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.

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Patrick O'Shaughnessy is a principal and portfolio manager at 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

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Clients of O'Shaughnessy Asset Management may maintain positions in the securities discussed

in this podcast.

My guest today is Jeff Graham, a portfolio manager at Bandera Partners and the author of

one of my favorite investing books, Dear Chairman, Bordroom Battles and the Rise of

Shareholder Activism.

Jeff is also one of the nicest people I've come across in this business.

It's been a pleasure getting to know him in recent months.

In our conversation, we discuss the history and current state of shareholder activism

and how Jeff invests himself, taking large positions and often board seats in undervalued

companies.

Please enjoy.

Okay, Jeff, so I'm going to start with a couple quotes from your book because I think

there are good bookends for understanding this history of activism that you explore.

...