Ellerston boss sees bubbles bursting ASHOK Jacob, the powerful investment adviser who runs Ellerston Capital, has warned of "days of reckoning to come" in overvalued sections of the sharemarket, principally in the technology industry and with initial public offerings spun out of private equity firms. Speaking after Ellerston's accounts lodged with the Australian Securities & Investments Commission revealed that the company received a big boost in fees last year to $18.2 million up from $11.3m a year ago, Mr Jacob said the bubbles in some sectors made it "very easy to have an accident."