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Setting Stock Market Records

In the last two weeks, we’ve made new records in the stock market: Biggest one-week drop, Biggest one-day gain, and Biggest one-day loss in the history of the stock market, in chronological order. Those records tell us that consumers, and even the know-it-all day traders, don’t know where the bottom of the market is. What started as fear of the coronavirus has turned into fear of global economic slowing and longer-term anxiety of a US recession. 

Uncharted Territory - Stock Market Records Set in March 2020:

-       First time the Dow dropped 2000+ points

-       First time Circuit Breaker rules used since 2013 (when the stock market trading is temporarily halted due to a dramatic decline in value)

-       30-year US treasury yield dipped below 1%

These days, it doesn’t take much to trigger panic in a market already on edge. On Monday, the US stock market trading was halted shortly after opening due to the market reaching a benchmark drop of 7%. The manic Monday drop in the stock market was due to failed negotiation talks between Saudi Arabia and Russia regarding oil production that triggered an all-out price war. This caused a plunge in oil prices of 30% that rippled across the remainder of the stock market quickly. The decrease in oil prices from roughly $63/barrel in April 2019 to below $30/barrel during Monday trading created increased pressure on the credit market. Energy companies, such as oil producers, are the largest issuers of junk bonds. With their future revenues in limbo, the value and credit quality of their bonds became even more unstable. As evidence, investors flooded into the security of government-backed debt and the 30-year US Treasury yield traded at 0.99% for the first time in the history of the stock market. 

The White House followed up with market stimulus measures. On Tuesday, President Trump announced payroll tax breaks for corporations and employees through the rest of the year. Trump also continued to put pressure on the Fed for further interest rate cuts. This comes on top of the $8.3 billion spending package President Trump signed in early March to combat coronavirus through vaccine research and medical support to states currently dealing with COVID-19 patients.

Ironically, this week marks the 11th anniversary of the bull market which began on March 9, 2009. From the last market high on February 19, 2020, the Standard & Poor’s 500 (S&P 500) is down approximately 12%. If the index drops 20%, the “correction” will officially be labeled a “bear market” and we’ll have ended our bull market streak in February.

Taking a step back to reflect, since the start of our bull market in March 2009, we’ve had seven corrections of 10%+ decline in the stock market. Those corrections averaged to a decline of 15% and lasted 78 days. Examining further back to 1990, the average correction increases slightly to 18.8% over a span of 83 days. 

No one truly knows if we are near the bottom of the stock market decline or if there are additional record setting days to come (good or bad). As companies get ready to post Q1 results, I would not be surprised to see declining earnings across the board due to shifts in consumer behavior related to COVID-19. However, those lower financial results are likely already priced into the stock value via the negative trading days recently witnessed. Often, because the stock market is so forward looking, the equity markets begins to turn around before we’ve seen the worst of the health epidemic at hand. That’s because when we’re in the midst of gloom, the market is fixated ahead and already sees the light at the end of the tunnel. 

Fundamentally, the US economy is strong. We’re simply at the end of the market cycle and many have forgotten that we need some down market years to ensure stock prices don’t stray too far from the true valuations of the companies they represent. Our advice remains consistent. These volatile trading days highlight the resiliency of diversified portfolios and the need for a measured amount of fixed income to offset equity volatility. Furthermore, systematic rebalancing in up and down markets ensures your investment portfolio adheres to the original target customized to your risk tolerance. As Schwab’s Chief Investment Strategist, Liz Ann Sonders stated this week, “Those tried-and-true disciplines are the closest thing an investor can get to a ‘free lunch’ in this crazy business.”

Age-old investment advice:

-       Neither “get in” nor “get out” are investment strategies...they represent gambling on moments in time, when investing should ALWAYS be a process over time.

-       Panic is not an investment strategy.

This commentary on this website reflects the personal opinions, viewpoints and analyses of the Kondo Wealth Advisors, Inc.  employees providing such comments, and should not be regarded as a description of advisory services provided by Kondo Wealth Advisors, Inc.  or performance returns of any Kondo Wealth Advisors, Inc.  Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Kondo Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

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CORONAVIRUS: THE OTHER SHOE HAS DROPPED

The novel coronavirus, now named COVID-19, has been causing fear and panic around the world, not to mention wreaking havoc on the stock market. Given the virus is no longer contained within Asia and is poised to be a global pandemic, the ramifications on the stock market (which is always forward looking) have been extremely negative.  As of Friday, 2/28, the Standard & Poor’s 500 (S&P 500) dropped approximately 300 points or 9% year-to-date. From the peak of the stock market in mid-February, the S&P 500 is down over 430 points or nearly 13%, officially putting us in “correction” territory.[i]

Looking back to the 2000s, we had three health epidemics that also came out of China; SARS, avian flu, and the swine flu. The average S&P 500 stock market drop due to these diseases was 15%. However, a year later, the S&P 500 was up an average of 25%. Similarly, with the Ebola virus and Zika virus, the S&P 500 dropped a lesser 10% and rebounded 14% thereafter. This could hint we have more downside to come.

The decline in the stock market over the last week has proven to be the fastest drop in history, according to Deutsche Bank Securities. There have been 27 market corrections since World War II, but the average decline of 14% was spread out over a window of four months.[ii] Some feel the rapid decline was due to the fact that stock valuations have been at their highest since 2002, making the market ultra-sensitive to a geo-political element like COVID-19.

We have been at the end of the longest Bull Run in the history of the stock market for years. In fact, economists predicted the end of the growth market cycle in 2018. However the Tax Cuts & Jobs Act became effective in 2018, giving corporations a 14% tax cut, or a synthetic boost to their bottom line that kept the stock prices buoyant. In 2019, Fed Chairman, Jerome Powell, initiated three interest rate cuts which eased monetary supply and boosted the stock market further. For two years, the market stayed artificially high, even though it was apparent the economy was slowing. As a result, stock traders have been skittish, constantly waiting for the other shoe to drop. This relentless unsettled feeling has coined our last market surge as the Most Hated Bull Run in the history of the stock market.

COVID-19 may be the catalyst to initiate the overdue market contraction the government has been trying to delay. We've never seen the market decline so rapidly due to a medical epidemic alone. To substantiate that, the declines we’re seeing in the stock market are not limited to companies who depend upon imports from China or the tourism industry. In this market decline, we’ve seen businesses lose value across the board. Companies like NBC Universal and Uber (who no longer operates in China) were also down, indicating the larger market may have been overpriced and in need of correction.  

Should Retirees Cash Out?

Some have said, “I’m too old to go through another 2009,” and their anxiety is understandable. However, retirement is not the end-all for an investment portfolio. In fact, many can spend 25-30 years in retirement, which means your investment portfolio needs to be invested for that time frame also. Whether the market is down for a short-period due to the coronavirus, or a long time due to a market cycle, investors should not cash out their portfolios for an event that will likely be ineffectual to a long-term investment strategy. Likely, the market will recover before the end of the epidemic, causing those who cashed out to buy back at a price higher than they sold for.

Take another long-term asset like your house for example.  Did you sell your house when the housing market was crashing in 2009 in hopes of staving off paper losses?  Did you plan to buy your house back just as the market began to recover to make a bigger profit on your investment? No! You plan to live in your house the rest of your retirement, so whether the house is valued lower in 2009 is irrelevant if it provides you shelter the rest of your retirement years. The same can be said of a well invested portfolio. It may be down some years, but it will recover and be on the plus side as long as you don’t make knee-jerk reactions.   

On the contrary, you should consider a distribution when you have a set expense approaching in the next one to two year window. For example, if you are looking to buy a house, start that overdue bathroom remodel, or put a child in college this Fall, take the funds allocated for that expense out of the market so that you aren’t forced to pay a bill right when the market is down, locking in losses.

How do I prepare for the market ahead? 

Market timers tout that they can sell now, before the bottom hits and get back in, just as the market starts to turn around. In theory, that sounds like a great strategy, but is rarely instituted effectively in practice. To time the market, you have to be right two times: You have to know when to get out of the market and when to get back in. Statistics have shown market timing produces lower average annual returns than a diversified portfolio.

Diversification is one of the most effective strategies for dealing with volatility. Inversely correlated asset classes are paired together so that if one sector of the market is down, another sector of the portfolio is up, offsetting losses. It is one of the most effective ways to reduce losses during a market downturn so you can recover quicker when the market improves. 

Rationally speaking, you have two choices: 

1.)  Ride out the market downturn (short or long) and experience the next rise. You will be relieved that the markets were not down permanently for the first time in the history of the stock market!

2.)  If the market volatility gives you angst and you cannot sleep at night, meet with your Certified Financial Planner™ to determine if you need a permanent reduction in your portfolios risk exposure. Making a prudent change could save you from making a panicked decision with long-term financial damage.

This commentary on this website reflects the personal opinions, viewpoints and analyses of the Kondo Wealth Advisors, Inc.  employees providing such comments, and should not be regarded as a description of advisory services provided by Kondo Wealth Advisors, Inc.  or performance returns of any Kondo Wealth Advisors, Inc.  Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Kondo Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

 

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Coronavirus & the Market

CORONAVIRUS & THE MARKET

 The novel coronavirus has been causing fear and panic around the world over this last month. According to the World Health Organization (WHO), the coronavirus is a family of viruses found in humans and animals that causes respiratory illness, which in severe cases can lead to pneumonia and breathing difficulties.  Other well-known strains of the coronavirus include the Severe Acute Respiratory Syndrome (SARS) which was transmitted from cats to humans in China in 2002 and the Middle East Respiratory Syndrome (MERS) transmitted from camels to humans in Saudi Arabia in 2012. The most recent novel coronavirus was first reported in Wuhan, China in December of 2019 and the source is still being investigated.[i]  While China continues to be the epicenter of the epidemic (28,000+ cases), the virus has been reported in 25 countries including Singapore (30 cases), Japan (25 cases), Thailand (25 cases), Korea (23 cases), Australia (15 cases), and the United States (12 cases), just to name a few.[ii]

Due to the fast spreading nature of the coronavirus, the devastating impact and the lack of current medical remedy/vaccine, the stock market has been very reactive to the coronavirus. The Shanghai Stock Exchange was closed for the celebration of the Lunar New Year from 1/24/20-1/30/20 this year.[iii]  This was during the peak of the coronavirus news breaking.  As a result, when the market re-opened, the market reaction that would have normally been spread out over a week was consolidated into a single day of trading, exponentially increasing volatility. The Shanghai Composite Index fell nearly 8%, its biggest daily drop in four years.[iv]  The Dow Jones Industrial Average also dropped 603 points or 2.1%, wiping out its 2020 gains year-to-date. 

Many feel the reaction to the coronavirus is irrational and unnecessary. As of this week, approximately 565 people worldwide have passed from the coronavirus.[v]  To keep things in perspective, the flu took over 34,000 lives in the U.S. alone in 2019 and is projected to have a similar impact in 2020.[vi] Yet, the flu had no impact on the stock market last year, nor will it likely affect the market in 2020. Further, the last three major health epidemics, Ebola, SARS, and MERS were contained before having a significant impact on the global world market, and many market leaders expect the same with the coronavirus.

You may have heard that China has locked down citizens of Wuhan and nearby cities within the Hubei province where the coronavirus began.  However, the locked down population is estimated to be only 60 million in China’s booming population of 1.4 billion people and their major cities continue to run efficiently.

The stock market is reactive because investors are worried the coronavirus could cause a world economic slowdown.  There is an unknown variable regarding the severity and future impact of the disease, and the stock market hates uncertainty.  This is particularly true in our current U.S. stock market.  We are teetering at all-time market highs and investors are wondering which event will trigger the overdue market pull-back that ends our 11-year bull market run.  In other words, the U.S. market is especially sensitive to “bad news” at present. 

Examining the immediate impacts of the coronavirus, healthcare and healthcare product companies have gone up as much as 10% in value.  Conversely, manufacturing, real estate, and the construction market sectors have lost value with worries that imports/exports would be adversely affected.  There is also a decrease in consumer spending in China and nearby countries as citizens temporarily avoid public venues. 

However, analysts at Oxford Economics guessed that, similar to the stock market during the 2003 SARS epidemic, the market reaction to the coronavirus will be sharp but short-lived.[vii] In other words, long term investors should not make investment portfolio changes for an event that will pass quickly and likely be ineffectual to the 2020 world economy.  

Volatility is likely to remain high until a medical breakthrough related to the coronavirus is found.  Reports indicate a remedy could be around the corner as medications used to fight the flu and MERS have shown to work effectively on some coronavirus patients.  However, looking ahead to the year in full, many economists already predicted 2020 would be a volatile year for the U.S. market as we face a presidential election, new phases of the U.S.-China trade agreement and general late-stage market slowing.

Therefore, a prudent approach to dealing with the coronavirus would be to review your portfolio with your Certified Financial Planner™.  If your portfolio is riskier than you’re comfortable with, make adjustments to ensure your portfolio is positioned to be resilient in the market volatility to come in 2020.  If you’re well diversified, no singular company makes up a majority of your overall investment portfolio and the asset classes are balanced in a way to offset volatility due to short-term blips in the market like we are experiencing this month.  Finally, remember to focus on the end-goal in your investment strategy.  Panicked decisions made in a silo rarely compliment long-term objectives.

This commentary on this website reflects the personal opinions, viewpoints and analyses of the Kondo Wealth Advisors, Inc.  employees providing such comments, and should not be regarded as a description of advisory services provided by Kondo Wealth Advisors, Inc.  or performance returns of any Kondo Wealth Advisors, Inc.  Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Kondo Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

 

 

 

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SECURE Act

SECURE ACT

In the last weeks of December, the Senate voted 71 to 23 to pass the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The Act was originally passed by the House of Representatives in July, and was subsequently passed by the Senate in December and signed into law by President Trump on December 20, effective January 1, 2020.    

Some of the highlights of the Act include the following:[i]

  • Repeals the maximum age for making traditional IRA contributions (previously 70½)
  • Increases the age at which Required Minimum Distributions (RMDs) must start from 70½ to 72
  • Limits the life of an Inherited IRA for non-spousal beneficiaries
  • Allows a $5,000 penalty-free withdrawal from a retirement account related to the birth or adoption of a child
  • Expands the types of qualified education costs allowed by 529 College Savings Plans

 No Age Restriction on IRA Contributions

Prior to the SECURE Act, working individuals could not make contributions to a Traditional IRA after age 70½. Now, individuals can make IRA contributions so long as they have earned income, with no age restrictions. The new law allows workers to save more for retirement and increase tax-advantaged savings.

Prior to the SECURE Act, a working individual could make Roth IRA contributions past age 70½ and that is unchanged under the new law. 

RMD age limit increased from 70 ½ to age 72

Prior to the SECURE Act, individuals had to take a Required Minimum Distribution upon reaching age 70 ½.  For those who were already age 70 ½ before 12/31/2019, the old rules still apply.  However, individuals who turn age 70 ½ in 2020 and thereafter are not required to take their initial RMD until age 72.  In line with the prior tax code, if a person is working past the RMD age (now age 72) and that employee is not a 5%+ owner of the company they work for, they can defer taking an RMD from their employer sponsored retirement plan until the year in which they retire.

Also unchanged, the individual’s first RMD can be taken as late as April 1st of the year following the required beginning date.  For example, if a person turns age 72 in 2021, they must take their first RMD by April 1, 2022.  Every year thereafter, the annual RMD must be taken by 12/31.

Death of the Stretch IRA

One coveted estate planning tool was the Inherited IRA, also known as the Stretch IRA.  For example, under the old rules, when mom passed away, her daughter could receive her mom’s IRA as an Inherited IRA.  The daughter would be subject to taking annual RMDs on the Inherited IRA over her lifetime, but the daughter could continue to benefit from the tax-deferral treatment her mom had, stretching the life and tax-deferral benefit over two+ generations.  The Stretch IRA was a powerful tax management strategy.  Using the same example as above, under the SECURE Act, mom could still pass her IRA to her daughter upon her passing. However, under the new tax rules, her daughter would have to withdraw the Inherited IRA balance, in full, by the 10th anniversary of mom’s passing, eliminating the use of Stretch IRAs over multiple generations and accelerating the taxation of the IRA funds, to the benefit of the IRS.  According to the Congressional Research Service, the new tax-deferral limit on the Stretch IRA strategy has the potential to generate about $15.7 billion in tax revenue over the next decade.[ii] 

As a result of the new Inherited IRA rules, careful income tax planning will be more essential than ever.  Short-sided IRA distributions could have long-lasting ramifications to the recipient such as being pushed into a higher income tax bracket, subject to higher Medicare premiums, and potentially assessed a higher taxation rate of SSI benefits and so forth.

Additionally, anyone who has listed a Trust as the beneficiary of their IRA should meet with an advisor right away to ensure that decision is still appropriate.  Listing a Trust as an IRA beneficiary could restrict access to the beneficiaries of the Trust over the 10-year distribution window.  This could cause the beneficiaries to receive the entire IRA balance in full at the 10th year and inadvertently subject them to massive taxes.

The new 10-year IRA withdrawal rule does not apply to spouses and other eligible designated beneficiaries who can continue to inherit the deceased owners IRA into their own name (versus an Inherited IRA titling) and are not held to a 10-year withdrawal timeline. 

Birth or Adoption of a Child

Under the SECURE Act, a retirement account holder under the age of 59 ½ can now make a penalty-free withdrawal of up to $5,000 from their retirement account, including a 401(K) or IRA, for expenses relating to the birth or adoption of a child after the child has joined the family. A couple can potentially withdraw a total of $10,000 penalty-free, if they each had separate retirement accounts. This flexibility allows young individuals to save more, with the peace of mind they have a back-up to pay for bills associated with a new child during a busy time.

Expanded Definition of 529 Qualified Education Expenses

As of 2019, student debt in the U.S. totaled more than $1.5 trillion.[iii]  A benefit of the SECURE Act is you can now use up to $10,000 from a 529 College Savings Plans over your lifetime to directly pay-off outstanding student debt.  This is a lifetime, and not an annual limit. 

The SECURE Act will dramatically change the financial planning and estate planning strategies utilized going forward.  Be sure to meet with your Certified Financial Planner™, CPA or attorney early to develop strategies to take advantage of the benefits available and circumvent pitfalls.  Incorporating the new tax law into your Comprehensive Financial Plan can ensure your long-term goals are still on track. 

This commentary on this website reflects the personal opinions, viewpoints and analyses of the Kondo Wealth Advisors, Inc.  employees providing such comments, and should not be regarded as a description of advisory services provided by Kondo Wealth Advisors, Inc.  or performance returns of any Kondo Wealth Advisors, Inc.  Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Kondo Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

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Impeachment and the Market

This week, President Trump achieved a somber distinction as the third President in the history of the United States to be impeached. Trump has famously predicted that if he were booted from the White House, the stock market would crash. However, history has shown that impeachment trials are largely sideshows when it comes to market performance. Wall Street is predominantly affected by corporate profits and the economy.

When President Nixon was under investigation in 1973 and 1974, the economy was more concerned with the Arab oil embargo, which caused long lines at the gas pump and drove up prices. The government was also trying to rein in inflation by raising interest rates to double-digit levels. Then, November 1973 marked the beginning of one of the worst recessions in U.S. history. Nixon's impeachment was a relatively minor concern.

President Clinton's impeachment proceedings began in 1998. The Senate eventually acquitted him in 1999, allowing him to complete his term. However, the investigation and trial occurred during one of the strongest bull markets in history. Stocks were up 28% between the start of impeachment hearings and the Senate acquittal.

Today, the market is enjoying the longest bull market in U.S. history, an all-time high for corporate profits, and a 50-year low for unemployment. Trump would like to take credit for these gains, but he has benefitted from a shift to corporate power and an attack on labor that began long before the 2016 elections. The transfer of American jobs overseas, the use of technology to devalue workers, and the decline of union power began back in the Reagan presidency and has escalated ever since.

During the Great Recession of 2008 and 2009, U.S. firms fired more workers than usual. This allowed them to jumpstart profits when sales recovered. Consequently, the robust economy has hardly affected the average worker, whose wage growth has been tepid. Since wages represent over two-thirds of corporate costs, it's no surprise that corporate earnings have skyrocketed.1

Many analysts feel that if the Trump impeachment were to have any impact on the market, it would have been baked into stock prices long ago. Rather than impeachment, the stalled trade talks with China have been the biggest drag on the market. In fact, Trump's risk of impeachment may ease the way to an agreement, since Trump badly needs to show something positive. Trump has been motivated to move into Phase 1 of a mini-agreement with China, which offers some trade relief to China in exchange for increased purchases of agricultural products from the U.S.

At times like these, we sometimes need to step back and take a hard look at reality. When we focus on Breaking News that changes hourly, it's easy to lose sight of long-term goals, react emotionally, and make unwise investment decisions. What happens in the next few days, months or years is unlikely to have a lasting impact on retirement goals that will be important to you for the next 25 to 30 years.

We know that over the long-term, the market tends to go up, regardless of the political situation. One of most effective ways to capture these returns is to build a diversified portfolio that doesn't put all your eggs in one basket. The balance of different asset classes in your portfolio reduces the impact of market volatility. If you keep your eyes on the prize, Trump's impeachment will likely be a faded footnote to your successful retirement. 

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This will be my last Rafu Shimpo article after a 25-year career in the finance industry. Thanks to my wonderful clients, top-notch staff, and my talented daughter, Akemi Kondo Dalvi, I'm able to retire. I feel so fortunate to leave Kondo Wealth Advisors with the peace of mind that our clients will receive even better service and advice.  Akemi has worked alongside me since 2008 and is both a CPA and Certified Financial Planner™.  She will continue to lead Kondo Wealth Advisors and inherit the privilege of writing finance articles for the Rafu. Thank you to the sharp and dedicated folks at the Rafu Shimpo for their support to grassroots community causes, and for allowing me to bend your ear for so many years.  It has been my honor to serve the financial needs of this community. 

1 CNN Money 8/29/2018

This commentary on this website reflects the personal opinions, viewpoints and analyses of the Kondo Wealth Advisors, Inc.  employees providing such comments, and should not be regarded as a description of advisory services provided by Kondo Wealth Advisors, Inc.  or performance returns of any Kondo Wealth Advisors, Inc.  Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Kondo Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

 

 

 

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EDUCATIONAL WORKSHOPS

2020 SCHEDULE 

 

Investing: What to expect in 2020

Saturday, January 25, 2020

9:00 a.m. - 11:00 a.m.

Ken Nakaoka Center*

1670 W. 162nd St.,

Gardena, CA  90247

*not sponsored by the City of Gardena

 

Retirement Planning & the SECURE Act

Saturday, June 13, 2020

9:00 a.m. - 11:00 a.m.

Ken Nakaoka Center*

1670 W. 162nd St.,

Gardena, CA  90247

*Not sponsored by the City of Gardena

 

 

 

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