As Head of Public Policy and Municipal Strategy, Kozlik advises the firm’s businesses and clients on strategies related to U.S. public policy, public finance, and infrastructure. He publishes regular commentary that provide insight into current trends affecting these themes across a variety of sectors and geographic regions. Kozlik is frequently featured in print, digital, and broadcast news segments and regularly offers his expertise as a keynote speaker and panelist at industry conferences and events across the country.
Download Tom Kozlik’s bio here.
Areas of Focus
- Public policy, politics, elections, and economic trends as they relate to the financial implications for U.S. public finance and infrastructure
- Impact of fiscal policy and politics on financial markets, public finance and infrastructure
- Technology, AI and the impact of data centers, demographics, future of work, bond ratings, crime, public pensions, cybersecurity, climate change, generally and as they relate to public finance and infrastructure
- Public finance, state, and local government employment and funding trends
- Public finance, state, and local debt policy
- Select federal and state tax policy (SALT for example)
- Municipal bond market related themes
- Sectors including state & local government, schools, healthcare, higher education, housing, public power, transportation, water, and sewer
- Municipal bond and state and local government credit quality (investment grade)
- Bond investment strategy
- Infrastructure
Examples of Recent Commentary and Media
VIDEO: Asset TV – Potential Fallout from Government Shutdown
VIDEO: Asset TV – The “Post-Golden Age Realignment”
Commentary: Finishing 2025 with Patience, “Range-bound” Until New Signals Arrive
Commentary: Markets Swing and Fed Expectations Shift While Municipals Hold Steady
The Bond Buyer: Munis steady after government shutdown ends
Bloomberg Radio: Tom Kozlik on Munis and the Shutdown – Considerations for Investors
PODCAST: Discount Rates Up, Liabilities Down: Pensions Are Calmer. The Risk Just Moved.
About Tom Kozlik
Tom Kozlik joined HilltopSecurities in 2019, bringing more than two decades of experience to his role. Kozlik is a nationally recognized public policy analyst and investment strategist who brings unique insights to his commentary and analysis of public policy and market trends, opportunities, and challenges. Smith’s Research and Gradings has included him in both the generalist and sell side director of research categories of its Municipal All-Star Team. He also has been voted to Institutional Investor’s All-America Fixed Income Research Team and Greenwich Associates named him one of the Most Helpful Analysts in Municipal Bonds. In addition, Kozlik has taught graduate-level public finance courses at the University of Pennsylvania’s Fels Institute of Government, where he earned a master’s degree in Government Administration.
