Ghost Strategies

Ben Jacobs, the firm's founder and CIO, is the central decision-maker. Jacobs built his experience at event-driven hedge funds and manages a concentrated portfolio of typically under ten positions, which lets him engage directly with management teams.

The firm runs a high-conviction public equity book, concentrating on media, technology, and consumer companies. Jacobs looks for complexity — spin-offs, restructurings, or management transitions — where he can apply an activist or engaged-shareholder strategy to push for governance or strategic changes.

Yes. Ghost files 13Ds when it takes an active stake exceeding 5% of a company. The firm has used these filings to publicly communicate with boards and management, as it did at Cumulus Media in 2022.

The firm has historically focused on media, enterprise software, and consumer sectors. Ghost's activism often centers on underperforming small-cap companies within these industries where board-level or operational changes can unlock value.

Jacobs relies on a deep network of industry contacts and original research rather than off-the-shelf screening tools. The firm's lean structure is built for speed, enabling it to move on ideas emerging from corporate events or sector dislocations.