Why to invest in sports teams, according to stock guru Mario Gabelli

The 700-point sell-off in the market earlier this week spurred by President Trump’s imposition of $50 billion in tariffs on 1,300 Chinese products was part of the “old normal” and not a buying opportunity for investors, financial adviser Mario Gabelli said.

“I just think it’s part of the old normal in the market,” Gabelli told FOX Business’ Maria Bartiromo during an interview on Friday. “Markets go up and down, and you just take that into volatility.”

When determining where to invest, Gabelli, the founder and CEO of GAMCO Investors, said he likes to see where millennials and Generation Zs are investing their money, suggesting that prospective investors consider buying stocks in live events and sporting teams.

“If I’m in the rest of the world, what I like about the United States is the rule of law on more favorable taxes to a more favorable regulatory environment, and a market system with all of the speed bumps and all the problems and all the potholes still is a very good place to invest,” he said.

The American stock guru pointed to the Liberty Braves Group, which indirectly owns a Major League Baseball team, the Atlanta Braves, as a good investment choice.

“They have a real estate facility, and they have the Atlanta Braves, and over the next three or four years, it’s going to improve dramatically, and I think you’ll make 50%, 60%,” he said. “More important, for your grandchildren, you should buy – and to your children and to yourself and to your loved one – you should own a piece of the Atlanta Braves.”

The Braves opened a new stadium last year, SunTrust Park, which could drive the company’s revenue, he said, pointing to the Madison Square Garden Company, which owns the New York Knicks and drove growth by opening a new arena. Madison Square Garden stock is currently trading at $240 per share, while the Liberty Braves Group is trading near $23 per share.