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.”