup CEO) comments in early March and reinforced by Bernanke’s comments in mid-March, the market boomed.

We are now trying to focus on which companies are positioned to benefit from the improvement in economic activity.

As we have stressed, “the strong will get stronger.”

We also indicated that merger activity will commence as companies regain their financial confidence and look to accelerate growth.

Kraft’s pursuit of Cadbury; Disney’s pursuit of Marvel; Baker-Hughes purchase of BJS; Dainippon Sumitomo Pharma’s tender offer for Sepracor are just recent examples. We are confident more will occur.

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Important Disclosures

GAMCO Investors, Inc. ("GAMCO") prepared this posting as a matter of general information. We do not intend it to be a complete description of any security or company. All facts and statistics referenced herein are from sources we believe to be reliable, but we do not guarantee their accuracy and it may be incomplete or condensed. GAMCO makes no commitment to update this posting and it may remove it at anytime from its website. This posting is made available free of charge for all persons that may legally view this posting regardless of whether you have a relationship with GAMCO or its affiliates. This posting does not constitute an offer or solicitation to purchase or sell a security nor is it a solicitation of a proxy or a vote. The posting is not a research report. Individuals should consult with a qualified financial professional before making any investment decisions.

Because the portfolio managers at GAMCO and our affiliates make individual investment decisions with respect to the client accounts that they manage, these accounts may have transactions inconsistent with the information contained in this posting. These portfolio managers may know the substance of the posting prior to its posting. GAMCO and its affiliates may receive compensation from the companies referenced herein or may be soliciting any company referenced herein as a client for their services.

  • As of August 31, 2009 GAMCO and its affiliates beneficially own on behalf of their investment advisory clients or otherwise less than 1% of the outstanding equity securities of BAKER HUGHES INC.
  • As of August 31, 2009 GAMCO and its affiliates beneficially own on behalf of their investment advisory clients or otherwise less than 1% of the outstanding equity securities of BJ SERVICES CO.
  • As of August 31, 2009 GAMCO and its affiliates beneficially own on behalf of their investment advisory clients or otherwise approximately 0% of the outstanding equity securities of CADBURY PLC.
  • As of August 31, 2009 GAMCO and its affiliates beneficially own on behalf of their investment advisory clients or otherwise less than 1% of the outstanding equity securities of CITIGROUP INC.
  • As of August 31, 2009 GAMCO and its affiliates beneficially own on behalf of their investment advisory clients or otherwise less than 1% of the outstanding equity securities of KRAFT FOODS INC-A.
  • As of August 31, 2009 GAMCO and its affiliates beneficially own on behalf of their investment advisory clients or otherwise approximately 0% of the outstanding equity securities of MARVEL ENTERTAINMENT INC.
  • As of August 31, 2009 GAMCO and its affiliates beneficially own on behalf of their investment advisory clients or otherwise approximately 0% of the outstanding equity securities of SEPRACOR INC.