Tracy Graham - Investing in Overlooked Businesses

**Patrick O'Shaughnessy** (0:00)
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Hello and welcome everyone. I'm Patrick O'Shaughnessy and this is Invest Like the Best. This show is an open-ended exploration of markets, ideas, methods, stories, and of strategies that will help you better invest both your time and your money. You can learn more and stay up to date at investorfieldguide.com.

**SPEAKER_2** (2:41)
Patrick O'Shaughnessy is the CEO of O'Shaughnessy Asset Management. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of O'Shaughnessy Asset Management. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Clients of O'Shaughnessy Asset Management may maintain positions in the securities discussed in this podcast.

**Patrick O'Shaughnessy** (3:04)
My guest today is Tracy Graham, founder and managing principal of Graham Allen Partners, a private equity firm that specializes in acquiring and building technology-enabled businesses.
In our conversation, we discuss how Tracy ended up playing football at Notre Dame, the key lessons he learned from famed coach Lou Holtz, why Graham Allen believes that businesses in secondary or tertiary US markets are undervalued, and why technology represents a great way to improve old businesses. I hope you enjoy my fun conversation with Tracy Graham.
So Tracy, it's so great to be spending this Friday talking to another Notre Dame person. I've been involved in the school lately in a bunch of different ways, and so it's been fun to see this pop up on my calendar as well. And I can't wait to talk to you about your entire background and the way that you think about business and investing. I thought it'd be neat, just maybe selfishly, because we share a bit of origin story in the school, to hear your origin story and just hear sort of what you believe to be the major markers in your life and career that got you to where you are today. And then obviously we'll spend the majority of the conversation talking about what you see as opportunities.

**Tracy Graham** (4:09)
Well, wonderful. Well, thanks, Patrick, for having me. First off, it is very likely that my origin story is not going to be the same as most.
I'll start really early, if that's okay with you.

**Patrick O'Shaughnessy** (4:21)
Please. Yes, that's what I'm looking for.

**Tracy Graham** (4:23)
Okay, I'll start really early. So I was born and raised in Inglewood District of Chicago. For those who are sort of seeing the current news in Chicago, you kind of get an idea of what the Inglewood area of Chicago was like even 20 plus years ago when I was growing up there.