Ghost Strategies

Ghost Strategies

Ghost Strategies formed in 2012 when Ben Jacobs, a veteran of several event-driven hedge funds, set up his own firm to focus on concentrated, value-oriented public equity investing. Jacobs previously managed media and telecom portfolios and brought that sector fluency to his own vehicle. The firm operates as a registered investment advisor based in New York. Jacobs runs a high-conviction book, typically holding five to ten positions. The strategy spans technology, media, and consumer sectors, with a distinct preference for companies undergoing corporate events such as spin-offs, restructurings, or management changes. Ghost has publicly taken active stakes in several small-cap media and consumer names, including Cumulus Media, where the firm pushed for a board refresh and strategic review in 2022. The firm also held positions in software businesses such as Cision, engaging management on operational efficiency prior to the company's take-private transaction. The firm leans on Jacobs's personal network and deep industry research to source ideas rather than screening software. Ghost maintains an intentionally lean structure, with Jacobs as the central investment decision-maker and a small support team. In September 2022, Jacobs launched a proxy contest at Cumulus Media, citing poor total shareholder returns and governance concerns (per Reuters, 2022). Ghost occupies a middle ground between a traditional long/short equity fund and a full activist platform. Jacobs uses public letters and SEC filings to pressure boards but rarely mounts full hostile takeovers. The firm's governance-first activism — rather than operational overhaul — distinguishes it from heavier-handed peers and lets it move quickly in and out of positions with limited public entanglement.