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Articles by Alan & Akemi

How the election might affect taxes and the stock market

With the presidential election just three weeks away, many of us are on pins and needles, wondering what the next four years might look like! Analysts are already outlining how the election of Donald Trump or Joe Biden will affect future tax policy, health-care reform, COVID response and vaccine dissemination, the pace of our economic recovery and the stock market.  No matter who is elected, the ability to enact sweeping change quickly will depend greatly upon control of the Senate.  There are 23 seats held by Republicans up for election this November, and Democrats only need to flip 3 or 4 seats to take control of the Senate.[i]  If there were to be a Blue Wave, or a Democratic sweep giving the party control of both the House of Representatives and Senate, bold change could come swiftly.

For one, Trump and Biden have very different tax policies. Polls currently show Biden leading in swing states critical for his election. Some analysts feel the stock market is already settling into a Biden presidency and therefore if Biden were to win, this change would have a less dramatic impact on the market which may already be in adjustment. Specifically, Biden’s tax proposal would raise Federal income tax from the current 37% to 39.6% on high earners with income above $400,000 per year. Social Security payroll tax would remain at 6.2% for the first $137,700 of earned income.  However, an additional Social Security payroll tax would be levied on earned income above $400,000.  In summary, for most Americans earning less than $400,000 per year, Biden’s proposed income tax changes would not affect them.[ii] 

Another Biden tax policy change relates to the tax on capital gains realized when equity holdings in non-retirement accounts are sold. Under the current law, investments held for over a year qualify for a preferential Long Term Capital Gain (LTCG) tax rate, ranging from 0% to 20% based on your income.  Biden plans to eliminate the preferential LTCG and instead tax gains on investments at your ordinary income tax rate, no matter how long the investment was held. For example, for a taxpayer making over $1 million of income in a year, their tax on capital gains would increase from 20% to 39.6%.

A third notable tax reform proposed by Biden relates to the Lifetime Gift Tax Exclusion or the estate tax exemption.  Under President Trump, in 2020 an American may pass up to $11.58 million per person or just over $23 million per couple to their heirs, Federal tax free.  Biden proposes to reduce the estate tax exemption to $5.49 million per person or just under $11 million per couple.  The tax exemption limit would be increased annually for inflation annually thereafter.

Finally, the Biden tax proposal aims to eliminate the step-up in basis rule which allows the tax on appreciated assets to be forgiven or eliminated upon the original owner’s death. Currently, the step-up in basis rule allows parents to pass highly appreciated assets, such as their house or stock investments, to their kids tax-free upon the parents’ passing.[iii]  The elimination of this rule would reduce the amount passing to the child since the parents’ original basis will be used to calculate the taxable gain.

From a tax planning perspective, high income earners anticipating bonuses or non-qualified stock options next year may attempt to accelerate the recognition of that income to 2020 if they feel they will be adversely affected by the new laws. Additionally, investors who may be exposed to large taxable transactions such as gain on the sale of a second home or large stock trades might consider closing transactions now while they qualify for preferential Long-Term Capital Gains tax rates.  Anyone affected by the Lifetime Gift Tax exclusion may want to consider estate planning strategies to get assets out of their estate before tax rules are changed.  However, it is projected that many Americans will not be affected by the proposed tax reform, as it stands now. Further, if the Senate remains in Republican control, the actual tax changes enacted may be more moderate, as the tax changes will need Republican approval to pass.

Whoever wins this fall, nearly a century of historical market data has proven that stocks have trended upwards during both Republican and Democratic administrations.[iv]  Presidents do have an impact on fiscal policy such as government spending and taxes. However, hundreds of other factors also play into the market that are outside of the U.S.’ control, such as the COVID pandemic we are currently in the middle of, actions of foreign leaders, technological advances, and so on.  Further, disciplined investors with diversified portfolios are invested in companies, both domestically and internationally, large and small.  Therefore the risks and volatility associated with a portfolio overweighted in one market sector are reduced, making it easier to protect the portfolio during short-term declines and get back on track quickly to capture market growth. Regardless of who is in the White House, companies will continue to focus on serving customers and growing their businesses. Therefore, as long as you keep a long-term perspective and ensure your investment strategy aligns with your goals, a prudent investment should weather the anticipated volatility through the remainder of 2020.

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.


[i] https://www.270towin.com/2020-senate-election/

[ii] https://www.investopedia.com/explaining-biden-s-tax-plan-5080766#:~:text=The%20Biden%20plan%20would%20impose,base%2C%20currently%20%24137%2C700%20and%20%24400%2C000.

[iii] https://www.cnbc.com/2020/09/08/op-ed-here-are-some-smart-tax-moves-to-make-in-a-biden-presidency.html

[iv] https://www.mydimensional.com/how-much-impact-does-the-president-have-on-stocks?

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The Stock Market Rollercoaster

This week, the U.S. stock market began a new rollercoaster of volatility. For investors who were not fully emotionally-recovered from February and March, this brought back unwelcomed queasiness. Many are wondering how significant this latest market decline is, and what it could indicate for the weeks and months ahead. So far, we are nowhere near the level of declines seen earlier in the year. However this week evoked fears of a Double Dip or a “W” shaped recovery and created a few frightful news media headlines.   

The recent stock market decline was led by drops in some of the largest technology companies, which make up a significant percentage of the current S&P 500 index. Keep in mind it was precisely these tech stocks which soared to all-time highs in our current market rally. In fact, just five companies in the S&P 500 index with average year-to-date (YTD) return of approximately 48% lifted the entire index to break-even territory, despite many companies within the index continuing to be down approximately 5% YTD.[i]  Mid-week, Apple shares fell more than 6%, while Facebook and Amazon were down more than 4%. Microsoft slid 5.4% and Netflix closed 1.8% lower. Alphabet (Google) lost 3.6% of its value.[ii] However, this week’s drop is a small fraction of the 50% rally since the March 2020 low.

Recently, we’ve struggled with the disconnect between the current state of the U.S. economy and the stock market, which has climbed back to record highs. The recent, although brief selloff, appears to be from day-traders who have begun to feel less optimistic or are taking short-term profits off the table. It is impossible to predict if this could turn into panic or if the market will resume its climb.

What we do know is that the unemployment rate is continuing to decrease. The jobs picture has improved for the fourth month in a row. However, that still means roughly 8.5%[iii] of Americans continue to be out of work, which is not good for the overall economic recovery.

We also know that the Federal Reserve Board, is committed to keeping interest rates low through 2021. The Fed is steadfast on the stabilization of the U.S. markets. Congress is currently debating another round of relief for Americans. Although the $500 billion “skinny” coronavirus package did not pass this week, it is believed this could reinvigorate negotiations about a larger $1.5 trillion COVID relief bill from the White House. With the upcoming election, Democrats and Republicans alike would benefit from passing another substantial aid package to Americans in need.[iv]

There is great uncertainty about whether we will see a resurgence in the COVID pandemic.  We have seen South Asia, Australia and Europe successfully stave off a second COVID wave from wide-spread contagion. Further, a COVID vaccine could help Americans get back to “normal” by summer of 2021.

With a November election around the corner, anxiety is at an all-time high, for good reason. Tax reform and the budget for government programs like Medicare and Social Security will be the focus once control of the Senate and a President is determined. It is likely that many or all of these factors will continue to create volatility in the stock market through the end of the 2020.

Investors shouldn’t be surprised if and when the stock market pulls back from our current record highs. If the past is indicative of the future, what we have learned from prior market declines is that the U.S. is resilient. In every instance, through wars, recessions, and even pandemics, the market has eventually recovered from downturns to post new market highs. The next bear market, whenever that may come, should be no different.

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.


[i] https://www.washingtonpost.com/business/2020/08/19/tech-stocks-markets/

[iii] https://www.bbc.com/news/business-54029361

[iv] https://www.cnet.com/personal-finance/gop-covid-relief-bill-fails-in-senate-next-steps-for-stimulus-package-and-check/

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The Depth of the Recession-By definition, a recession is a decline in economic activity for two consecutive quarters.

The current recession officially started in the first quarter, with a 5% decline before the country was slammed by the COVID-19 pandemic.  But the pandemic has definitely made itself felt in the economy.  Most of us, by now, saw that the U.S. economy’s second quarter lost (according to the headlines) 32.9% of economic activity—the worst single-quarter drop since World War II.  By way of perspective, the previous record was a 10% drop in 1958, and the worst of the Great Recession saw an 8.4% annualized GDP drop in the fourth quarter of 2008.

What was NOT widely reported is that this is an annualized figure, meaning that the economy would actually lose roughly 33% of its total only if all four quarters declined at that same rate.  The actual economic shrinkage was 9.5%; that is, the overall economy in the second quarter was 9.5% smaller than during the previous quarter.

And you probably didn’t see it reported that economic activity actually began to rebound in May and June, after a disastrous March and April.  Factory production and construction appear to be rebounding, although travel and leisure, including airline travel and visits to amusement parks, continue to struggle.  The unemployment rate has also fallen, from nearly 15% in April to 11.1% currently.  However, it should be noted that today’s unemployment rate is higher than it was at any time during the Great Recession.  The last week in July marked the 19th consecutive week in which initial jobless claims totaled at least 1 million.

This is not an attempt to sugar coat the current recessionary environment; the chart speaks for itself.  We have experienced slow economic growth in the years since the Great Recession, and now growth has turned decisively negative as the country deals with shutdowns, social distancing and increased hospitalizations.  States like Florida, Texas, California and Arizona may have to reimpose lockdown orders to stem the out-of-control pandemics, and some other states that have largely escaped the worst impact could suddenly become coronavirus victims. 

But we should not ignore the positive data in the midst of the downturn.  Congress is debating another bailout package for families at risk, and the Bureau of Economic Analysis reported that disposable personal income and the savings rate both jumped in the second quarter.  In fact, the personal savings rate has risen from 9.5% in the first quarter (already an unusually high number for Americans) to 25.7% in the second quarter.  This suggests that the CARES Act relief worked as intended.

Other figures have nowhere to go but up.  Consumer spending contracted at almost exactly the same rate as the economy (down 34.6% annualized) over the second quarter, and investment in new housing dropped 38.7%.  Both are now rising again, though whether that continues may depend on the next stimulus package.  The inflation rate dropped 1.9% in the second quarter as companies cut prices to boost sales.

It is impossible to predict whether the worst of the economic devastation caused by the pandemic is behind us.  There seems no question that other countries have done a better job of containing the virus than we have in America, and we all know that economic recovery will depend on getting people safely back to work.  This downturn will leave a permanent scar on many businesses and workers, and nobody expects the economy to get back fully on its feet until we find a vaccine that provides herd immunity.  But it also seems unlikely that the rest of the year will be as downright depressing as what we experienced in March and April.  Reports of U.S. economic demise are almost certainly premature.

Sources:https://www.npr.org/sections/coronavirus-live-updates/2020/07/30/896714437/3-months-of-hell-u-s-economys-worst-quarter-ever

https://www.forbes.com/sites/robertberger/2020/07/30/gdp-plunged-329-heres-why-it-matters/#73eaaf975943

https://www.marketwatch.com/story/economy-suffers-titanic-329-plunge-in-2nd-quarter-gdp-shows-and-points-to-drawn-out-recovery-2020-07-30

https://www.cnbc.com/2020/07/30/us-gdp-q2-2020-first-reading.html

https://www.bloomberg.com/news/articles/2020-07-30/u-s-economy-shrinks-at-record-32-9-pace-in-second-quarter

The first: unemployment compensation.  You may be surprised to learn that unemployment insurance payments, even if they stem from the pandemic fund, have to be reported as taxable income.  Future legislation may change that, but for now: taxable. Not taxable: the stimulus checks themselves, child support payments and life insurance proceeds.  The article also notes that any income you might have received from illegal activities—including the fair market value of anything you stole on the date you stole it, should also be included on your tax form.  We’re going to go out on a limb and assume that provision doesn’t apply to you.

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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Making Sense of the Market

Investors have been provided a world class macro and micro economics lesson in 2020. Only half way through the year, we’ve navigated the end of a stock market cycle, the introduction of a new global pandemic, a social justice uprising and misguided leadership from the President through it all. It kind of feels like the kids were left at home alone and the house is on fire. In panic, the natural reaction is often to first scream in fear. However, as creatures innately wired for survival, the next step is to dig deep for logic and find a way out of the fire.

In the first quarter of this year, we saw a 35% decline from the peak of the market in mid-February to the bottom in mid-March as measured by the Wilshire 5000 Total Market Index, the broadest measure of the US stock markets.[i]  As of the second quarter close, the Wilshire 5000 made an amazing 41% recovery from the market low. However, that still leaves us down 4.6% from our starting market value in January 2020, or down 8.4% from the market high in February. The same story of Q1 losses, followed by a strong Q2 recovery but a net loss for the year resonates true not only in the US Large, Mid and Small cap indices, but also in the international, emerging markets, real estate and commodities indices.[ii] The bottom line is year-to-date losses are prevalent across most market sectors.

However, the technology heavy Nasdaq Composite Index which lost 30% during the late February Covid decline, recovered 47% from the market bottom in March through the end of Q2, and is one of the only indices to boast a gain year-to-date of 11%.

The bond market continues to sit at all-time lows. The 3-month, 6-month and 12-month Treasury bonds continue to offer a whopping 0.0% coupon rate, making the 30-year Treasury offering of 1.25% interesting, comparatively.[iii]  Remember when we thought a 1-year, 2% CD rate was “too low” last year?

In June, the Bureau of Labor Statistics (BLS) noted an improvement over May as the unemployment rate declined to 11.1% or 17.8 million unemployed persons.[iv] BLS attributed the improvement to job gains in the retail, trade, education and health services sectors, amongst others. This was an improvement of 2.2% over May. 

Finally, Covid-19 has wreaked havoc globally. Worldwide, there have been nearly 12 million confirmed cases of Covid-19, including over 500,000 deaths reported. The US has had approximately 3 million confirmed cases and over 130,000 deaths. On Tuesday July 7th, new Covid-19 cases in the US were growing by at least 5% in 37 states; a statistic likely diluted by limited testing availability.[v] In the face of Covid-19, the President has pulled the US out of the World Health Organization, cut future government funding for Covid-19 testing, and has taken steps to eliminate the Affordable Care Act which provides medical services to many Americans and unemployed persons who recently lost employer health plan benefits.

Many wonder what all these data points align to, like constellations in the sky that somehow tell both the past and the future at the same time. The truth is, everyone has an opinion, but no one truly knows where the stock market is headed.

The economy (interest rate, unemployment rate, etc.) is an indication of where we are now.  However, the stock market is forward-looking and often indicates where analysts predict we will be in a matter of months. The problem is, no one can accurately predict what tomorrow will look like in these turbulent times. In April and May when the stock market surged, many anticipated the US would have a better handle on the spread of Covid-19 by late summer and we’d be preparing to reopen schools and go back to work. On that trajectory, the US would be in a rebuilding phase and by summer of 2021, Covid-19 would be in our rear-view mirror. 

However, heading into July, Covid-19 cases are rising rather than falling and Dr. Anthony Fauci, White House health advisor, said daily new cases could rise from our current 60,000 per day to 100,000 new cases per day if the outbreak continues at its current pace. Then again, some news outlets report optimism that Pfizer reported encouraging trial results of an experimental Covid-19 vaccine, and Moderna noted they are on track to start Phase 3 of their Covid-19 vaccine study.

Oddly enough, despite all the unprecedented news and events, the conclusion is likely the same consistent message. We don’t know where the market is going next, but we do know that trying to accurately predict the market for an extended period of time is a losing battle. The most prudent strategy is to play a good defense without completely cashing out, which would lock in losses and eliminate any chance for recovery or growth. That means keeping fear and anger in check and investing in a manner that truly matches your risk tolerance. It was easy to be an aggressive growth investor when the market was booming. This market downturn might be an opportunity to reexamine your portfolio to ensure it is appropriate for the volatility, and possible opportunities, that lie ahead in the next six months to come.

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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Money Lessons from my Father

My father, Alan Kondo, has always been one of those “teach a man to fish and you feed him for a lifetime,” kind of guys.  I hated it growing up!  I just wanted my “fish for the day.”  I realize now that he was investing in my financial knowledge and well-being; teaching me habits that he hoped I’d carry through adulthood.  As a parent, I find myself echoing him, telling my boys, “I’m not giving you a car, you’re going to earn it!” Like my father, I find more excitement on the giving end of these lessons, rather than the receiving end.  Here are some of the best pieces of advice my father gave me over the last 40 years.

Pay Yourself First

Growing up, I always had a “job” of sorts.  When I was 10, I got paid $0.05/envelope for folding, packing and licking shut envelopes for my mom’s mailing – I used it to buy ice cream.  When I was 16, I had a job at a local restaurant to-go counter. To this day, I still can’t stand the smell of BBQ baked beans, but I was able to buy a used Honda with my restaurant earnings.  When I got my first “real job” out of college, I itched to think what I was going to buy next!  My dad sternly told me to Pay Yourself First.  I had no idea what this meant. Paying Yourself First means the first bill paid each month should be to yourself in the form of savings. The remainder of your paycheck can be used to pay groceries, bills and entertainment. 

With my father’s help, I opened my first 401k savings account, and I saw my paycheck shrink by 30%. My father explained that the earlier I saved for my retirement, the sooner retirement would come. That’s because time is on my side, and the retirement savings will have compounded growth as dividends and interest accumulate and the stock market grows. Although a stock market pull back like the Great Recession or Covid-19 can be detrimental to an investment portfolio in a short window of time, over a working career, those dips can be offset by recovery and future market growth. Saving early can keep retirement goals on track for the long-haul.

Paying Yourself First also means having an emergency fund of six months to one-year of living expenses in a cash or CDs.  That way if something unexpected like Covid-19 happens, you have a safety net to hold you over, and you don’t have to lock in losses by selling investments that are temporarily priced low. 

 Only Take Necessary Risks

When it comes to my outlook on risk, I’ve had several life phases. As a child, I was afraid of crossing the street. As a teenager, I thought nothing could hurt me. As an adult, I was wise enough to ask for advice.  When I asked my father how to invest, he quoted the adage of moderation. Risks are sometimes necessary, but don’t take risks for the excitement with money that you need.  In other words, don’t go to Vegas with your rent money.

For a retirement portfolio, diversification is one of the tried and true methods for capturing market gains, reducing downside risk, and weathering market downturns to achieve a positive long-term return. In the history of the stock market, there is no 10-year period where a diversified portfolio would not yield a positive return, even including the Great Depression.  Investing in flashy stocks like Bitcoin can have a big return, or it can flop, so you should only invest in higher risk investments with money you can stand to lose. 

Don’t Live in Fear

Having lived through the magnitude 6.7 Northridge earthquake in 1994, I grew very weary of earthquakes at one point.  I told my father, “Why would anyone buy a house, if an earthquake is going to just crumble it to pieces one day?” My father validated my fears. Emotions are valuable in helping us to survive, thrive and avoid danger. However, strong emotions should be avoided when making important financial decisions. That’s because emotions can drive you to act quickly or irrationally out of fear or greed.  For example, many people cashed out of the stock market this March, when the Dow was down 34%, locking in losses and missing out on the subsequent 31% bounce back in the weeks that followed.

Instead, when making financial decisions, try to focus on research, metrics and analytics.  Numbers don’t have emotions and can help put things in perspective.  Finally, sleep on it.  Sometimes taking a break or stepping back can help you to see the bigger picture.  

We Are Only as Strong as Our Community

My father grew up in Toronto where Japanese were discouraged from congregating post WWII.  When he came to California, he was amazed by Japantown in San Francisco and Little Tokyo in Los Angeles.  He was also inspired by the Japanese Americans’ abilities to band together with all disparaged communities to create positive social change. Since my father did not grow up with these communities, he never took it for granted.

Growing up, I enjoyed our visits to Little Tokyo. I loved spending my weekends eating at the Tofu Festival, climbing the rocks in the JACCC courtyard, getting origami paper in the Village Plaza, and attending obons in the hot July weather. As an adult, I realize these experiences were fostered by a community in constant jeopardy. While I feel young and powerless, it is now my opportunity to support the community that raised me. Perhaps I can teach someone interested “to fish”, or I can stand up for someone who is unheard. In an environment where tax breaks and financial grants seem to go to the wealthy, I can write letters, vote, and donate to help local businesses make ends-meet.  Every bit of effort counts, and our community is counting on us. Sometimes it makes sense to invest in something with intangible returns.

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Thank you and Happy Father’s Day to all the fathers, uncles, grandfathers, and mentors who devote years of thankless lessons on to “deaf ears.”  I was listening Dad – thank you!

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

 

INVESTING DURING THE NEW NORMAL

Saturday, June 13, 2020

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

Zoom Webinar

(Zoom link to be sent via email upon RSVP to info@kondowealthadvisors.com) 

 

 

 

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