Stocks Genius or Dot-Com Doofus?
wired.com
Markets were closed on Good Friday, and that was good news indeed for Ryan Jacob, erstwhile Wall Street Wunderkind.
The markets haven't been good to Jacob lately. Not at all like last year, when then 29-year-old was one of Wall Street's top fund managers, having steered the Kinetics' Internet Fund to a 530 percent gain in just 18 months.
His new Jacob Internet fund, launched last December amid a flurry of media hoopla, currently ranks 4,580th out of 4,582 American mutual funds for performance in the year 2000, according to investment research firm Morningstar. Its returns year-to-date: minus 40 percent.
The same strategy that made Jacob last year's genius -- picking early-stage second- and third-tier Net stocks, eschewing the market leaders -- has transformed him, Net speed, into this year's goat. A stunned Jacob is readjusting to his new position.
"I am officially off the suicide watch," he jokes, then gets serious. "It's tough. In a correction like we've had, we're not going to look good. But even we were blindsided by how steep the decline was."
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