Cover art for podcast The Derivative

The Derivative

111 EpisodesProduced by RCM AlternativesWebsite

Welcome to The Derivative by RCM Alternatives, where we dive into what makes alternative investments go, analyze the strategies of unique hedge fund managers, and chat with interesting guests from across the investment world. Hosted by RCM Managing Partner, Jeff Malec, join us to take a ride through… read more


Behind the Buffered Notes Bonanza With Joe Halpern of Exceed Investments

Who hasn’t been pitched a buffered note at this point? Participate in the upside and get credited back the first 10% in losses. What could go wrong?  There are billions of dollars of these things out there, and they’re even creeping into the ETF and mutual fund space. How exactly do they work? Which options are being bought and sold? Is there hidden risk? What about exotics and knock ins and all the rest…. Do they cause extra liquidity issues for the market as a whole?

We sat down with Exceed Investments Joe Halpern in the lively chat to find out just how these buffered notes work, and what investors need to be careful of. Listen to Joe talk about finding the right call to sell to cover the spend, why tail risk is much more important than a 10% buffer, field hospitals in Central Park, what it was like unwinding Lehman Brothers structured products, crafting exotic derivatives at ING, Stevie Cohen as the Mets owner, why duration matters, and how the risk/reward profile of a buffered note changes as the market moves. Enjoy!



02:26-09:32=Mets, Cohen, Bobby Bonilla Day & Madoff

09:33-27:47=Custom Structured Notes & In the Trenches at Lehman

27:48-49:28=Behind the Scenes on a Buffered Note

49:29-01:08:00=Exceed = A Floor instead of a Buffer


From the episode:

Webinar: Buffered Strategies: What They Are, How They Work, & When to Use Them - 1 CE Credit

Catalyst Buffered Shield Fund

Follow along with Joe on twitter @halpjoe, and visit for more information.

Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2,  or LinkedIn , and Facebook, and sign-up for our blog digest.

And visit our sponsor, the CME Group at to learn more about futures and options.

Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit

Educational emoji reaction


Interesting emoji reaction


Funny emoji reaction


Agree emoji reaction


Love emoji reaction


Wow emoji reaction


Are you the creator of this podcast?

Verify your account

and pick the featured episodes for your show.

Listen to The Derivative


A free podcast app for iPhone and Android

  • User-created playlists and collections
  • Download episodes while on WiFi to listen without using mobile data
  • Stream podcast episodes without waiting for a download
  • Queue episodes to create a personal continuous playlist
RadioPublic on iOS and Android
Or by RSS
RSS feed

Connect with listeners

Podcasters use the RadioPublic listener relationship platform to build lasting connections with fans

Yes, let's begin connecting
Browser window

Find new listeners

  • A dedicated website for your podcast
  • Web embed players designed to convert visitors to listeners in the RadioPublic apps for iPhone and Android
Clicking mouse cursor

Understand your audience

  • Capture listener activity with affinity scores
  • Measure your promotional campaigns and integrate with Google and Facebook analytics
Graph of increasing value

Engage your fanbase

  • Deliver timely Calls To Action, including email acquistion for your mailing list
  • Share exactly the right moment in an episode via text, email, and social media
Icon of cellphone with money

Make money

  • Tip and transfer funds directly to podcastsers
  • Earn money for qualified plays in the RadioPublic apps with Paid Listens