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Gabelli started buying Buffett’s Berkshire on the cheap in 1986. His stake is now worth $83 million

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Value investor Mario Gabelli told CNBC on Monday that he first started buying shares of Warren Buffett’s Berkshire Hathaway back in 1986. Decades later, he’s made more than 60 times his money, illustrating the power of buy-and-hold investing.In an interview on “Squawk Box,” the Gamco Investors CEO said the purchases were for two of his mutual funds: Gabelli Equity Trust and Gabelli Asset Fund. The funds began investment operations a few months apart in 1986.Combined, the funds own 220 shares of Berkshire Hathaway’s Class A stock, which was trading around $377,000 apiece Monday afternoon. Gabelli said his cost basis — the average price paid …

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