Investment Management

What Comes Next: The Potential Hazards of a Future Recession

December 19, 2022


Marc Castellani
Marc Castellani

Managing Director in Investment Strategy & Research, Member of Board of Directors, Partner

Marc joined Aspiriant in February of 2015. He has over 25 years of experience in the financial services industry. Marc oversees the firm’s private investment offering (private equity, venture capital, hedge funds and private real estate), and actively works with his colleagues on asset allocation, investment strategy and manager selection. Marc is a member of Aspiriant’s Investment and Client Service Committees.

Prior to joining the firm, Marc worked at the J.P. Morgan Private Bank in Los Angeles in a senior client management role and worked with families and high net worth individuals on portfolio management, tax planning, liability management and wealth transfer strategies. Before moving to Los Angeles in 2009, Marc worked for several years in New York City in the Mergers and Acquisitions departments of J.P. Morgan and Banc of America Securities. In that capacity, Marc advised large multinational clients and privately held, family-owned businesses on a range of strategic alternatives including sales, mergers, acquisitions, divestitures, spin-offs and growth equity financings.

Marc earned his undergraduate degree at Cornell University and his graduate degree in finance at the University of Rochester.

Marc lives in Manhattan Beach with his wife and children.

Stephen Kawasaki
Stephen Kawasaki

Senior Manager in Investment Strategy & Research, Partner

Stephen brings nearly a decade of investment management experience to his role as a Senior Manager in Investment Strategy & Research. Stephen works with his colleagues from our
Orange County office on asset allocation, investment strategy and manager selection decisions.

Prior to joining Aspiriant in 2016, Stephen was a member of the Investment Committee at Balasa Dinverno Foltz LLC, which manages assets primarily for individuals, families and institutional clients. In addition to investment strategy responsibilities, he provided investment and wealth advisory services to high net worth individuals and families.

Stephen earned a Bachelor of Science degree in Financial Planning with high honors from the University of Illinois, Urbana-Champaign. He holds the Chartered Financial Analyst® (CFA®), Chartered Alternative Investment Analyst (CAIA), and the Certified Financial PlannerTMTM (CFP®) designations. He is also a member of the CFA Institute and CAIA Association.

Stephen lives in Orange County with his family.


Important Disclosures

Aspirant is an investment adviser registered with the Securities and Exchange Commission (SEC), which does not suggest a certain level of skill and training. Additional information regarding Aspiriant and its advisory practices can be obtained via the following link: https://aspiriant.com.

Information contained herein is considered confidential, private and Aspiriant proprietary inside information that is intended only for the audience to which Aspiriant has knowingly distributed this presentation to, either by way of request or voluntarily. Any redistribution of this material without our prior express written permission is a violation of Aspirant’s privacy policy adopted to comport with various state and federal privacy laws that may subject any unauthorized distributor to legal action.

All opinions, figures, charts/graphs, estimates and data included in this document are as on date and are subject to change without notice. The statements contained herein may include statements of future expectations, for general market performance or economic conditions, and other forward-looking statements that are based on our current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forecasts, projections and other forward-looking statements are based upon assumptions, current beliefs and expectations. Forward-looking statements are subject to numerous assumptions, estimates, risks and uncertainties, including but not limited to: economic, business, market and geopolitical conditions; U.S. and foreign regulatory developments relating to, among other things, financial institutions and markets, government oversight, fiscal and tax policy. Any forward-looking information should not be regarded as a representation by Aspiriant or any other person that estimates or expectations contemplated will be achieved, as the future is not predictable.

The data used in this material was obtained from third-party sources the firm believes are reliable. Aspiriant is not responsible for the accuracy of any third-party data used in the construction of this presentation. This information alone is not sufficient and should not be used for the development or implementation of an investment strategy. It should not be construed as investment advice to any party. Investing in securities, such as equity, fixed income and mutual funds, involves the risk of partial or complete loss of capital that prospective investors should be prepared to bear. Any reference to securities, directly or indirectly, is not a recommendation and does not represent a solicitation to buy or an offer of a solicitation to sell such securities. Any statistical information contained herein has been obtained from publicly available market data (such as, but not limited to, data published by Bloomberg Finance L.P. and its affiliates), internal research and regulatory filings.


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