Thoughts on Volatility and the Markets

Joe Halpern, Portfolio Manager
Joseph (Joe) Halpern is Portfolio Manager of two defined outcome strategies at Catalyst Funds. Mr. Halpern has structured, priced, and traded billions of dollars in structured products, exotic derivatives, and listed vanilla options. Additionally, he has managed trading groups, supervised risk management, and participated in executive-level, firm-wide strategic initiatives for several leading financial institutions. In 2012, Mr. Halpern founded Exceed Holdings, LLC, an investment holding company focused on developing next-generation structured investments. The Exceed entities are collectively referred to by the brand name Exceed Investments.

As we leave 2016 behind and prepare for 2017, I wanted to share some of the themes we have recently been speaking and writing about. Over the last quarter, we penned four articles, appeared in three videos, and were quoted several times in additional articles.

Here are links to some of the aforementioned media spots:


The Benefits of Defined Outcome Investing, Nasdaq: A discussion on Exceed and the benefits of Defined Outcome investing

What is in Store for Markets in 2017, Voice of America: A read on VIX and what is in store for 2017 – one item discussed was whether VIX futures were pricing in too much complacency in the face of an elongated bull cycle and a new President with aims to disrupt existing political processes

Market Volatility into the National Election, Voice of America: Some takeaways on how to read the VIX tea leaves in the face of market uncertainty


The Market is Ambiguous. Does Your Investment Strategy Need to Be?, ThinkAdvisor: Discusses the flaws of investing based on historical performance and some alternative methods of portfolio construction that may better suit investors

Decay and Investing: When Time Keeps on Slippin’ Into the Future, ThinkAdvisor: Discusses how decaying investment products act in different market environments. This article was especially timely going into the holiday season, but is generally a good education on how decay works and how to incorporate it into investment decisions

How the VIX Reads S&P 500’s Future, Investment Advisor: Discusses the design of VIX and VIX futures, including how to read into the VIX “tea leaves” to understand what expectations professional traders have for future volatility

At Exceed, we live and breathe options-based strategies and we are happy that outlets such as ThinkAdvisor, Voice of America and Nasdaq have given us a voice to share our views. We look forward to sharing more of our thoughts in 2017. Thank you for the support and wishing all a happy, healthy and successful new year!


The Exceed Team

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