HilltopTalks: Politics & Finance with Tom Kozlik

42 Episodes

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42. The Cost of Cash Basis Reporting and Public Debt Management with Harris’ Justin Marlowe

2026-10-1557:37

In this episode of Hilltop Talks, HilltopSecurities’ Tom Kozlik speaks with Justin Marlowe, Research Professor and Director of the Center for Municipal Finance at the University of Chicago Harris School of Public Policy. They discuss the Center’s 10th anniversary and its future, the real costs of non-GAAP financial reporting, changing demand in the municipal bond market, Marlowe’s new book expected in early 2027, and best practices for public debt management. They also explain why, as Professor Marlowe puts it, “a few basis points can make a big difference.”

41. U.S. Federal Debt and the Rising Cost of Financing America

2026-09-1640:24

With federal debt surpassing $40 trillion and debt held by the public reaching 100% of GDP, how did the U.S. arrive at this point, and what are the implications for taxpayers, investors, and policymakers? In this episode of Hilltop Talks, HilltopSecurities’ Tom Kozlik sits down with Marc Goldwein, Senior Vice President and Senior Policy Director at the Committee for a Responsible Federal Budget, to discuss the nation's fiscal outlook and the growing cost of financing America's future. Key questions discussed: • How do rising deficits and debt affect inflation, interest rates, and economic growth? • What risks are associated with a potential federal debt spiral? • Why are Social Security and Medicare financing challenges becoming more urgent? • What policy options could put the nation's fiscal trajectory on a more sustainable path?

40. Not Your Typical Muni, Inside Energy Prepay Bonds

2026-07-0826:32

Energy prepay bonds have become one of the fastest-growing sectors in the municipal market. In this episode of Hilltop Talks, Tom Kozlik sits down with CreditSights' Patrick Luby to break down how these unique financings work, why issuance has surged in recent years, and what investors need to understand about their structure, risks, ratings, and portfolio implications.Key questions discussed:What are energy prepay bonds and how do they work?Why has energy prepay bond issuance increased so significantly in recent years?How are these transactions structured and how do cash flows move through the deal?What makes these bonds different from traditional municipal utility bonds?Tune in for valuable insights on a rapidly evolving corner of the muni market and the role energy prepays are playing in today's energy and public finance landscape.

39. The Cost of Powering the Future: Public Power, Data Centers, and the Strain on the Grid

2026-06-1725:32

In the latest Hilltop Talks episode, Tom Kozlik speaks with Rachel Cortez from Moody’s Ratings about the growing strain on U.S. power systems and the rising costs of electricity. Their discussion highlights how increasing demand—driven by data centers, electrification, and economic growth—combined with policy and infrastructure challenges, is reshaping the energy landscape. Both public and investor-owned utilities are facing mounting costs, political pressure, and regulatory scrutiny, suggesting that higher electricity bills and ongoing infrastructure investment will remain a reality for years to come.In this episode:· The impact of data centers and AI on rising U.S. electricity costs· Key drivers of increased demand and how electricity rates are determined· How utilities are managing rapid growth in data center energy needs· The role of carbon transition and net-zero policies in shaping electricity bills· How data centers are influencing renewable energy goals and timelines· Emerging technologies that could help address energy and affordability challenges· Differences in impact between investor-owned utilities (IOUs) and public power providers

38. The Oil Shock and the New Energy Reality

2026-05-2924:50

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HilltopTalks: Politics & Finance with Tom Kozlik