Opening Comments

My last note was about my favorite brand of dress shoes and how I discovered them. Numerous readers responded concerning their love of Sutors as well. The most opened links were the article about cholesterol guidelines and the uncomfortable things that most successful people do.

I leave on the redeye tonight for NY and will be in the city Thursday and off to the Hamptons Friday. I’ll be in the Hamptons until June 25th and then back in the city before returning to Park City.

• Pictures of the Day-Julia with the Knicks at The Today Show

• Welcome to the World Cup of Acting

• Quick Bites

  • Markets

  • More Signs of Consumer Weakness “Rent-Splitting”

  • Vilification of Wealth-Griffin and Ross are so “Bad”

  • Switzerland Vote to Cap Population

• Middle East

  • Not a Good Deal

• Politics

• Other Headlines

• Health

• Real Estate

  • Malibu Squatter

  • Another Example of Manhattan Office Heating Up

  • $14mm Pompano Beach, FL House Sale

Pictures of the Day-Julia with the Knicks at the Today Show

The Rosen family was anxiously watching the Knicks playoff run and my children, Jack and Julia, were especially excited about the prospect of a title. Julia called me frantically on Sunday night to ask me if I could get her to meet the Knicks at the Today Show. Luck would have it; I have a dear friend that is a long-time Today Show producer and devout reader of the Rosen Report. I texted her late Sunday night and Debbie came through BIG TIME. Julia can be seen below with Anunoby, Hart, Bridges and the MVP, Brunson. Let’s just say, this is a memory Julia will have for her lifetime. Thank you, Debbie. As you can see, Julia is miserable in the pictures below. That is Hart signing her hat. Great story on the friendship between Brunson, Bridges and Hart that dates back to their time at Villanova.

Welcome to the World Cup of Acting

As a kid, my best position in soccer was right wing. I played at a high level until I quit for surfing (idiotic). Girls liked surfers better than soccer players in the 1980s, and that was the driving force in my decision to hang up my cleats. Clearly, it was a very mature and well thought out decision. When I played soccer, I don’t recall the obnoxious flopping that takes place in the sport today.

Soccer flopping, officially known by ⁠FIFA as “simulation” or “diving,” is the act of a player falling to the ground or exaggerating contact to deceive the referee into awarding an unfair tactical advantage.

When my family went to London and Paris over the winter holiday, we were invited to a Nottingham Forest game against Fulham and received the royal treatment. I was hysterical at the insanity of the players acting as though they were near death while rolling on the ground in agony only to pop up and run like Usain Bolt less than one minute later. The blatant acting is a joke relative to hockey players who keep playing after getting teeth knocked out.

I watched the women’s World Cup prep game of the US vs Brazil and was in disbelief at the blatant acting by the ladies who rolled on the ground in pain when they were not even touched by the opponent in an effort to “sell” the refs on a penalty. It was so outlandish that there should be a good SNL skit coming.

Fast forward to the 1st USA men’s game against Paraguay and it was more Academy Award-winning acting by both sides in an effort to get a penalty on the other team. In one play, the player from Paraguay fell in agony as though his leg was broken due to a tackle by the USA team player. A Yellow Card was called on team USA only to be reversed when the replay showed the US player NEVER TOUCHED HIM. As President Biden would say, “Come on, Man.” A new rule, “the mistaken identity rule,” allowed the play to be overturned and the “actor” was reprimanded. Kick him out of the game! It was the first time the rule was used and let’s hope the rule is used more frequently as the World Cup progresses.

Here is a 3-minute video of soccer flopping at its finest. Here is another video of amazing acting by soccer players. It is seriously embarrassing. In order to play high-level soccer, you need to be not only a gifted soccer player and a fantastic athlete, but also an amazing actor on the level of Jack Nicholson or Meryl Streep. Do they send the players to acting class during the off-season?

Given it is World Cup season, watch for the best actors in the world. They are not on the big screen, TV or Broadway; they are on the pitch acting like soccer players.

Despite the flopping and acting, Team USA won handily and received 3 points for the 4-1 win and they looked very good. Steven Spielberg and Marty Scorsese need to stop looking in Hollywood for the best actors and start heading to the pitch to watch world class acting performances. This is a satirical Babylon Bee article suggesting that the US team is now the favorite to win the World Cup after brining LeBron James on to flop.

Quick Bites

• Sunday night, futures popped approximately 1.5% on the agreement between the US and Iran to end the war. On Monday, stocks continued to climb with the Nasdaq outperforming at +3%. The Dow closed at another record as well. SpaceX was +20% on Monday after a strong IPO performance on Friday. Despite stronger stocks and the sharp move lower in oil, the 10-year Treasury yield only dropped 1bps to 4.48%. The VIX dropped over 8% to 16 on Monday. SpaceX continues to skyrocket and passed Amazon from a market cap perspective and hit at $225/share relative to the $135 IPO price, before selling off to $194 by Wednesday. SpaceX option 30-day implied volatility was 123, higher than any other company in the S&P 500. Oil continued to drop on the prospects of final deal with Iran, and it traded at $77 or -5% on Tuesday. Remember, the intraday high for WTI was $119.5 on March 9th. Tuesday, there was a report that the US will allow Iran to sell oil immediately, that helped to accelerate the sell off. Stocks on Tuesday were mixed with the Dow outperforming at +.6% and the Nasdaq -1.5% as chips underperformed. Wednesday, stocks were mixed, despite slightly higher oil prices. The Fed left interest rates unchanged at Warsh’s first meeting as Chairman, but the statement was Hawkish with the dot plot. He significantly pared down the statement and removed cutting bias. Nine officials believe there will be hikes coming in 2026, and stocks sold off post the statement with the Nasdaq underperforming (-1.4%). Rates backed up with the 10-year +7bps to 4.50% and the 2-year Treasury was +17bps to 4.22%. Futures are now pricing in a 100% chance of one hike and a 48% chance of a second by year end. With the move in rates and the markets digesting the Fed statement and Warsh’s comments, stocks closed just off the lows of the day. Wednesday, oil was unchanged at $76/barrel.

  

  

  

  

  

• This USA Today article outlines America’s credit card problem. American consumers are falling behind on their credit cards at levels not seen since the Great Recession era. Roughly 13% of the nation’s credit card balance was at least 90 days delinquent in the first quarter of 2026, according to a report from the Federal Reserve Bank of New York. That figure hasn’t been so high since 2011, when the nation was recovering from the 2008 financial crisis. “It points to increasing vulnerability among a subset of consumers,” said Grace Zwemmer, a U.S. economist at Oxford Economics. “It’s not a matter of new consumers falling into delinquency, but rather consumers who are already in delinquency, falling deeper into delinquency.” Given the massive free money during COVID, card balances dropped in 2020 and 2021. With rising inflation, the consumer became squeezed, and credit card debt began rising again. The average interest rate on credit cards shot up from 14.6% in February 2022 to a peak of 21.8% in August 2024. Card rates have remained high, averaging 21% in February 2026. On a related note that emphases the stress on many consumers, we are now looking at rent assistance lenders. A reader sent me a note about how fintech groups are working on “rent now pay later” deals given consumers are struggling to pay rent. “Rent-split” lenders pay a tenant’s monthly payment to the landlord and receive money back in installments over the course of the month.

  

• I have written extensively about my frustration over the vilification of the wealthy in many cities and states across the country. I have written that the wealthiest people have options, and this Bloomberg story is about how Ken Griffin and Steve Ross donated 1,200 World Cup tickets to Florida kids. Ken was donating hundreds of millions to causes in Chicago before he left for greener pastures in Florida due to Chicago’s soft-on-crime policies. Steve Ross has been in Florida for some time after living in NYC for decades. They are donating hundreds of millions in South Florida to schools, hospitals, and children’s causes on top of bringing jobs and business to the region. They are hiring high net worth employees that spend disproportionately and are having a positive impact on Florida as a result. Ross brought in Vanderbilt (donated $50mm) and Cleveland Clinic (donated $50mm) to West Palm Beach. Remember, Griffin and Ross spent $10mm to attract CEOs to South Florida. The Socialists do not realize the power of wealth and the multiplier effect, not to mention the lost taxes when the wealthy leave. South Florida is better for having billionaires like Griffin and Ross build business and attract talent. I want to thank them for their contributions. DeSantis welcomes them with open arms, while many other politicians bid them good riddance. Since leaving the Windy City in 2022, Griffin has donated OVER $350mm in South Florida. I can see why Chicago hated him so much. He is just awful! Ken and Ross, you should stop donating money to all these good causes and leave it to the politicians to spend. Yeah right! Keep up your gracious giving and having a positive impact on South Florida.

• This is an interesting WSJ article on Switzerland’s proposal to cap the population given the rise of immigration in recent years. Since 2000, the number of foreign-born residents has jumped from around one in five to one in three—the second-highest level among rich countries next to tiny Luxembourg, and compared with one in six in the U.S. That represents an enormous demographic shift for a small, mountainous country. Although the initiative did not pass on Sunday (55% opposed), it would have forced the federal government to restrict family reunifications for resident immigrants and new asylum claims the moment the population hits 9.5 million. The referendum reflects a broader shift in sentiment among rich countries that is upending the long-held consensus that open borders are the key to economic growth. Anti-immigration sentiment that has simmered for years across Europe is boiling over, aggravated by the soaring costs, overburdened social-welfare systems and lackluster economic prospects. Riots and protests have erupted in the U.K. over the past week after stabbings blamed on immigrants. Although the referendum failed, it is a sign that citizens are not happy with the consequences of immigration.

  

Middle East

Sunday, Israel bombed Southern Lebanon despite the ceasefire and Trump’s desire to get a deal signed. Despite the action, the US and Iran agreed on a peace deal Sunday. Trump’s original demands when he went to war included ending Iran’s nuclear capabilities, regime change, annihilating the Iranian military, severing support for terrorist proxies, and obliterating Iran’s ballistic missile arsenal. Let’s just say that the deal falls short of Trump’s initial objectives, and I have zero faith that the Iranian leadership will abide by the rules of the agreement (outlined below). Despite the Iranian military being severely damaged, I believe they are coming out the winners here. Trump, you wrote “The Art of the Deal.” What happened to those tough negotiations? Iran has been the largest funder of terrorism on the planet, has killed approximately one thousand Americans over decades, wants America and Israel to be wiped off the map, and has tortured and killed innocent civilians. I am very fearful this deal comes back to haunt us. I rarely agree with the WaPo, as I feel the paper is too far left, but on this topic, we share views. The WaPo article “Trump sought to break Iran’s regime. He settled for reopening Hormuz.” Although Khamenei was killed and the military weakened, the regime has not changed for the better. Iran is not publicly agreeing to end the nuclear program and that is set for negotiation in coming weeks. Iran still has ballistic missiles, drones and a dangerous network in Lebanon, Iraq, and Yemen. A senior fellow at the Middle East Institute, Brian Katulis said, “Trump backed down here in a real sense. He knew there were no good military options, so he had to get to some sort of deal. Both sides are going to claim victory.” In another similar article titled, “Trump’s deal with Iran is “not a win” for ‘weaker” US say experts. I have been writing for at least six weeks that I was concerned Trump would cave and everything I read brings me to the conclusion that I was correct. Check out the headlines below from Left and Right publications. I listened to Trump’s babbling press conference where he bragged about how great American did relative to Iran. I do not agree with Trump’s assertions. He said there is nothing enforceable on the Iran nuclear program. Trump said, “if they do not adhere to the agreement, I will go back to bombing.”

This link includes the full 14 point Iran deal and below is a summary.

• Trump told Iranian protesters ‘help is on its way’ — but the peace deal leaves the mullahs more powerful than ever, dissidents say

• Trump says U.S. will ‘go right back to dropping bombs’ if he doesn’t like Iran deal

  • How can Iran not like the deal? They are getting hundreds of billions of dollars, sanctions removed, can resume oil sales, and have not agreed to give up enriched uranium. They won.

• Iran’s government thinks it has won the war

  • As Iran’s state television blasted out victory anthems after announcing the deal with the US, a new narrative began taking shape in Tehran: the regime believes it has not only survived its greatest crisis in decades, but emerged stronger.

• Trump says he likes idea of blaming Vance if Iran deal doesn’t work out

• Israelis denounce Trump’s deal with Iran

  • Israeli officials disparaged the peace deal and said Israel’s fight against Hezbollah in Lebanon would go on.

• Iran likely transferred highly enriched uranium to Isfahan before the June strikes

  • Trump claimed the uranium was buried in the ruble. Maybe not.

• US at Odds With Allies Over How Easy It Is to Reopen Hormuz

• Hamas gave effective ‘no’ in latest disarmament talks, US-backed Gaza plan to advance regardless

• Oil shock ‘far from over’ as analysts warn of new Middle East risk premium

• Beirut Tells Paris the Truth About Hezbollah

  • France has forced the European Union to distinguish between Hezbollah’s military and political “wings,” the one sanctioned and the other diplomatically respectable. One problem: It’s a fiction, as Lebanese Foreign Minister Youssef Raggi laid bare on Wednesday.

• Obama on Iran: I guess America has to relearn we can’t bully or bomb our way to solutions every so often

  • Obama’s Iran deal was awful. Sadly, Trump’s is hardly impressive. I am anxiously awaiting the confirmation of the details of the Trump agreement, but the leaked text is not what I wanted.

• Obama slams Trump Iran deal saying it is ‘doubtful’ it improves on his own agreement

  • Former President Barack Obama revealed in an upcoming interview that he doubts any new peace deal created between the U.S. and Iran would be significantly different from the preexisting ones. I was not a fan of Obama as President but agree with his assessment of the Trump deal.

• Unhinged California raisin heir arrested after antisemitic terror campaign against rabbi neighbor

  • The 64-year-old Lion — who has had several run-ins with the law, including for making criminal threats and gun possession — was also captured interrupting worship services for the Chabad of Pacific Palisades, yelling slurs against Jewish and black people, and accusing Jewish people of burning down the Palisades.

• Antisemitism at SoFi Stadium in Los Angeles. During World Cup matches, security at the stadium demanded that a fan remove his Israeli flag.

  • They did not request other flags to be removed, just the Israeli flag. Nothing to see here folks. Video shows it all. Jew hate is global. Palestinian flags allowed.

• Protest at Stanford University graduation as Google CEO Sundar Pichai takes the stage

  • Videos circulating on social media showed more than 100 students leaving their seats at Stanford Stadium while chanting, “Free, free Palestine.”

    The protest was organized by far-left groups including Students for Justice in Palestine and No Tech for Apartheid.

• SPLC boss funneled $1.2 million to lover in neo-Nazi group — pair even had joint bank account

• This is an absolute disgrace unfolding in Tampa — a pack of Muslim men swarming and assaulting a Christian preacher simply for reading the Bible in a public park on American soil.

• Islam in Iran: Muslim husband smiles with his child bride’s severed head in public.

  • He bought her at 12 years old and tortured her. Sorry folks, the people we are dealing with in Iran are not to be trusted. Thousands of women in the Middle East and Asia are murdered yearly in “honor” killings—executions for dishonoring families or challenging male dominance.

Politics

• Trump projects confidence about Iran deal as he meets global leaders for G7 summit

• Leaked and classified Situation Room talks demand a criminal probe from ‘furious’ Trump

• FBI disrupts alleged explosive-drone plot targeting White House UFC event, officials say

  • Signal chats allegedly revealed 23 people discussing pre-operational activity

• Trump says France must scrap tech ‘sales tax’ or face 100% wine tariffs

• Sen. Warren asks Trump if administration plans to raise Social Security retirement age

  • This MUST be done. There is no alternative. Since Social Security began in 1935, Americans are living 20 years longer and we need to make the appropriate adjustments. Many other countries have done so and we need to raise the retirement age. We had 16 workers per retiree in 1950 and today have 2.6. Math does not work. Trump won’t do it.

    

• Biden DOJ targeted parents at school board meetings despite FBI, sheriffs’ objections, memos show

  • “I don’t think it’s possible to state how strongly I object to this. It will completely and totally nuke our election threats efforts, and will damage the reputation of the Public Integrity Section into the bargain,” one top DOJ official wrote in an email. “It’s like they’ve affirmatively trying to make this thing not work and look political.” “If they do this, they might as well rename the damn thing the Anti-MAGA Task Force,” an official wrote. Nothing to see here folks. More examples of the Biden Administration overstepping.

• Eight presumed dead after B-52 Stratofortress explodes in huge fireball at Edwards Air Force base in California

• Gavin Newsom says Trump ordered DOJ to investigate him and his wife

  • It is unclear what the DOJ is looking for during the investigation. However, as a governor, Newsom has been a complete debacle. This is not illegal, just careless by the constituents to reelect him.

• Hasan Piker celebrates America being ‘closer than ever’ to socialism as he backs NYC candidates

• Mamdani touts massive taxpayer-funded investment for trans healthcare: ‘First step’

  • $15mm for gender affirming care. This is a city with a $12bn budget deficit over two years, and Mamdani believes that $15mm for gender affirming care is the right call?

• Surging benefits bill pushes Germans into the arms of the far-Right

  • Deepening pessimism and anger collide in a knife-edge regional vote with ominous national stakes

Other Headlines

• Chairman Warsh drastically alters Fed rate statement. Here’s what’s changed

• The economist who said ‘no bubble’ just sounded the alarm: ‘The season of chaos is at hand’

  • Lamont’s bubble-detection system relies on what he calls the “Four Horsemen”: overvaluation, bubble beliefs, equity issuance, and investor inflows.

• Oil Executives Are Sounding the Alarm Over Dwindling Stockpiles

  • Even if the Strait of Hormuz soon reopens, it would likely take months for the U.S. to replenish its depleted oil inventories, keeping prices elevated

    

    

• Fox to buy streaming device maker Roku for $22 billion

• Billionaire Bill Ackman’s new fund IPO goes bust on day 1, drops nearly 20% — but here’s why first day flops don’t always mean long-term failures

• For the first time, wind and solar generated more electricity than gas worldwide in April 2026

  

• Angry Meta employee hijacks company presentation to unleash profanity-laced tirade against top exec

  • According to Wired, the employee interrupted the livestream with a rant about 'being the company's b****' before urging those running the presentation to contact a Meta AI executive and 'tell him that he's a piece of s***.'

• Boy, 14, arrested for robbing children’s lemonade stand at gunpoint in Boston

  • How does a 14-year-old get a gun? What are the consequences?

• Charlie Javice reportedly seeking a pardon from Trump

  • DON’T do it, Trump.

• Crazed Knicks fans plunge NYC into celebration chaos as NBA Finals ecstasy turns violent

  • Why do people act like clowns and cause so much chaos when a team wins? Get a life. Celebrate responsibly. Cop cars and a school bus were damaged. Hundreds of police officers were in riot gear due to the unruly crowds. At least 10 officers and 5 civilians were injured. 63 people were arrested to go alone with 4 stabbings and a shooting. Come on, man!

• Die-hard Knicks fans name their newborns after Jalen Brunson, OG Anunoby after historic win: ‘Can’t go wrong with any of them’

• Britain will ban under-16s from using social media apps including TikTok and YouTube

  • Love it.

• Buc-ee’s to open westernmost location soon, with more new stores on the way

  • I love Buc-ee’s and one is opening in Fort Pierce, FL. This Frenchman’s take on Buc-ee’s is hysterical and spot on.

    

• Escorts are charging as much as $6K per hour thanks to Silicon Valley’s AI boom

  • They are called, “nerd-first” escorts, given they can talk tech.

Health

• Scientists Concerned Latest Gene Editing of Human Embryos Could “Open the Floodgates”

• As a neuroscientist, these are my daily habits to ward off dementia

  • From a brain-healthy breakfast to an important evening ritual, one expert shares the routine she follows to boost her cognitive health

• Weight loss drugs slash risk of 4 types of cancer by 50% or more, study finds

• How weight lifting can help you stay healthier as you age

Real Estate

• Nothing could get me to invest in apartments in states that allow squatters more rights than homeowners. This story outlines an “alleged” Malibu serial squatter that targeted a cancer patient, elderly widow, and a yoga instructor. There is now a docuseries about Ellie Mae McNulty titled, “The Paradise of Malibu.” The series recounted how McNulty, a British actress and screenwriter, allegedly charmed her way into homes, then refused to leave. At Marin’s home, McNulty allegedly used his credit cards, changed the locks while he was hospitalized and flushed cloth napkins down the toilet, clogging the pipes, Vanity Fair reported. She also allegedly demanded as much as $20,000 to leave. At the center is California’s laws which allow guests, even those who do not pay rent, to be treated as tenants after a certain period of occupancy, making it difficult for homeowners to immediately remove unwanted houseguests. What idiotic laws are these? I prefer Florida where the squatters are arrested. In NY, if you are the owner and change the locks, you can go to jail if a squatter is in your home. In some states, if squatters take over your home, you’re stuck making mortgage payments and maintaining the property even though you can’t access it. What idiot came up with the rules to allow such lunacy?

• In another example of Manhattan office demand, a Midtown South building signed a bunch of leases recently. Since Hadson Realty bought 2 Park Ave. from Morgan Stanley last year for $360 million — 31% less than the investment bank paid for it in 2007 — the 1.2 million square foot prewar property has been on a leasing roll. More than 165,000 square feet in recently signed deals brought the building to 90% leased. Asking rents range from $95-$115 per square foot.

  Deals at the handsome, Art Deco-style building between East 32nd and East 33rd streets included 50,017 square feet for Cadent, an AI-powered predictive advertising company. Charlie Health, a provider of virtual high-acuity behavioral health care, took 28,424 square feet. Advisory firm Oxford Economics leased 10,233 square feet. Hadson recently completed a $50 million capital upgrade including a redesigned lobby, conference center, and an extensive amenities suite with a wraparound terrace.

• An oceanfront mansion at 2306 Bay Drive in Pompano Beach sold for $13.8 million, setting a new record as the city’s priciest single-family home deal ever.

  Seattle developer Harold E. Griffith and his wife, Joan I. Griffith, purchased the 7,760-square-foot property after selling their Fort Lauderdale home for $21.8 million. The record-breaking sale highlights Pompano Beach’s luxury real estate boom, driven by infrastructure investments and developer interest in the city’s relatively affordable, untapped coastline. No chance I spend $10mm+ to live in Pompano Beach even though there are a lot of new developments going into that area.

© 2026 The Rosen Report LLC. All rights reserved. Does not constitute investment, financial, legal, or tax advice. Consult with your lawyers and professional financial advisers. Rosen Report™ #898 ©Copyright 2026 Written By Eric Rosen.

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Opening Comments

My last note was about adjusting to the altitude in the mountains. It sure makes me feel out of shape. The most opened links were the message from a cardiologist about the five things not do to before 9 am and the video of the day of how the middle school basketball team responded to their cheerleader with Down’s Syndrome being bullied.

My daughter turns 19 years old on June 18th, and I am flying to NYC for her dinner and will be heading to the US Open on Saturday. I will be in NYC Thursday, June 18th and then Southampton the 19th-25th. I have an event on the 25th in NYC for 3i and then fly out on the 26th in the evening to SLC to finish my time in Park City. Of note, a JetBlue plane ticket was $1,014 round trip from SLC to JFK with extra leg room seats. Seems pricey to me. High fuel costs are clearly impacting travel.

I want to make an emphatic statement about my hate of hackers and phishing scams. I received an email from one of my closest friends inviting me to a party. I opened it and it was a phishing scam. The changing of my passwords and cursing that ensued was SNL worthy. I may run for office with the key issue being capital punishment for hackers.

I want to remind readers that some email servers truncate my emails, and you need to click “View entire message,” to be sure not to miss any life changing information in my notes.

There is a story that Apollo has picked Austin, TX for its 2nd headquarters. Shocking to me that they picked Austin over South Florida, but the article mentioned the lack of private schools. I write about it often: South Florida lacks the infrastructure to take on so many people. Clearly, Mamdani is impacting the city in a negative way.

• Video of the Day-Cerebral Palsy Wrestling Video

• If The Shoe Fits...

• Quick Bites

  • Markets

  • Cost of College-Insanity

  • Billions of Loans Not Making Dent in Poverty

  • Knicks Win for the Ages

  • FIFA World Cup Ticket Sales Lagging

• Middle East

• Politics

• Other Headlines

• Health

• Real Estate

  • Griffin Increases Miami Development Plans

  • Longevity Condo Projects

  • Med-à-Terres

  • Markets Cooling

Video of the Day-Cerebral Palsy Wrestling Video

Do you want to cry? Watch this video. A high school boy named Lucas has cerebral palsy and wrestles a young man who allows him to win but makes sure it takes time. He does not want Lucas to think it was staged. Oh my. I want to meet the parents of the young man whom Lucas wrestles. Thank you for being compassionate and giving Lucas a memory of his lifetime.

If The Shoe Fits...

I moved to NYC in January of 1997 to work for Chase to run their loan trading business on 48th and Park Avenue. One of the employees on the floor was married to a woman who worked for Saks Fifth Avenue, and he said, “Eric, there is a big sale going on today at Saks.” Well, you had me at big sale, and after work, I walked the few blocks over to Saks to check it out. Remember, I am an award-winning clearance sale shopper (Legend & You Had Me at Clearance Sale).

In the olden days of the late 1990s, we wore a suit and tie to work every day. I was into fancy shoes, belts, and watches and immediately went to the men’s shoe department to have a look. There were a dozen racks of shoes sitting out with my single favorite word of all time, “CLEARANCE.” I saw a stunning pair of black loafers with beautiful stitching. It was a brand I had never heard of prior to that day, Sutor Mantellassi. I put on the shoe and was in heaven. It was so comfortable and stunning that I was beside myself. I found a salesperson and I said, “I will take every pair of Sutors in my size regardless of color.” He came out with five boxes of shoes. I tried them all on and went to the register.

I almost died. It was 80% off, as Saks was no longer going to carry the brand. This was 30 years ago, and the retail price was $750-$850 and I bought the shoes for approximately $150. I actually bought two pairs of the same black loafers and was glad I did. Since that day, I have never bought another brand of dress shoes. These shoes last for years and over time, I bought about 20 pairs of Sutors. I still have maybe a half dozen of them despite rarely wearing dress shoes.

For a quick background on Sutor Mantellassi, it was founded outside of Florence, Italy in 1912 by Enea and Ettorre Mantellassi. I believe the brand was acquired in recent years and it is a bit challenging to find the shoes. However, online you can find some discount retailers that carry the shoes for a reasonable price. I have bought from Shop the Finest which is in Los Angeles and found them at other discount retailers as well.

Quick Bites

• On Thursday, stocks bounced back despite renewed bombing in Iran. Chips outperformed and oil was roughly flat. By the afternoon, stocks were sharply higher when Trump “cancelled the evening strikes on Iran,” and he cited approval of a deal by the highest leadership of Iran. However, CNBC reported that Iran and Israel did not agree to a deal. Major indices were +1.8%-3.3% with the Nasdaq and Russell outperforming, while oil dropped 2.5%. On Friday, stocks continued to rally and indices were +.5%-1%, with the Russell outperforming. The 10-year Treasury closed at 4.49% or -6bps on the week with the progress in the Middle East that brought oil -4% on Friday and -7% on the week. On the week, the S&P was +.65%, Nasdaq +.70% and the Russell +3.90%. The next Fed meeting is June 16-17 and will be Kevin Warsh’s first as Chairman.

• The much-anticipated SpaceX IPO hit on Friday at a $1.75 trillion valuation or 94 times trailing revenues at $135/share. The stock opened at $150/share and closed at $161/share or a market value of $2.1 trillion, making it the 6th largest company in the USA. The high on the day was almost $177/share. It was the biggest IPO ever. Although I am of the belief that if you hold this stock for 5-10 years you will make money, I feel the probability of it trading below the IPO price over the next 6 months or so is higher than the market believes. Remember the Facebook IPO at $38/share in May of 2012 and the stock closed unchanged on the day because Morgan Stanley supported it. By September, it was -50% from the IPO price and has now resulted in an amazing return. Since the IPO, Facebook is +1,400% or approximately 21%/year. With the rally in SpaceX, Musk is officially a trillionaire. Musk owns 42% of SpaceX in addition to 350mm stock options exercisable at $8.39. I also feel there is massive key man risk for SpaceX with Musk. This WSJ article is titled, “‘Borderline Comical’: Analysts Can’t Find Math to Justify SpaceX Share Price.” One analyst at Morningstar feels fair value for shares is $63. I won’t ever bet against Musk but am struggling with these stratospheric valuations. Check out the first chart of his accomplishments and challenges. Great stories about people who made a killing from SpaceX stock. Also, think about the lost taxes for California due to the state’s horrific policies since SpaceX moved to Texas along with people who are making hundreds of millions thanks to the IPO.

  

  

  

  

  

  

• I have written about my views on the cost of education on numerous occasions. I do not feel the cost of private universities can be justified in 75% of the cases. This CNBC article suggests 16 schools top $100k. The yearly cost of attendance at over a dozen colleges is now six figures, after factoring in tuition, fees, room and board, books, transportation and other expenses. What I find interesting is Wake Forest is not on the list. The stated price on the website is $98,730. My son’s first year of school cost $125k when you factor in all expenses. I am not of the belief that college is worth $500k. I hope to see more parents send their kids to vocational schools. With the AI displacement story gaining steam, it is harder to justify the cost of these schools. Send your kid to a state school, which is a fraction of the cost. I went to the University of Chicago for business school and literally learned zero that could ever help me in life. To be clear, many students get financial aid and pay far less than the stated price. However, if you have means and are paying, I just don’t think it makes sense. The article suggests the average discount for first-time, full-time students at private colleges was 57% for the 2025-26 academic year. The prices below do not include all the indirect expenses such as travel, parent visits, fraternities, studying abroad…

  

  

• This WSJ article suggests hundreds of billions of dollars in loans did not make a dent in global poverty. Giving tiny loans to shoestring entrepreneurs was meant to be capitalism’s cure for global poverty. Microfinance, loans issued in communities not served by traditional banks, would help poor people in developing countries start businesses and work their way toward prosperity. That was the goal of Muhammad Yunus, a U.S.-trained economist, who pioneered the practice in Bangladesh during the 1970s. Yet two decades after Yunus’s Nobel win, few of those aspirations have come to pass. Academic studies, including randomized controlled trials, have found that microfinance doesn’t improve the economic conditions of most borrowers. Economists found that excessive microfinance lending has set off repayment crises for borrowers in half a dozen countries, including Bosnia, India, and Cambodia. The average microfinance borrower in Cambodia owes more than $3,900, nearly three times the median annual per capita income. Average debt per borrower is more than $6,000 when including small loans from microfinance lenders that are now commercial banks also providing other financial services.

  

  

• I need to give props to the Knicks organization for what transpired in the biggest comeback in finals history in game 4 at MSG. The Knicks were down by 29, and it looked dire. The team stayed with it and remained positive despite the buzzsaw as the Spurs were on fire and could not miss. I told my family that although I don’t think the Knicks would win the game, there is no way the Spurs could keep up the pace of the 1st half where they scored 76 points and 14 three pointers. I would have loved to be in the Knicks’ locker room during halftime to hear how the coaches motivated the players. The Spurs’ game plan fell apart, and the Knicks pulled off a stunning upset on the way to their first title since 1973. This would have never happened under Coach Popovich. In the 1st half, the Spurs shot 59.6% and then just 20.5% in the second half. The OG tip in will be forever remembered as the play of a lifetime. I think this will go down as the greatest game in NBA finals history. ABC/ESPN had the odds of a Spurs win at 99.5% with eight minutes left in the game. The ratings of game four were off the charts. Not enough people are talking about the fact that Knicks star, Brunson took $113mm less for his contract to help sign key players. I am reminded of the Patriots comeback against the Falcons in the Super Bowl 51, when they won despite being down 28-3 with 8:31 remaining in the 3rd quarter. Then the Knicks went on to close out the Spurs and win their first championship since 1973 in another incredible comeback in San Antonio. Brunson was ridiculous with 45 points and carried the team on his back, as the rest of the team scored 49. Brunson averaged 32.6 points per game in the finals. Dolan, make it right and give him the money he deserves. Think of the fact that the Mavs let Brunson leave and traded away Luka. Leadership matters. After the game, NYC was complete chaos, and some idiots turned violent.

  

  

  

  

• Soccer is big business and is the most popular sport in the world with 3.5 billion fans. There are so many story lines with the upcoming World Cup, I was surprised at this headline: “FIFA mass book hotel rooms at World Cup host – before being forced to cancel 75% of them over lack of interest.” Per the Kansas City Star, Fifa reserved up to 5,000 rooms per night for many of the evenings that its officials and business partners would be in town. That means that Fifa will have reserved tens of thousands of rooms across the month-long tournament in the city alone. But as soccer’s greatest international tournament drew closer, the governing body canceled the majority of those reservations. They are not alone either in the US with hotel bookings slumping nation wide only weeks before from the World Cup. Several cities have reported that hotel bookings are actually lower than in previous years, with the World Cup having the opposite desired impact. It does not bode well for a World Cup that is already struggling to sell tickets for several games with just days to go. Despite the issues, tickets at Met Life seem to be pricey with the cheapest ticket for Brazil vs Morocco on June 13th at $2,470.

  World’s Most Popular Sports

  Soccer (Football): ~3.5 billion fans

  Cricket: ~2.5 billion fans

  Field Hockey: ~2 billion fans

  Tennis: ~1 billion fans

  Volleyball: ~900 million fans

Middle East

I have been critical of Trump and his handling of Iran in the past six weeks. The US began strikes on “multiple targets” in Iran in retaliation for the downing of a US Apachee Helicopter. I feel the US had Iran on the ropes and stopped military operations on April 8th despite the fact that there have been skirmishes since. I felt at the time, Iran’s military was being eviscerated. We have given them time to regroup, and the new strikes were short lived, as expected. By Thursday afternoon, Trump called off additional strikes and commented that the deal is “all wrapped up.” Trump said Iran agreed to never have a nuclear weapon. You will excuse me if I have my doubts about anything Trump or Iran say on these matters. I do not trust the Iranian leadership regardless of what they say. Reports suggest Iran and Israel have not agreed to Trump’s terms. This Substack outlines how the US failed in Iran and it is hard to argue to points of the author. In short, the US does not have the stomach to lose any troops. I have questioned the quality of the ultimate deal and the terms outlined below make the US look like a clown show if this is indeed the outcome. Trump vilified the leakers and suggested the actual deal is different than the news reports suggested. Trump claims a deal will be signed Sunday, despite Iran’s caution regarding timing. I do not have faith that it is a good deal for the US or Israel relative to Trump’s original intentions. If the terms are as outlined in the press, Iran is legitimized and the deal is awful.

• Iranians reportedly booby-trapped tunnels leading to enriched uranium at main nuclear site

• Defense industry leaders preparing to meet with Trump as worries over missile supply grow, sources say

  • The president is expected to press the leaders to find ways to swiftly increase production of weaponry for the Pentagon, sources told NBC News.

• Iran threatens Elon Musk’s companies in Middle East: Iranian state media

• Antisemitic Cornell student turns down interview because he’s ‘not interested in working for a Jew’

Politics

• At 80 years old, Trump has become ‘Sleepy Don’

  • After years of mocking Joe Biden, the president is facing uncomfortable questions about his own acuity

    

• Jeanine Pirro’s Prosecutors Probe Big Banks for Alleged ‘Debanking’

  • The U.S. Attorney’s Office in D.C. subpoenaed JPMorgan, Bank of America and others as part of a probe into alleged debanking

• Foreign workers say they were paid less than $2 an hour to build a new US Consulate in Milan

• Pentagon LOCKED DOWN in false alarm as responders rushed to ‘hazardous materials incident’

• Tren de Aragua leader killed in US airstrike, Trump says

• On her way out, DNI Tulsi Gabbard drops a bio-labs truth bomb on Mitt Romney and news media

  • Fauci, and entities within the Biden administration's national security team lied to the American people about the existence of U.S.-funded and supported bio-labs, and threatened those who attempted to expose the truth. Too much to type, but the truth was just unleashed and there are dangerous biolabs funded by America.

• NYC Schools Chancellor Kamar Samuels a ‘dead man walking’ after being grilled over no-bid contracts

  • Read this article and the implications. Rather than raising taxes, cut out fraud, waste and abuse. Samuels split the payments to go under the limits to get around financial oversight. Nothing to see here folks. America has funded 120 bio labs in 30 countries. What could possibly go wrong?

• Karen Bass’ Brother Sues City After Home Burned in Palisades Fire

• Tens of thousands of Spencer Pratt voters are now receiving rejection letters from the county clerk saying that their ballots were not counted due to signature irregularities. Yet, Governor Gavin Newsom just passed legislation that would make it illegal to contest signatures that they deemed fraudulent.

Other Headlines

• Ed Yardeni just hiked his year-end forecast for the S&P 500 to the highest of any Wall Street forecaster. Why he says we’re in the ‘Roaring 2020s’

• Goldman Sachs sends strong message on next Fed rate cut

  • GS went from one cut in December 2026 and one in March of 2027 to no rate cuts this year and a good chance the Fed’s next move is not a cut.

• Jamie Dimon says markets have ‘too much exuberance’ – joining forecasters like Michael Burry in warning the stock market party may be winding down

• Wholesale prices rose 1.1% in May, more than expected, on surge in energy

• Gold slumps to 6-month low even as inflation fears rise. Here’s why bullion is out of favor

• ECB hikes interest rates for first time since 2023 as Iran war ramps up energy costs

  

• Oracle beats on earnings, but stock drops on plans to raise another $20 billion

• SpaceX soon-to-be millionaires are set to spend big on luxury homes, watches and private jet travel

• You Have No Idea What a Trillion Dollars Is—and We Have Proof

  

• Solar generates more energy in US than coal for first time

  • Solar supplied 12.8% of US electricity in May even as Trump boosts coal over clean energy

• Air Canada pilot allegedly flew hundreds of flights without proper license

  • A fake Air Canada pilot flew nearly one thousand domestic and international flights packed with passengers despite allegedly lacking the proper license to do so. Geoffrey Wall, 59, was assigned to more than 900 flights as a captain between 2009 and 2025 despite not possessing the correct credentials.

• I believe in consequences for actions and parents need to take responsibility for teens running wild. Read this crazy story about 300 teens taking over a St. Louis trampoline park where a 12-year-old girl was caught with a butcher knife. Police tried to break it up and the kids ran into an Aldi and Walmart and threatened customers and then pelted police with rocks. What are the consequences for kids and parents? Watch the 1-minute video.

• Transient sucker punches elderly customer eating lunch alone at a cafe in Hollywood, steals his wallet and phone. Hero steps up and takes the thief down.

  • Amazing video. How about serious jail time for the idiot who sucker punched an elderly person?

• The most successful people are willing to do these 3 ‘extremely uncomfortable’ things, says expert

• Parents are ‘going broke on berries’

• 10 top baby names of 2026 — and the unusual trends inspiring parents

  

Health

• A Major Update Just Hit Cholesterol Guidelines – Here’s What Every Adult Needs To Know

• What If You Could Get The Benefits Of Sleep Without Actually Sleeping?

• Childhood egg allergies fall as early introduction becomes more common, new study finds

• Treating pancreatic tumors may have revealed cancer’s master switch

  • A promising drug could be the first of an entirely new class of treatments

• General-purpose large language models outperform specialized clinical AI tools on medical benchmarks

• Californian Dies from Rare Disease After ‘Trapping, Feeding and Breeding Wild Rats’ in an RV

  • I call this Social Darwinism. Kids, don’t play, feed and breed wild rats.

Real Estate

• Great article that outlines why Mamdani and capitalist hating socialists are bad for a city. Ken Griffin appears to be making good on his promise to “double down” on Miami — just weeks after he became the unwitting face of Mayor Zohran Mamdani’s campaign to tax the rich. The billionaire Citadel founder has expanded plans for his sprawling Miami development after publicly feuding with the democratic socialist mayor over New York’s newly enacted pied-à-terre tax, according to Bloomberg News. The latest proposal adds a 300-unit apartment tower, a 1,420-space parking garage and additional office space to Griffin’s growing real estate empire in Miami’s Brickell financial district. Griffin has also acquired all of the units in a 22-story condominium building across the street from the planned headquarters and intends to demolish the structure to make way for future development, Bloomberg reported. You need the wealthy to pay their outsized share of taxes and through the multiplier effect bring prosperity. These idiotic politicians that vilify wealthy and success go against the American dream.

• I thought this WSJ article on longevity with respect to luxury condos was interesting. I hired a longevity doctor, Jason Shapiro, in Miami to help me do a deeper dive on my data. I am awaiting test results but plan on going on peptides. At 56 years old, I am all about healthspan to continue to do all my activities: surfing, padel, weight lifting, jump rope, pull-ups, fishing, hiking…The newest luxury condominium amenity for wealthy New Yorkers isn’t a rooftop pool, private dining room or celebrity-chef restaurant. It is a whole-body MRI. The wealthy, of course, have always spent heavily to stay healthy. The elite used to travel to “take the waters” at European resorts. More recently, they have extended their lives through spas, trainers and “concierge” doctors, who offer rich patients more time and access. What is changing is the rise of a technology-heavy longevity industry that combines diagnostics, interventions and continuous tracking into a new kind of premium health business. There are roughly 350 longevity clinics worldwide that package whole-body scans, genetic testing, biomarker monitoring and personalized medicine, according to Philip Newman, founder of Longevity. Technology, a research and media company.

  Fewer than 20 of these have been combined with residential projects. But the model is spreading across multiple sectors, including gyms, private medical groups, telehealth companies and luxury real-estate projects.

• This WSJ article, “Wealthy Retirees Are Buying ‘Med-à-Terres’ to Be Near Their New York Doctors,” outlines an interesting trend. A growing faction of affluent, older New Yorkers who relocated during the pandemic are buying second properties back home to anchor themselves to elite medical specialists, according to real-estate experts. Meanwhile, new retirees are hanging on to or investing in urban real estate before migrating elsewhere. If the pied-à-terre is a second home that allows a foothold in the city for business or leisure, the med-à-terre has a more specific use: a high-end safety net for seniors who have discovered that while they can retire elsewhere in financial comfort, they can’t easily duplicate their decadeslong relationships with top-tier oncologists or cardiologists. “Even when people move their primary residence to Florida or elsewhere, we’ve seen a growing number of buyers holding on to their properties, or they will buy a smaller pied-à-terre specifically to maintain access to the New York City medical ecosystem,” says Rebecca Cavallaro of Sotheby’s International Realty-East Side Manhattan Brokerage. According to her, these buyers target properties in the $2 million to $5 million range, with some stretching to $10 million.

• Some of the once high-flying residential markets are cooling according to this BusinessWire article. Nashville, TN, Miami and Austin, TX are the biggest drivers of this spring’s buyer’s market, with the biggest surplus of sellers over buyers. Two more Texas metros, Houston and San Antonio, round out the top five. May’s strongest buyer’s market was Nashville, TN, which had an estimated 130% more sellers than buyers. Next came Miami (122%), Austin, TX (116%), Houston (111%) and San Antonio (108%). “Listings are skyrocketing and buyers are being picky,” said Aaron Glicken, a Redfin Premier agent in Nashville, TN. “Sellers are still struggling to wrap their minds around lower prices, which is one reason so many listings are going stale.” Nationwide, there were an estimated 1,483,839 home sellers in the market in May—the highest level since 2020 and up 0.4% month over month. Meanwhile, there were an estimated 1,010,386 buyers in the market, essentially unchanged (0.1%) from the month before.

© 2026 The Rosen Report LLC. All rights reserved. Does not constitute investment, financial, legal, or tax advice. Consult with your lawyers and professional financial advisers. Rosen Report™ #897 ©Copyright 2026 Written By Eric Rosen.

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Opening Comments

My last note was about the calluses on my fingers after i started to playing guitar again after an extended time off. The most opened links were the five things a cardiologist won’t do before 9 am and the video of the day about Frank Sinatra helping Black people gain access to Miami Beach in the 1960s.

Given the euphoria around the Knicks, I thought this was an interesting chart and along the lines of what I have been writing about regarding prices. Since 1999 — the last time the NY Knicks were in the NBA Finals — the CPI increased 2.0x, the PCE price index is 1.8x higher, and the cost of a beer & hot dog at MSG are up 2.6x (~$9.50 to ~$24.50). Check out the ticket price inflation. I do not believe Trump should have attended the game Monday. His appearance is taking away from the experience for a lot of fans. Many people were looking forward to events that ended up being canceled because of Trump’s visit. Selfish. Then he fell asleep during the game. Come on, man! Knicks fans attacked Spurs fans in a disgusting display after the loss.

I have written about the amazing weather in the mountains in Utah and check out the forecast below. Today, the low was 33 degrees, but note ZERO rain and bright sunshine everyday.

• Video of the Day-Middle School Basketball Team’s Response to Bully

• Huffin & Puffing

• Quick Bites

  • Markets

  • AI Creating More Founders

  • Article Explaining Why Oil is Not Higher

  • Florida Orange Industry Woes

  • Scott Pelley Interview

• Middle East

• Politics

• Other Headlines

• Health

• Real Estate

  • The Repositioning of 10 Bryant-NYC Class A Office

  • 57k Rent Stabilized Units Off Market in NYC

  • Growing Demand for Bunkers and Safe Rooms

Video of the Day-Middle School Basketball Team’s Response to Bully

This is a touching story about a girl named Desiree who has Down’s Syndrome and is a cheerleader at a middle school in Wisconsin. During one of the games, someone from the audience kept making fun of her. I do not know what in the hell is wrong with people, but I question the parents of anyone who could bully someone with special needs. One of the basketball players from Desiree’s school went into the stands to confront the bully. The rest of the team joined the one player to confront the bully. One of the players said, “Desiree is our friend and our family, and we will not tolerate this behavior.” The bullying stopped and Desiree and her family were grateful that the team stood up for her. On the heels of the incident, the school held an anti-bullying campaign and changed the name of the gym to D’s house to show Desiree that the team supports her. What a story. Good on the basketball team for sticking up for their friend in need. I want to see more of this.

Huffin & Puffing

Growing up in South Florida means you never think about altitude sickness. I never went skiing as a kid, and we did not vacation in the mountains. My first memory of discussing altitude sickness was for a conference I spoke at in the early 2000s in Telluride. If you recall, I wrote about the worst flight of my life into Telluride for that trip. With an elevation around 9,000 feet, some of the people at the conference felt sick and left early due to the elevation.

Around 2007, I visited clients in Denver and at the time, I was swimming a few times a week. I called up my friend, Steve, who set me up at the Denver Athletic Club for a swim. Mind you, I had been swimming in NYC in a 25-yard pool. I got to the Denver Athletic Club pool, and it was 50 meters at over 5,000 feet in elevation. I dove into the pool to start my swim and did my flip turn at 50 meters. By the time I completed my first lap, I was breathing like a 3-pack-a-day smoker hanging onto the side of the pool. I was embarrassed and upset. One of the very advanced swimmers there saw what happened and said, “Let me guess, you generally train at sea level in a 25-yard pool.” She had seen this movie before. For the first time, I realized how elevation can impact your body while exerting yourself. Eventually, I caught my breath and completed my swim, albeit gingerly and far shorter than my normal mile.

When I got to my condo in Park City last week, I had to unload my car with heavy bags and climb up multiple flights of stairs. I was laughing given I was out of breath. I pride myself on being in excellent shape and was upset that I was huffing and puffing carrying some bags upstairs. The Canyons are at 6,800 feet at the base and that elevation difference from Florida is quite apparent.

I went on a hike doing approximately 1,000 feet of vertical, and my phone rang. I answered it and my friend said, “What are you doing? Are you running a marathon?” I laughed and said, “No, I am going for a walk at over 7,000 feet and can’t catch my breath.” I sounded as though I was asthmatic.

The next day, I went to Salt Lake City (elevation 4,500 ft) to play padel at SLC Padel. I was shocked that the ball actually carried longer than at sea level. I knew this for golf but did not think it would impact such a short shot as in padel. In my first set, I kept hitting shots long, which is the sign of a bad player. I felt I was hitting good shots and kept just barely hitting the wall. I realized it was the altitude talking and started to dial back my shots. If I play in Utah for two months, I am going to be a mess when I get back to the East Coast.

On Monday, I went for a hike with another reader named Dan who worked at JPM among other places. The hike was a bit severe to start and let’s just say, I was a bit worried about getting to the top, but all was well and we took the chair lift down. Lots of fun, but make no mistake, at the steepest points, I was huffing and puffing. It was the first day of clouds and a bit cooler than the past week. I was chilly coming down the lift.

Quick Bites

• Sunday night, stocks were slightly weaker and oil was +3.5% given escalations between Iran and Israel. The South Korean stock market was -7%+ and Japan’s Nikkei was -4.6%. However, by the open on Monday, stocks were up, with the Nasdaq and Russell outperforming, as chip stocks rebounded from Friday’s rout and oil prices fell from overnight highs. Treasury yields were up again with the 10-year +3bps to 4.57%, as the likelihood of rate cuts in 2026 have all but disappeared. The S&P and Nasdaq sold off on Tuesday as the chip names were weaker. The iShares Semiconductor EFT was -1.5% after being +6% on Monday. Oil was -3% on Tuesday due to Hormuz traffic increasing, but despite increased tensions with Iran. All eyes on SpaceX IPO on Friday. I find it fully valued based on current sales and believe there will be a better entry point, yet CNBC is reporting it is 4 times oversubscribed. However, the bull case over time based on the Total Addressable Market is notable, as well as Musk at the helm. Given recent inflation data and rate hike fears, gold has dropped 5% in the past week and is -16% in the past few months. Home sales data surged in May (+3.2%), while the median home prices was +1.3% to $428.3k. On Wednesday, stocks sold off 1.5-2% due to the escalations in the Middle East coupled with Trump’s comments that “Iran has taken too long negotiating.” He also pledged more strikes. Oil was +2.5% on Wednesday. May consumer prices were +5% and in line with estimates. However, on an annual basis, inflation hit 4.2%, the highest in three years. Treasury yields were unchanged with the 10-year at 4.53%.

  

  

• I have written about AI-related job disintermediation as well as efficiencies due to the technology. This Apollo post by Torsten Slok outlines the booming number of solo founders due to AI. Startup formation has surged in recent years, with solo founders driving nearly all of that growth, suggesting AI tools may be making it dramatically easier for individuals to launch businesses on their own. If even a fraction of these firms scale, the employment implications could be significant. It is Jevons paradox in real time.

  

  • Given the war in the Middle East, oil production has been cut, while millions of barrels per day are now longer able to get through the Strait of Hormuz. This Bloomberg article outlines why oil is not at $200/barrel due to the disruptions. A combination of record US exports, a sharp and unexpected slowdown in Chinese demand and a steady trickle of crude still finding its way through the strait has helped absorb much of the shock from the loss of more than 10 million barrels a day of Middle Eastern supply. A pre-war surplus has also eased the blow. All eyes now are on how long those buffers can hold, while the question of when flows might resume through the strait, and where oil prices are headed, have become the biggest wild cards for the global economy. The article goes into detail on each of the reasons above. For example, China has reduced imports of oil by almost 40%. I remain concerned that oil can go much higher if production remains offline and the Strait remains largely closed. For example, middle distillate (diesel and jet fuel) levels on the West Coast are drying up. This can lead to a substantial shock to prices. I have a reader who ran the commodity business at major banks as well as a hedge fund. This was his take: The Bloomberg article is backwards looking. We are exhausting every countermeasure we have right now. We are draining SPR’s and commercial inventories at a pace that was unimaginable prior to this conflict. We are quickly dropping to operational minimums and once that happens, the shock absorber disappears. Even if peace broke out tomorrow, we still have a major restocking that will be required and it will take several years to do (assuming that all the production can come back online in a timely manner and that ships operate perfectly efficiently). According to CNBC, Trump says they were ever to sneak out 100mm barrels out of the Strait of Hormuz which is also contributing to lower than expected oil.

    

    

• I knew the Florida orange industry was struggling, but I did not know the extent that is outlined in this article. Florida harvested a record 244 million boxes of oranges during the 1997–1998 season. This year, the Department of Agriculture estimates that Florida will produce only 12.2 million boxes, a stunning 95% drop in a little less than 30 years. Occasional freezes, catastrophic hurricanes, and an on-and-off, decades-long battle with the citrus canker disease proved to be frustrating setbacks for many orange growers, but the destruction of Florida’s citrus industry kicked into high gear in 2005. That was the year an invasive insect from China—which made its way to the United States through Mexico—introduced a disease that would ultimately decimate Florida’s citrus industry. As an aside, Claude made this chart for me in 12 seconds. I added the picture of the oranges.

  

• Over many decades, I was a devout fan of the TV show, “60 Minutes.” For a host of reasons, most notably horrible bias, I have not watched it regularly in recent years. With new management at CBS, there have been some major shakeups. Bari Weiss as the new Editor-in-Chief of CBS News. Weiss fired Tanya Simon who was running the show and had been involved with 60 Minutes for three decades. The new person in charge of the show is Nick Bilton, and many of the staff were upset over the firings and lack of communication. Scott Pelley was with CBS News for 37 years and was fired for his harsh criticisms of Weiss, Bilton, and the way they handled matters. I felt Pelley came across as genuine in the NY Times interview despite my belief that 60 Minutes had become too biased in favor of the Left. I felt Lulu Garcia-Navarro did a good job of asking direct questions of Pelley. Pelley outlined numerous allegations, that if true would raise serious concerns about Weiss and new leadership.

  

Middle East

I have been questioning Trump’s recent actions and comments about a deal with Iran and have written numerous times about my belief that the ceasefire was on shaky ground. Sunday night, CNBC had this headline, “Fragile ceasefire in jeopardy as Iran reportedly fires missiles at Israel.” Apparently, Iran launched four waves of missile attacks on Israel. Retaliatory strikes from Israel against Iran took place Sunday. Also on Sunday, Israel bombed sites in Southern Lebanon. after the “truce.” On Tuesday morning it was announced that a US Apache Helicopter was downed near the Strait of Hormuz and the crew were rescued. Iran is insisting it shot down the chopper. Sure seems like a crappy ceasefire despite Trump’s adamance that it exists. Trump has claimed that a deal is imminent 38 times already, so you will excuse my trepidation. However, on Monday, Netanyahu said the war with Iran and Hezbollah is not over, despite Iran’s announcement of the “end of military operations.” On Tuesday, Trump said the US “must respond” to the Iranian aggression regarding the Apachee Helicopter being shot down. US airstrikes took out drinking water reservoirs in Iran in response to the downing of the helicopter. Then Iran launched strikes on 21 targets at US bases in the region. I question how a fair deal for the US and Israel will be achieved.

• US F/A-18 fighter jet disables tanker that tried to break through Navy blockade at Strait of Hormuz

• Trump insists Israel’s Netanyahu ‘won’t have any choice’ in accepting Iran peace deal after fresh strikes: ‘I call the shots’

• Iran is far weaker than it was when the first war began. That may be exactly what makes a second one so dangerous

  • Article outlines the damage to Iran’s military but suggests Iran still maintains capabilities to do damage.

• Iran admits extraordinary new detail in Khamenei strike, Trump offered ‘way out’

  • The precision of the strike was remarkable. They did not destroy the entire building, only the wing where Khamenei was hiding.

• More than 100 UNRWA staff helped Hamas carry out Oct. 7 attack

  • Since 1950, the US government has given UNRWA $7.4bn. Are you kidding me? In 2021, the US was the largest donor, giving UNRWA $338mm.

• Navy sailor, 25, is arrested for twisted ISIS plot to wreak mass havoc and ‘kill 300m Americans’

Politics

• Trump storms out of interview after being challenged about election fraud claims, DOJ fund

• Trump Secures US$70 Billion for Immigration Enforcement, Strengthening His Signature Political Agenda

• Trump nominates Todd Blanche for attorney general amid controversy over DOJ fund

• Trump border czar vows New York ICE surge: ‘It’s coming’

• SNAP Benefits Go to 186,000 Dead People–And Stopping Them Might Be Difficult

  • In one case, the name of a 14-year-old shooting victim in Los Angeles was used for two decades to claim benefits, including SNAP, worth more than $280,000. The annual cost of the benefits to the deceased is $420mm, with far more behind it.

• Nithya Raman overtakes Spencer Pratt for 2nd place in LA mayoral race, results show

  • I struggle to believe this. Why does it take a week to count votes? The man in charge of counting votes makes $450k but does not inspire confidence.

• Hochul holds firm on $500M pied-à-terre tax in record budget

• Progressive Nithya Raman advances to November runoff against Los Angeles Mayor Karen Bass'

  • In light of the chaos in the city of LA and the handling of the fires, it is a bit surprising that Pratt did not make the runoff, even though I do not think he ever could have won. The news around voting irregularities is concerning. Nearly 1,200 people registered to vote at a homeless shelter with 132 beds, and 185 people registered in a facility with no beds. Some skid row homeless claim they were paid to vote for Bass and Raman. Do we really believe that homeless people tend to vote?

• California allows first-time voters to register using forms of ID that most Americans would find surprising, including:

  

• More “mostly peaceful” protests from the Left. They doused a Trump supporter (Jan 6 rioter) with gasoline and he ran for his life.

  • Watch the video. What is the consequence? What about jail? Their faces are exposed. They should be fired from their jobs and never hired by anyone.

• ICE blasts ‘reckless’ Mamdani, Hochul as agency IDs criminal illegal migrants picked up in NY

  • The agency released the identities of some of the criminal illegal migrants it had taken off Empire State streets, including murderers and child sex offenders. I will never understand why cities protect violent illegal immigrants.

• Seattle mayor shrugs off millionaire-tax concerns as 44% of business leaders consider leaving

Other Headlines

• Household worries over finances hit highest level since July 2022, New York Fed survey shows

• Goldman Sachs CEO sends blunt message to stock market investors

  • We are definitely in a moment where there's more greed than there is fear," he said.

• Apollo CEO Marc Rowan says there’s now a 35% chance of a major market shock — and his firm is piling up $40B cash. How investors can prepare

• 51% of U.S. adults say the American Dream is out of reach for most people right now

  

• Social Security retirement trust fund may be depleted in 2032, new trustees report finds

  • The math does not work. We need entitlement reform.

• China May wholesale inflation hits near 4-year high on Iran war, AI costs; CPI misses

• Humanity may reach singularity within just 4 years, trend shows

  • In the world of artificial intelligence, the idea of “singularity” looms large. This slippery concept describes the moment AI exceeds beyond human control and rapidly transforms society. Anyone else concerned?

• OpenAI confidentially files for IPO, prepping Wall Street for mega AI debut

  • If it is a top story on CNBC, clearly it is not so confidential.

• Corning shares jump 9% after striking deal to power Amazon AI data centers in U.S.

• 5 stabbed in bloody attack inside Penn Station — suspect in custody

  • The assailant is believed to be emotionally disturbed. How many prior arrests do you think he has? Turns out he did an eerily similar attack four years ago in NJ. The system continues to fail us. Lifetime in jail.

• Horrifying moment car flips off road, flinging 4-month-old from vehicle in high-speed chase

  • What kind of parent does this with kids in the car?

• Judge Dismisses Charges Against Trans-Identifying Sex Offender Accused of Exposing Himself in Girls’ Locker Rooms

  • The man is a tier-three sex offender who is accused of exposing himself in the girls’ locker rooms at two high schools. The idiotic judge found the charge to be void after the sex offender claimed the charges were unconstitutional. What the hell is wrong with our system that allows sickos to prey on little girls?

• Virginia: Illegal alien charged with rape released back into public then sexually assaulted another woman

  • How many times do we see repeat offenders cause serious harm?

• Karmelo Anthony sobs as he’s convicted of murder for stabbing Austin Metcalf — as killer’s angry supporters claim racism

• Sudanese migrant arrested for allegedly trying to behead victim in middle of Northern Ireland street

• Two dead as private jet crashes in Dominican Republic en route to pick up MLB legend and his family

  • Scary video included in link.

• Killing the mood: smartphones reduce birth rate, studies say

  • Although there are many reasons behind plunging birth rates, I found the study to be interesting. It should not be surprising that since the release in 2007, smartphones have played a role in declining birth rates.

    

• Woman, 28, spends years working toward goal of becoming an attorney, then quits to become a restaurant server

  • I support anyone who finds happiness in their career, and she found it as a server despite passing two bar exams. She equates freedom with happiness and could not find it as a lawyer. However, I would hope you find your calling before spending three years and hundreds of thousands of dollars at law school at the University of Miami.

• South Jersey artist creates unique Phillies mural in her parents’ basement

• Danes show off their manes in Denmark’s national mullet championship

Health

• Women often outlive men. Here’s how they should approach their long-term care needs

• Popular summer destination ravaged by Lyme disease bets on radical new solution

  • A Nantucket project is testing whether mice with protective antibodies can help slow the spread of Lyme disease

• Muscle growth drug ‘could reduce loss of lean tissue’ when using slimming jabs

  • Trial suggests monoclonal antibody can help retain lean body mass when losing weight with GLP-1 medicin.es

• Weight loss drug maker sinks 25% after new safety data spooks investors

  • Zealand Pharma shares are -50% YTD.

• ‘5 a day’: Which fruit and veg are best for heart health and why?

Real Estate

• In September 2023, I interviewed the cast of Billions at a real estate event marking the rebranding of 10 Bryant Park. The event came on the heels of the pandemic, rising inflation and interest rates, and the widespread mantra that Work From Home was the new standard — rendering office buildings, in the minds of many, obsolete. At the time, the office market was in a death spiral, and the prospects for 10 Bryant Park, like many office buildings across the country, looked dire. My good friend Eli Elefant, CEO of the entity that controls the building, was the brilliant investor-operator who saw through it all. After losing HSBC, which occupied roughly 65% of the building, Eli was the mastermind and macro thinker behind what became a masterful turnaround. In the heart of it all, he also orchestrated a unique refinancing structure that helped stabilize the asset and position it for the next phase of growth. He then led a full-scale rebranding and repositioning of the building, transforming a deeply challenged office tower into one of the premier Class A buildings in New York City. Amazon ultimately replaced HSBC and now accounts for approximately half of the 860,000-square-foot building. Baker McKenzie recently expanded within the asset to approximately 120,000 square feet for 15 years at record-breaking rents. Life Time Fitness anchors the building’s amenity and wellness offering, and the balance of the building is largely occupied by hedge funds, private equity firms, and other high-quality tenants. In the depths of the market, rents were being quoted in the $60 to $70 per square foot range, while offers for the building were in the $400 million to $500 million range and barely covered the debt. Today, after approximately $100 million of investment in a new lobby, roof terrace, amenities, and a best-in-class tenant roster with long-term leases, the building’s value has effectively doubled. Rents are now in the $150-plus range, and the building has zero vacancy. As much as I would like to take 100% of the credit for my masterful interview in front of many of the major players in the New York City real estate market, the truth is that Eli did an extraordinary job. His vision and execution turned a deeply challenged asset into one of the clearest examples of the recovery of the New York City Class A office market. This WSJ article outlines that Manhattan’s office market is poised for its best year since 2000 and AI companies are playing a big role.

  

  

  

• I have written extensively about my views against the idiotic 2019 rent laws in NYC. They prevent landlords from raising rents even if they do work to improve the unit after the tenant moves out. Why would you make an investment and not be able to make a return on it? The result is tens of thousands of apartments have come off market despite the fact that NYC is in desperate need of affordable units. Remember, when you lease a unit in a rent stabilized building to a tenant, you are stuck with them for life. As a result of the hope that rationality may prevail, landlords have taken inventory off market.

  

• Interesting Telegraph article about the growing demand for panic rooms and bunkers for wealthy homeowners. Not so long ago, most of Paul Weldon’s clients wanted protection from home invaders. Now, they are asking about “dirty bombs.” The UK-based bunker specialist has spent 16 years designing panic rooms and underground shelters, but he notes that the nature of the fears driving demand has changed dramatically in recent years. For Weldon, the founder of The Panic Room Company, the Covid-19 pandemic first shattered assumptions about how drastically everyday life could be disrupted. Then came Russia’s invasion of Ukraine. The conflict in the Middle East has prompted another surge of inquiries this year. Where Weldon’s company previously received four or five inquiries a month, that figure has risen to around 10. “Since the Iran war, we’ve doubled,” he says.

© 2026 The Rosen Report LLC. All rights reserved. Does not constitute investment, financial, legal, or tax advice. Consult with your lawyers and professional financial advisers. Rosen Report™ #896 ©Copyright 2026 Written By Eric Rosen.

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Opening Comments

My last note was about my ability to make friends through awkward introductions. The most opened links were the three questions you should ask before sending an email or taking a meeting, and the article on Obama’s ugly library.

I met a reader for a drink on Tuesday night. He had worked at one of the largest hedge funds in the world and relocated to Park City in 2018 with his family. I ordered a tequila on the rocks. Check out the tiny pour given regulations in Utah. Bartenders in Utah cannot “free pour” drinks and must use a mandated device to deliver exact portions of 1.5 oz of primary liquor. I have never seen a smaller drink in my life. The glass was small as well. You are not allowed to order a double.

I am wrapping up my first week in Park City, Utah and the weather has been magnificent. If I continue at the exercise rate I have been on between lifting, hiking,, and padel, I will be on the cover of Muscle & Fitness by the end of July. The people here are very nice and welcoming. The Rosen Report reach has opened many new contacts and the networking event I attended Thursday night was amazing.

A reader suggested a sushi restaurant in Salt Lake City and my networking event was around the corner, so I popped in for some Omakase. The sushi at Takashi was better than I expected for Utah but cannot compete with the best sushi restaurants in NYC, Chicago, LA, San Fran, or even Miami. The $100 omakase was a good value and the place was packed. I would suggest it to get your sushi fix if you are in town, but don’t expect sushi greatness. The first course started off strong with a very imaginative mussel shooter with quail egg and garlic usu. From there, nothing else dazzled, but none disappointed. The picture below includes some of the dishes.

• Food-7.7

• Service-7.0 Spotty

• Ambiance-7.0

• Cost-Good value

• Video of the Day-Frank Sinatra is a Legend

• Six Strings and Sore Fingers

• Quick Bites

  • Markets

  • SpaceX IPO in Perspective

  • The Rich Get Richer

  • Ray Dalio Debt/Deficit Concerns

  • Knicks Ticket Price Insanity

• Middle East

• Politics

• Other Headlines

• Health

• Real Estate

  • Florida Property Taxes

  • Home Listings Pulled

  • Mamdani Raising Rents

Video of the Day-Frank Sinatra is a Legend

• Global Mind puts out amazing content on Facebook and in this story, he gives a legendary recount of what Frank Sinatra did for Mohamed Ali and Black people in Miami. Mohamed Ali and his family were in Miami Beach and wanted to go to the beach in the 1960s. However, Black people were not allowed on the beach unless they were working and required a card to prove it. Even the famous performers at the Miami Beach hotels were forced to stay elsewhere given the rules. Ali and his family were in a hotel that had guests that included Duke Ellington, Ella Fitzgerald, Count Basie, and others. Sinatra came up in a limo and told the Black celebrities that they are all going to Miami Beach. Frank brought everyone to the hotel he was performing at that night and made an announcement that changed the way Black people were treated. Listen to the 2-minute video to find out what happened. I have always loved Sinatra, but when you hear this story, you will appreciate him even more. GOOD ON YOU Ol’ Blue Eyes.

Six Strings and Sore Fingers

I have never been accused of being musically gifted. My voice is a “C” at best, and as a kid, I never played an instrument. I had always wanted to learn guitar, and my wife bought me a $200 Yamaha for our 5th anniversary (wood) in 2009. It came with 10 lessons as well. I augmented the in-person lessons with online study and LOTS of practice. I gave away my first guitar to a janitor at my golf club after he told me he had his guitar stolen. It felt like the right thing to do, and I had moved on to guitars that I preferred from a sound and model perspective.

Although it started poorly, with deliberate practice, I started getting less bad. At one point, I was playing every day for an hour, and I got to be respectable. Sadly, no one could ever confuse me with Stevie Ray Vaughan, Eddie Van Halen, Jimi Hendrix, or John Mayer regardless of how much I practiced. No, I never learned how to read music, but I knew enough chords to be dangerous. Below is what I use to learn songs. The chord names are above the words of the song and would tell me when to change chords.

Despite the fact that as a family, we have ten guitars that are both acoustic and electric, I prefer the sound of an acoustic guitar, even though they are harder to play. You need to press harder on the strings on an acoustic guitar than an electric. When you start playing a guitar, your fingertips are soft and, quite frankly, pushing the strings down onto the fret board can be painful until you build up calluses.

For a host of reasons, I quit playing the guitar about three years ago despite the fact that I got both of my kids into music. Jack is quite the guitarist, and Julia is quite the singer and can also play the guitar and piano. At one point, I taught the kids, but sadly, those days are long gone.

Now that Jack is out of the house at school and Julia is far more independent, I have started playing the guitar again in recent weeks. I am not going to lie to you, it started poorly from a sound, chord recall, and fingertip pain perspective as my callouses were gone. I had memorized a couple dozen songs and was unable to play any in full without looking at the songs due to the long hiatus.

I now have to call my son to help me play a song when I cannot remember a chord progression. The kids had some amazing teachers in NYC and in Florida; they worked with Brent Look, who toured with Scott Stapp (Creed) and many other rock stars. His level of guitar is quite frankly disgustingly good and frustrating. He can play any song on the guitar and piano after hearing it. Let’s just say, I cannot do that or fathom ever having the ability to do it. Check out Brent shredding in a guitar solo. What the hell?

I enjoy drinking some wine and playing guitar. The wine also gives me added confidence to belt out the lyrics even when they are not on pitch. I vividly recall some amazing evenings on my terrace in NYC with friends playing some tunes while everyone sang along. It’s a fun campfire trick.

I hope to keep up my guitar skills and play this summer in an attempt to get back to the level I played a few years ago, only 100 levels below my hero, John Mayer. I rented a Guild guitar in Utah to practice. It is not nearly as good as the guitars at home, but good enough to practice with for a couple months. Let’s just hope I build up those calluses soon, as my fingers are killing me.

Quick Bites

• On Thursday, the Dow massively outperformed (+1.7%), while the Nasdaq was -.1%, as there was a rotation out of tech that was spurred by a large sell-off in Broadcom (-12%). The VIX was just above 15 on Thursday, the lowest level since December of 2025. On Friday, stock indices were down sharply with the chip sell-off containing, while Treasury yields increased on jobs data. The Nasdaq and Russell underperformed and were -4.2% and -4.8% respectively on the day. The iShares Semiconductor ETF dropped 10% for its worst day since March 2020. Broadcom fell almost 8% after being down 12% on Thursday. Marvell technology dropped 16%, while Intel and AMD both dropped approximately 11%. Nonfarm payrolls increased by 172k, well above the 80k estimate. The April tally represented an upward revision of 64,000, while March got a boost up to 214,000, a gain of 29,000. This pushed the 10-year Treasury +6bps to 4.53%. I just do not see anyway the Fed can cut rates in the near term, especially given my views of elevated oil for longer. WTI was -3% on Friday, but WTI was +3.3% on the week. Bitcoin had a brutal week and is now 50% below the all-time high trading at $61k. BTC is now -30% YTD.

  

  

  

  

• A reader and major contributor, Brad, sent me this fantastic Bloomberg article that puts the SpaceX IPO into perspective SpaceX isn’t alone in its ambition to raise a whopping sum to help it win the AI race. OpenAI is preparing to file confidentially for an IPO in the coming weeks, people familiar with the matter have said. Bloomberg News reported that Anthropic PBC was considering its own public debut as soon as October of this year. And while they continue to scale up in the private sector, most of these AI-forward companies are landing eye-watering appraisals. OpenAI raised funds at an $852 billion valuation back in March. After Anthropic achieved a $380 billion mark earlier this year, it’s now in talks for a round at a more than $900 billion valuation. Both would likely exceed their private valuations in an IPO. The charts below are great at putting the SpaceX IPO into perspective and outline other public companies as well as the large private deals likely to go public in the near term. The last picture shows what Musk can buy with all his money.

• The booming stock market is making a lot of folks richer, especially those who are already spectacularly rich, finds a report out from consulting firm Capgemini Thursday. Even among those who invest in stocks and other kinds of financial assets, there’s a wealth divide — and it’s growing. Last year, for the second year running, the ultrarich saw bigger gains in wealth than “the millionaires next door,” as Capgemini calls them, with lower net worth. The report estimates net worth around the world using data from the World Bank and the Economist Intelligence Unit, as well as national government statistics, counting anyone with investable assets of at least $1 million as having a high net worth. (That number doesn’t include an individual’s primary residence.) The population of global millionaires surged 7.9% to 25.3 million in 2025, according to the Capgemini World Wealth Report. Their total wealth increased by 8.7% to $98.3 trillion, marking the fastest growth in five years.

  • Globally, ultra-high-net-worth individuals, those with $30 million or more in investable assets, saw their wealth increase nearly 10%.

  • The so-called “millionaires next door,” with $1 million to $5 million, had growth of less than 8%.

  • Ultra-high-net-worth individuals make up just 1% of the high-net-worth population, but hold 34.8% of the total wealth.

    

  

• Ray Dalio has made himself billions through Bridgwater and he has been a doomsday talker for some time. He and I do agree that the deficits and debt are dangerous, and he is now taking it to the next level. Ray Dalio said the United States has crossed a debt threshold from which it cannot return, and the Federal Reserve may soon be forced into a 1930s-style policy of holding interest rates artificially low. Speaking at the Forbes Iconoclast Summit, the Bridgewater Associates founder told Bloomberg’s Dani Burger that $7 trillion in federal spending against $5 trillion in revenue is squeezing the economy “like plaque in the arteries.” Dalio said long rates are already rising relative to short rates, a classic signal that bondholders are losing patience with low real returns. He pointed to a weakening dollar and rising gold prices as confirmation of the dynamic. Dalio compared the likely outcome to financial repression, where the Treasury and Fed coordinate to suppress yields, often alongside higher taxation and inflation. Politicians are weak and refuse to make tough spending decisions. Entitlement reform is required.

• I want to begin with the fact that I have been very critical of James Dolan as the owner of the Knicks. I feel his decisions historically have been awful. I pushed Derek Fisher to not take the Knicks head coaching job in 2014, as a result of my views. However, Dolan has finally put together a contender and must give him props. I have written extensively about my frustrations with the price of tickets for concerts and sporting events. Skyrocketing prices mean a normal family is unable to attend and the price growth has dwarfed inflation. Check out the two pictures below. The first shows the ticket prices for the Knicks at Spurs for Friday night on Stub Hub. The cheapest ticket is $703 including fees. Expensive, but not offensive. Now, look at the prices for game three at Madison Square Garden. The cheapest ticket is $9,886 including fees. When I had season tickets 10 years ago, my face was just under $1,000. The Knicks were so bad, I was giving away tickets when I could not use them. Those seats are going for over $50,000 for game three. Come on, man! Three times, the visiting team has won the first two away games of a final’s series and each time previously, they have gone on to win the series. NYC will go crazy and this nut put a massive tattoo on his back to honor his Knicks. MSG is enforcing a no-bag policy given heightened security with Trump expected.

  

Middle East

• US secures Israel-Lebanon ceasefire in major diplomatic breakthrough

• Trump Tells Aides He Won’t Resume All-Out War With Iran Unless U.S. Troops Are Killed

  • Repeated strikes by Tehran ratchet up pressure on the president and cast doubt over the ceasefire’s long-term viability.

• Trump Softens Red Line: ‘No Reason’ To Retrieve Iran’s Nuclear ‘Dust’ As It’s Effectively ‘Entombed’

  • The big talk from where Trump started this campaign to now is a total 180. This is embarrassing.

• Iran FM Warns American Bases Are Legitimate Targets, Cites ‘No Tangible Progress’ In Talks

  • If you listen to Trump, we are nearing a deal. The Iranians have a different view. Trump has talked about nearing a deal for weeks.

• Trump must ‘accept the reality’ there is no Iran deal on the horizon, ex-general declares

  • I agree. I just don’t see how we can bridge the gap. Also, Hezbollah rejected the ceasefire signed by Israel and Lebanon. Saturday, Iran fired ballistic missiles towards key US allies and US forces intercepted six of them. On Saturday, three Lebanese Army members were killed by an IDF strike. Trump continues to talk about how close a deal is for weeks. The actions in recent days from Iran and Israel suggest otherwise.

• US plans to use Iranian assets to rebuild Gulf allies

• Trump says he could meet Iran’s supreme leader ‘if it was to make a deal’

  • Trump would be “honored” to meet Khamenei. Are you serious? Honored? It is akin to saying you would be honored to meet Hitler or Bashar al-Assad.

• Hezbollah’s Fiber Optic Drones Expose Cracks in Israeli Defenses

• Donald Trump’s Iran war drains US oil stocks to lowest level since 2004

  

  

• I thought this chart was telling showing the collapse in tanker traffic in the Strait of Hormuz which has led to shortages of various commodities.

  

• Victim of vile antisemitic attack in NYC relives horrific moment hair was ripped out by maniac screaming: ‘Jews are eating kids’

  • What are the consequences for vile acts of antisemitism in NYC? If I were in charge, it would result in mandatory jail time, and she would be banned from public transportation for life. Watch the video. What do you think?

• Two men convicted of wounding journalist in London ‘on orders of Iran’

  • Pouria Zeraati of Iran International TV was stabbed three times outside his London home in attempt to ‘silence’ him

• German hotel denied Israeli family’s booking with message ‘no Jews allowed’

• NYC prof clamors to ‘bring down US empire,’ defends IRGC during ‘Islamic Revolution Teach-in’ at DSA meeting

  • No wonder why so many kids feel indoctrinated.

Politics

• GOP-Led House Votes to Limit Trump’s Iran War Powers

  • Effort to constrain White House comes as war has morphed from heavy bombing campaign to fragile ceasefire. This hurts Trump’s negotiating ability even though he will veto it. I questioned the way Trump was handling Iran for weeks, and it is clear that the end result will not be anywhere near his intended goals. Four Republicans voted for the war powers resolution. Iran was already winning the negotiations, and I fear the ultimate result will not be in the best interests of the US or Israel, despite the fact that teven though this war did damage the Iranian military capabilities and economy.

• Ballroom donors won $50B in contracts after giving to Trump project, watchdog group finds

  • President Donald Trump has repeatedly touted the gifts as a boon to taxpayers, but critics of the project say the administration’s refusal to release a full list of donors creates the potential for corruption.

• A man who works with leftist NGOs threatened to have Nick Shirley ASSASSINATED, in broad daylight in the streets of NYC

  • "Someone's gonna f*cking FIND YOU, I PROMISE YOU. RIGHT HERE." *GUNSH0T to the head motion.* Watch the short video. Shirley is amazing and has uncovered massive fraud. He is a hero. However, the leftists that are being called out for fraud are not too happy about it.

• Ex-national security adviser John Bolton will plead guilty in classified information case

  • This is the same guy that was crushing Trump for holding classified info. Kind of ironic.

• Graham Platner accuser hits NYT for allegedly softening allegations, says coverage was ‘gift’ to Democrat

• Bill replacing ‘mother’ and ‘father’ with gender-neutral terms passes in New York, heads to Hochul’s desk

  • ‘Mother’ becomes ‘gestating parent’ and ‘father’ becomes ‘non-gestating parent’ under the proposal. Kids, with Father’s Day fast approaching, I want you to call me non-gestating from now on. I am no longer your father.

• 98-year-old beaten with broomstick, chair in NYC by woman campaigning for DSA candidate

• Zelenskyy asks Putin for meeting to end war as they ‘can’t wait for United States’

Other Headlines

• Blackstone restricts flagship fund withdrawals as private asset fears reemerge

  • Redemption requests hit 10%, but they capped them at 5%

• Broadcom stock plunges on weak software sales, unchanged AI chip forecast for the year

• Quantinuum stock opens at $68 per share after IPO

• Meta’s stock sinks on report company could raise tens of billions of dollars to fund AI push

• Bitcoin is weathering its ugliest week in months as narrative fades and liquidity rotates

• Saylor’s Bitcoin Machine Is Misfiring on Every Cylinder

  • Stock is -70% from the highs. Saylor sold a small amount of Bitcoin for the 1st time since 2022. I have been critical of the concept that Saylor created for good reason. If prices continue to fall, this strategy is cooked.

    

• For billionaires like Peter Thiel, plan B is another country. Here’s where they’re lining up passports or second homes.

  • A 2025 UBS survey of 87 billionaire clients found that 36% of them have relocated at least once, while a further 9% are considering doing so, and an April 2026 report from wealth intelligence firm Altrata found that billionaires and centimillionaires "no longer rely on a single system, market, or passport.”

• A Short Seller’s Fraud Conviction Is Spooking Wall Street

  • Traders who bet on stock-price declines worry prosecutors are equating their tactics with market manipulation. Although I believe what Left did was wrong, I feel there needs to be more clear rules on what is allowed. Every day, people are on CNBC or Bloomberg talking their own book.

• Anthropic calls for pause of global AI development

  • AI company Anthropic suggested a global pause on building the most powerful AI systems as the latest models are beginning to show signs they could escape human control. Wait. This does not scare the crap out of you?

• The 31 Richest Colleges in America

  • The numbers are massive, even for some small liberal arts schools. Check out the list.

• I thought this was an interesting chart outlining how women carry more student debt than men. Part of it can be explained by the fact that more women are going to college than men today, but that does not explain everything. Another possible issue could be that the majors women pick may result in lower wages, as well as women still making less than men in many cases.

• Highly successful people use 5 phrases to disagree with their bosses: You’ll ‘earn their respect and trust,’ says expert

• Minnesota Target store converts fitting rooms into Muslim prayer spaces that shoppers are BANNED from using

• Jeffrey Epstein assistant, Sarah Kellen, planning tell-all book — but fears giving away ‘get out of jail free’ card

  • I hope she is fully paid up on her life insurance. Given the powerful people that will fall if the truth was told, she better proceed with caution.

• Police hunt for suspects after 12 people shot at family-friendly summer festival in Ohio

• San Francisco streets are reeling from deadly drug 20x more powerful than fentanyl

  • Watch the video. They are like zombies.

• The giant crocodile believed to have killed more than 200 people

  • The strange part is the croc does not always eat the victims he kills. I think it is time someone shot the massive reptile located in Burundi.

• Steven Spielberg believes we will discover aliens in our lifetime

  • I believe this is old news and that the US government has serious credible evidence of alien life and UFOs. I am begging to be abducted by friendly aliens. I want to go to a plant filled with Michelin Star restaurants, good waves for surfing, great padel courts, and perfect weather. I wonder if the aliens read the Rosen Report.

Health

• Adding to the List of Dementia Risks: a Diet High in Ultra Processed Foods

  • New study shows those who ate the highest amount of such foods had a 58% higher risk of later developing dementia

• Ophthalmologists reveal surprisingly serious conditions eye rubbing can cause — even if they’re itchy

• New ways to prevent flu revealed in ‘accidental’ lab breakthrough, study finds

  • The finding could pave the way for novel strategies to treat and prevent influenza, say researchers

• Americans Born After 1970 Are Dying Faster Than Previous Generations Did At Their Age

  • Americans born after 1970 are already dying at higher rates from heart disease, cancer, and external causes than people born before them were dying at the same ages.

• Cardiologist: 5 things I never do before 9 a.m.—after 20 years of treating heart attacks

• Alzheimer’s patient gets back speech, bladder control and memory in groundbreaking drug trial

• I went to the world’s largest biohacking conference, where science fiction meets MAHA — what’s next in anti-aging

  • Some new stuff in here I had never heard about before.

Real Estate

• As Americans continue to flee high-tax blue states for lower-tax destinations, Florida lawmakers have just passed what supporters describe as a major win for economic freedom. If Florida voters approve House Joint Resolution (HJR) 1-F in November, the amount of your home's value that is exempt from certain property taxes would increase over the next two years. On Jan. 1, 2027, the homestead exemption would increase from the existing $50,000 to $150,000. One year later, in 2028, the homestead exemption would rise to $250,000. For some homeowners, that could reduce non-school local property taxes to zero. Residents who establish primary Florida residency on or before Dec. 31, 2026, would be eligible for the expanded exemption when it takes effect. However, those who move to the state after that deadline would have to wait four years before qualifying for the full $250,000 exemption. Although this is a positive for lower dollar priced homes, the impact on larger properties is minor. I suggested that the outlandish proposals to end property taxes could not pass given the tens of billions of dollars raised through residential property taxes. However, if this passes, it will be a welcome reprieve for lower priced homeowners.

• More frustrated home sellers were giving up, right in the midst of the all-important spring market, according to new data. Nationwide, 5.8% of all home listings were pulled off the market in April, according to Redfin, a real estate brokerage. That ties with December for the highest share of homes delisted since March 2020, when the pandemic hit and the housing market froze. Delistings in April were up 3.8% compared with March. The increase comes as higher mortgage rates, elevated gas prices and weaker consumer confidence take their toll on housing demand. Sellers are no longer in the driver’s seat and aren’t getting the prices they want. Atlanta saw the highest share of homes come off the market in April, with 1 in 10 delisted. San Jose, California, followed with roughly 9% pulled, then Los Angeles (7.8%), Dallas (7.8%) and Seattle (7.7%).

• The Mamdani administration is raising the rent on a city-supervised co-op in The Bronx by more than 30% — angering residents who blasted the mayor over his affordable housing promises. Residents of Tracey Towers — an 871-unit Mitchell-Lama development serving middle- and moderate-income families — were told during a Wednesday tenant meeting that their rents would go up over the next four years. “I know that this is very frustrating, particularly with an administration, a mayor that ran on affordability and rent freezes,” Councilman Eric Dinowitz, a Democrat who represents the district, told a group of nearly 100 distressed residents. Dina Levy, the Mamdani-appointed head of the city’s Department of Housing Preservation and Development, said the rent increase would go toward covering the Jerome Park complex’s mortgage and ongoing operating costs. “You speak about affordable housing, affordable for who?” one irate woman shouted after Levy took about 20 minutes of questions about repairs to the two buildings. All these ideas about rent freezes and giving away prime real estate make no economic sense. These buildings have costs to run and maintenance, taxes, and mandated work that needs to be completed. These socialists run on grand plans, but the economics do not work.

© 2026 The Rosen Report LLC. All rights reserved. Does not constitute investment, financial, legal, or tax advice. Consult with your lawyers and professional financial advisers. Rosen Report™ #895 ©Copyright 2026 Written By Eric Rosen.

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Opening Comments

My last note was about the power of persistence and taking your career in your own hands. The most opened links were Mark Cuban’s prediction on what businesses will disappear in 10 years and the video clip of Forrest Gump.

I had a serious senior moment, something I have written about in the past. I thought I booked a flight for 7 am to Salt Lake City for June 1st. I could not find any record of the flight anywhere. Apparently, I never booked my flight and there are NO flights from JFK to Salt Lake City at 7 am. My daughter, Julia, started her job in NYC at Guizio Monday and asked me to take her to work. I dropped her off and went straight to the airport to catch a 4:30 pm flight. I am a moron. However, there was a major accident on the BQE stopping us for 38 minutes. It was so crazy that Uber actually called to check if I was ok, something that I had never experienced.

Park City is beautiful and the air is crisp. It was 44 degrees when I woke up at 5am on Tuesday. Interestingly, it was chilly, but not cold. It felt colder in NYC at 52 degrees a few days prior. Although there are great parts about the Hamptons, the weather is not even close to the mountains.

• Picture of the Day-Remarkable Picture of the Sun

• The Art of the Awkward Introduction

• Quick Bites

  • Markets

  • S&P 500 Concentrated Highs

  • Consumer Pressures

  • AI Job Creation/Solved A Complex Math Problem

  • Review of Sag Harbor and Babe’s Diner

• Middle East

• Politics

• Other Headlines

• Health

• Real Estate

  • Fisher Island Litigation

  • Vancouver R/E Troubles

  • Squatter in Brooklyn

Picture of the Day-Remarkable Picture of the Sun

• A professional astro-photographer sent his friend up in the sky for a crazy skydive in front of the sun. The amazing photo that was taken is nothing short of remarkable, and you can see it in this short video from Jake vs the State. It was perfectly timed, and I have never seen the sun photographed in such detail. More shocking, the picture was taken on the first take.

The Art of the Awkward Introduction

For those of my readers who really know me or have worked with me for any period of time, neither of these stories will surprise you. My inner dialogue is kind of loud, and I say things I am thinking. I do not mean to offend people, but at times I cannot help myself and say things maybe I should have kept to myself. Other times, in an effort to create levity, I have been known to ruffle some feathers.

About 5 years ago, I was with my daughter working with her on the driving range of the Boca Resort. A gentleman was telling another patron that he had just moved from California and did not know anyone. I introduced myself and told him that I lived around the corner and that if he needed anything, to just call me. I gave him my cell, and Jaron and I ended up chatting. As we were wrapping up, I said something to him that would catch most people off guard. I said, “Can I be frank with you about something?” He looked at me with a bit of concern and said, “Sure.” I said, “I must tell you that you are a good-looking guy, but you need to get into shape. You are too young to be out of shape. Let me get you into the gym and help you.” He was not mad, but appreciative.

I started calling Jaron three or four times a week and bringing him to the gym, helped him with his diet, and sure enough, he dropped 20 pounds in short order. His lovely wife, Lisa, thanked me profusely, and Jaron always tells the story of our first day together and my candid comments. He says, “I know I have someone has my back when he tells me to lose weight in our first meeting.”

It turns out Jaron was a big pop star some years prior but had not been taking care of himself. He and his identical twin brother, Evan, were quite the big deal 25 years ago. This is their big hit, “Crazy For This Girl,” that everyone knows.

Jaron remains a close friend 5 years later, and yes, I can tell him and his twin brother apart.

In another story, a few years ago, I was playing a lot of tennis. Those days are long gone, as I quit for life due to my padel obsession. When I was playing tennis, it was generally at the Boca Resort, and we had a group of eight guys that would play regularly (see group pics), including Jaron in the above story. It seemed that we were generally playing near a much more advanced group of players, and one player in particular caught my attention. Although he was small in stature, this dude could play. Every deep ball was basically within inches of the baseline, and he was hitting the ball far harder than I thought possible for someone of his size. He covered the court like a gazelle, and his volley was elite. I found myself frustrated that I did not play at his level.

I was in the gym at the resort, and I saw this tennis stud. I walked up to him and said, “I hate you. You are too good at tennis, and you make me look bad. I do not appreciate you playing next to me, as your A-level game makes mine look like crap.” Lorne got a kick out of my comments, and we became friends. I speak with Lorne all the time, and as a matter of fact, I introduced him to padel, and he is one of the better players at Replay now. His racket skills are ridiculous, and we get together regularly for dinner or a game of padel despite how I introduced myself.

What is the point of these crazy stories? For me, I am a connector and networker. I enjoy meeting new people and making friends. It is one of my special talents. I may do it in an unorthodox manner, but you should put yourself out there to connect with new people. I have made so many friends under odd circumstances, and my life is better for having wonderful people in it.

I am in Park City, Utah, alone and am connecting with people. Some from the Rosen Report and others that I meet in town. Many of my readers have taken the time to introduce me to their contacts and I was invited to a networking event on June 4th, just days after I arrived. Either way, meeting new people is quite simple if you take some risks and introduce yourself, even if you don’t do it as aggressively as my tactics can be at times.

Quick Bites

• Oil rallied overnight on Sunday (+3%) given Israel’s expanded Lebanon offensive, but stocks were slightly higher. However, by Monday morning, the impact of the weekend events which I outlined on Sunday took effect. Oil popped 7% as Iran halted talks with the US and blocked the Strait of Hormuz. Despite the news out of the Middle East and move in oil, stocks yet again set records on Monday. This rally has been incredibly impressive, and markets continued to rise again on Tuesday, while bond yields fell slight. I do not recall a time in recent memory where so many high-profile companies rally 10-30%+ in a day. Private payrolls grew by 122k, relative to 110k consensus April’s 105k. Wednesday, markets took a breather and were off less than 1% with the Russell and Nasdaq under performing. More attacks in the Middle East led to higher oil (+2.5%). Also, Netanyahu was on CNBC and suggested that Israel and the US were prepared to attack Iran again if necessary. With higher oil, the 10-year Treasury bond is yielding 4.5% or +7bps from Tuesday’s lows. I actively manage my cash positions and in the past couple weeks, I have seen yields pick up out the curve. For a while, to go from 3 to 6 months, the yields went down and now the yields are up as you go from 1 to 9 months. For 12 months, the yields are -1 bps from the 9-month levels for time deposits.

  

• Interesting CNBC article drawing parallels between the performance of the S&P 500 and the .com bubble. The S&P 500 closed at a record on the last trading day of May, but only a handful of stocks — focused mostly in the AI area — hit their own all-time highs. This strange occurrence echoes what happened at the top of dot-com bubble 26 years ago. On Friday, just 20 of the index members hit a record. Of those 20, just seven were not directly related to artificial intelligence. The tech-heavy Nasdaq Composite jumped 25% in April and May, its best two-month stretch in more than two decades.

  

• I have written extensively about consumers being under immense pressure from the weight of high inflation and substantial leverage. This WSJ article, “Americans Are Falling Behind on Their $1.25 Trillion Credit-Card Bill,” outlines the issues facing the consumer. Soaring interest rates and stubborn inflation have led to highest delinquencies since the financial crisis; ‘a pattern of survival debt.’ In the first quarter of this year, the percentage of credit-card balances that were at least 90 days delinquent rose to 13.12%, according to data released in May by the Federal Reserve Bank of New York. That’s the highest level in 15 years, and the most since the period following the 2008 financial crisis. America’s total credit-card balance stood at $1.25 trillion in the first quarter, according to the New York Fed, up from $1.18 trillion in that quarter last year. That’s the highest first-quarter balance since the New York Fed began recording the measurement in 1999.

  

  

• I have written about the fear of AI job disruptions and am including a handful stories here. The first is from Apollo and outlines Torsten Slok’s thoughts around job creation from AI. The cost of doing a PET scan, CT scan and MRI has declined 70%, and as a result, many more of them are being carried out. As the number of scans has increased, employment and salaries for radiologists have increased. As AI makes many processes cheaper in finance, consulting and legal services, Jevons paradox suggests we should expect more demand and more jobs in those sectors. Apollo also believes AI is driving business creation. However, Morgan Stanley has a different view of AI’s impact on jobs. The story from Morgan Stanley outlines that 20% of Bank Jobs are toast.

  

  

  

  • The fourth story is about a famous math problem that stumped humans for 80s years and AI solved it. The math world is losing its mind over the new solution to an Erdős problem. This is what AI found, how we missed it—and why it matters. The last endorsement was especially weighty coming from a winner of the Fields Medal, one of the highest honors for human mathematicians. Even if AI never gets smarter, Gowers continued, we have already entered a new era.

    

    

• Sag Harbor is my favorite Hamptons town. It is quaint with no big chain stores and despite parking constraints, it is charming. The town was founded in the early 1700s and is home to approximately 3,000 full-time residents, with closer to 6,000 during the season. My daughter knows a young lady who works at the hottest diner in the Hamptons in Sag Harbor. It is called Babe’s and is a 1950s style dinner with eight stools. It is open for breakfast and lunch, and always has long lines. The staff is friendly, the service is snappy, and the food is solid. We started with a cinnamon roll that is made by a baker in Montauk. It was quite good. The chocolate chip pancakes had an amazing texture and were fluffy. I felt the chocolate quality could have been better. The dish that stole the show was the croissant with bacon, egg, cheese, and hash browns. It was one of the best egg sandwiches of my life. The lines are long and they don’t take reservations. Sounds as though they will be expanding to the building next door given the popularity of the restaurant. If you are staying from South Hampton to East Hampton, I strongly recommend an outing to Sag Harbor and Babe’s. They also have swag with cool baseball caps and vintage sweatshirts. It’s hip vibe, good food, and fun experience make it a worthy outing. I also felt the portions were ample. Just be prepared to have parking agita.

• Food-7.8

• Ambiance-9.3

• Service-9.1

• Price-Hamptons breakfast pricing. $20 pancakes.

Middle East

Sometimes, someone else can just say it better than you can, and that is the case with the Middle East. I have been critical of the proposals and Trump’s handling of the Iran situation. Since the statement below came out, the relations with Iran have deteriorated and oil has spiked with the Strait of Hormuz closed again. Rubio says U.S. is in talks with Iran over nuclear program as senators press for war endgame. My fear is that we strike a bad deal given Trump’s growing desire to end the war. The ramifications are dire, and I am not convinced Trump has the desire to get to the best outcome. On Tuesday, Rubio said Iran has mined “large segments” of the Strait. Also, Iranian drone attacks destroyed the Kuwait airport on Tuesday. However, Wednesday, Trump suggested Iran agreed to not have nuclear weapons, but “they can change their mind.” Based on everything I read out of Iran, I do not believe they will give up nuclear ambitions.

• Trump said to tell Netanyahu ‘you’re f**king crazy’ while demanding Lebanon truce: ‘I’m saving your ass. Everybody hates you now. Everybody hates Israel’

  • I have written for six weeks that Trump is looking for an off-ramp, and he is livid that Netanyahu has responded “disproportionately” to Hezbollah attacks.

• Israel Benjamin Netanyahu CNBC exclusive interview on Iran war

  • Interesting interview by Sara Eisen on CNBC. Clearly, Trump and Netanyahu are not seeing eye to eye and the leader of Israel is looking to finish the job in Iran.

• Iran issues horror threat to attack Israel as Trump’s ceasefire collapsing

• Israel captures medieval Crusader castle during fight against Hezbollah in Lebanon

• Iran shoots down US drone, attacks Kuwait — as American forces target ‘missile city’ island: ‘Our finger remains on the trigger’

• US military attacks Iran in ‘self-defense strikes’ over weekend

  • CENTCOM asserted it ‘will continue to protect U.S. assets and interests in response to unwarranted Iranian aggression during the ongoing ceasefire’

• US hits Iran’s Qeshm, says Tehran targeted Kuwait, Bahrain

  • This was Tuesday. Sure does not feel as though a deal is happening.

• Two Jewish women pushed out of Spanish spa, allegedly after staffers see Star of David necklace in disturbing video

Politics

• U.S. Proposes New Duties Over Forced Labor in Renewed Tariffs Push

  • Trump administration plans a new levy of at least 10% on dozens of trading partners. Here we go again.

• GOP Sen. Tillis slams Trump intelligence pick Pulte: ‘Don’t think he has a prayer’

• Trump still protected from tax enforcement, but anti-weaponization fund is dead, Blanche says

• The president's net approval rating is -25, down 1.1 points since last week.

  

• New York’s new sanctuary state laws are a recipe for chaos

  • I just do not support these sanctuary state laws that protect illegal immigrants and criminals from facing justice.

    

• Mamdani plans to spend $5.2M on his propaganda office: ‘Morally incomprehensible’

  • Massive budget deficits and Mamdani increased the Office of Mass Engagement staff from 14 to 40 people.

• Bill Maher blasts California’s education results, cites two surging red states

  • The host mentioned data showing Mississippi and Texas outperforming California in school outcomes and solar energy production.

• Hilton, Becerra lead in tight primary race for California governor

• Karen Bass advances to November runoff in L.A. mayoral race

  • Based on her response to the fires, I do not see how anyone could elect her. It is a major statement that two Republicans are doing well in the run for governor of CA and mayor of LA.

    

• ‘Like a Klingon prison’: inside Barack Obama’s audacious, near-windowless, $850m presidential library

  • This is incredibly ugly. $850mm for this?

Other Headlines

• Nvidia is investing billions into this emerging technology that could change the AI industry

  • Nvidia has committed at least $6.5 billion to companies developing photonics technology since March this year. Photonics is considered to be a more efficient way to transfer data than the current standard process of using more costly electricity running on copper, which is thought to be a major blocker to the rollout of AI.

• Nvidia jumps into PCs with new Arm-based chip debuting in laptops from Microsoft, Dell, HP

• SpaceX targets fixed $135 IPO roadshow price at $1.75 trillion valuation

  • The valuation would make Elon Musk’s firm the seventh-biggest company in the U.S., above Tesla, which has a market cap of about $1.6 trillion. Musk is incredible and is likely to become the world’s first trillionaire. As a result, the Progressives are taking aim. Let’s put this wealth into perspective. In 1980, Daniel Ludwig was worth $2-3bn to be the wealthiest man in the world. In 2000, Bill Gates had the title at $60bn. In 2020, Bezos had $113bn and was the wealthiest person in the world. Now, Musk is likely to have $1trillion soon, and is now at $824bn.

• Alphabet plans to raise $80 billion from stock sales to fund AI build-out

• Marvell stock soars 32% as Nvidia’s Huang says it could be the next trillion-dollar company

• Macy’s posts strongest Q1 growth in four years, raises guidance despite consumer worries

• HPE skyrockets 30% on biggest earnings beat since 2018

• Jamie Dimon says the next credit crisis will be ‘worse than people expect’ — here’s what big bank earnings have revealed

• The top 10 highest-paying jobs for teens in the U.S.—No. 1 isn’t retail or food service

• Beef prices are changing what Americans grill this summer

• Plunging global oil supplies threaten to push fuel prices even higher

  • Here is a chart of West Coast middle distillate (diesel) inventory. I have warned about the consequences of a prolonged closure of the Strait of Hormuz and can tell you that this chart concerns me regarding diesel prices. Given CA shut down so many refineries, they are reliant on Asia and with the Strait closed, Asia inventories are down and they are not exporting much. The West Coast will run out of diesel soon and that could lead to real problems. Major US oil executives have been sending warnings on diminishing reserves.

    

• NYC bus driver who couldn’t speak English charged in horror Virginia crash that killed 5

• Why do police stations continually label Hispanic criminals as White?

• University of California Professors Are Begging Schools to Reinstate the SAT

  • More than 1,100 University of California math and science professors are urging UC regents to reinstate college-entrance exams, saying that unprepared students are lowering academic standards and draining teaching resources.

  Trans-identifying cyclist wins two Oregon women’s races by combined 48 minutes under OBRA rules

  • OBRA rules allow members to self-select gender category based on identity, with no biological sex requirements. So if I self-select that I am a woman, I can compete against biological women under these rules. The man won by 48 minutes. What an amazing accomplishment. How this is even a discussion is beyond embarrassing. How can anyone suggest this is fair. Mike Tyson self-selects he is a woman 25 years ago. Who gets in the right with him? Let’s see how Victor Wembanyama at 7’5” does in the WNBA. How about averaging 70 points, 30 rebounds, and 10 blocks for a season.

• AB Hernandez closes high school career with 2 California state titles amid ongoing controversy

  • California gubernatorial candidates weighed in as the athlete’s final meet became a political. I am adamantly opposed to biological boys in girls’ sports. The California solution is to allow the biological girl to stand on the podium with the transgender winner. AB went two for three in state titles. Given she lost to a biological girl in the long jump, just think how she would have done against biological boys.

• ‘60 Minutes’ star Scott Pelley fired from CBS News after blasting Bari Weiss in heated showdown

  • This is getting ugly, and speculation others may follow.

• Another video surfaces of weirdos climbing out of NYC sewer manhole and no one knows what they were doing

• Everyone should ask these 3 questions before sending an email or talking in a meeting, says CEO coach

• Eva Longoria says this quality is more important than an Ivy League education: ‘Do you have the capacity to figure it out?’

• New York City Lost 150,000 Kids in 4 Years as Parents Fled to the Suburbs and Beyond

• Former Barclays CEO Jes Staley agrees to July 23 interview about Jeffrey Epstein by Oversight panel

  • He was my boss for a short stint. His email traffic with Epstein was troubling.

• Bill Gates told staff more than 20 affairs were claimed in his divorce during tense town hall meeting

• Meteor triggers loud boom and shaking felt across Massachusetts

  • Blast of energy equal to what it said was an estimated 300 tons of TNT.

• Ancient drinking habits revealed as researchers uncover 4,000-year-old beer receipt

  • Tablet digitized as part of project with Denmark’s National Museum, where it sat unstudied for years.

• Girl notices cracked ceiling above toilet before giant 130-pound python crashes into home

  • I would literally crap all over the place if a 130-pound snake fell in my bathroom. Take Malaysia off my vacation list.

Health

• Have We Gotten Calories Wrong All This Time? Study Challenges 130 Years Of Nutrition Science

• Doctors reveal healthiest fast-food meals and the menu items they say to avoid

  • Protein and fat should be prioritized in fast food choices, medical experts advise. I don’t eat fast food. I have not had McDonald’s since 1988.

• A hotly debated lung cancer drug cut the risk of death by 34% in a late-stage trial in China

• Quitting smoking could offer a major benefit beyond heart and lung health, study finds

  • Researchers tracked more than 32,000 adults over 25 years and found risk declined the longer a person stayed smoke-free

• Lack of sleep ‘fuelling cancer surge in under 50s’

  Insomniacs are up to three times more likely to develop some forms of disease

Real Estate

• There is a crazy fight going on at Fisher Island because developers purchased the 10-acre fueling station used by the cruise and shipping industry. The plan was to develop it into residential condo towers. Many residents of Fisher Island, where the median list price is around $12 million, welcomed the move. They hoped it would rid them of what they consider both an eyesore and an environmental hazard. Cruise lines, however, panicked over the prospect of losing their fuel supply, which jolted Miami-Dade County into action. The county is trying to buy the land, while some of the parties spar in the courts. The dispute imperils the port, which generates $61 billion in economic activity annually for the region. It has prompted criticism of county officials who some say should have stepped in earlier to prevent the sale of the parcel in the first place. And it has inflamed tensions between Miami’s growing legion of wealthy residents and the workers and small-business owners who prop up the city’s economy but increasingly feel priced out. A recent protest by opponents of the Fisher Island condo plans featured a banner reading, “Miami Yes, Billionaires No.” “We will be the only port in the country…without its own fuel depot, which is insane,” said Joe Garcia, a former Democratic congressman who organized the rally. But “it happens to be located in this billionaire paradise.” Will be interesting to see how this plays out. I cannot imagine that the city would allow the port to close without a solution given the damage to the shipping and cruise industries.

• Vancouver, Canada had seen an amazing run on the residential real estate front. A perfect storm of sustained high immigration and rampant foreign investment drove prices sharply higher. The geography also plays a part with the Pacific Ocean on the west and the Coast Mountain Range to the north. Add to it restrictive zoning laws with many historically-protected neighborhoods, and prices skyrocketed in Vancouver. I recall getting a tour of Vancouver about 10 years ago and the pace was on fire with bidding wars and prices that were shocking. Fast forward to today and overbuilding has led to serious price declines and developers in bankruptcy. It has turned into a buyer’s market with sales volumes crashing and prices falling. Prices are down 7-8% year over year with condos the hardest hit. For those interested, I have attached a bunch of short videos outlining examples and market thoughts from locals.

  • Vancouver-5,400 finished condos are sitting empty in Vancouver, the most in 24 years. The link gives reasons.

  • Vancouver-Sales across the metro area are -60% from 2021/2022. This has not been seen since 2008. Active listings are over 16k and growing.

  • Vancouver-A home bought for $4.5mm in 2016 sold for $3.1mm. In Florida, if you spent $3.1mm in 2016, it would be worth at least $9mm today in the right area.

  • House Vancouver-A house assessed at over $10mm was asking $8mm and sold for around $6.5mm. House looks stunning.

  • Consumer insolvencies and foreclosures are rising.

• I have been critical of the policies around squatters in many blue states, given the absurdity of the situations. You own a home, someone comes in illegally and takes it over, and in many blue states, your rights are limited. Look at the story of a man in NYC who has been fighting a 9-year squatter that is crushing the owner financially. He drained his daughter’s college fund. He OWNS the property and the squatter is winning. In what planet does this make any sense? Blue states allow criminals to have more rights than the owners. NOTHNG could get me to buy a rental property in NYC as a result of the absurd laws. This is one of thousands of stories of landlords getting screwed by idiotic rules favoring criminals over law-abiding citizens. Of course, the squatter’s attorneys are arguing she has the right to be there. The elderly tenant found her on Craigslist, she worked as a caretaker, the tenant died, and she never left.

© 2026 The Rosen Report LLC. All rights reserved. Does not constitute investment, financial, legal, or tax advice. Consult with your lawyers and professional financial advisers. Rosen Report™ #894 ©Copyright 2026 Written By Eric Rosen.

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Opening Comments

My last note compared Japanese and American school lunches. The differences are startling, as are the end results and consequences for adult obesity. The most opened links were Mike Cembalest’s latest research report and the CNBC article on kids with the best people skills.

My Buc-ee’s report continues to get a strong response, and it is clear there are millions of big fans across America. My note on Japanese school lunches and obesity issues in the US also struck a chord. The Japanese culture is amazing and having been to the country, it is one of my favorite places in the world. The people are so respectful. The country is clean and safe and beautiful. I got an amazing note from a man who grew up in Japan. Can you imagine kids in America cleaning classrooms? It would teach them to be far more respectful.

And a great piece about school lunch in Japan. Growing up in Japan, I remember every school had a large kitchen with nutritionists who cooked our meals from scratch every day. School lunch is called (kyushoku), and the meals are served by a group of students called “kyushoku-toban”. A group of students rotate every week, and they will transport the meals from the kitchen to their classroom and serve the entire class. Oh, we also don’t have a janitor either. Another group of students, who rotate weekly, cleans their classroom at the end of school every day. This Google Gemini note outlines the school cleaning in Japan and sets the record straight on janitors.

As a reminder, my readers are massive contributors to the success of the Rosen Report. Through countless story ideas, news articles, feedback, introductions… my notes are greatly improved, as it is impossible for me to cover the world alone. Also, my initial report was sent to 18 people in February of 2020. Due to only Only thanks to the word of mouth of my readers, it is read in 49 states and 104 countries (North Dakota readers please). I am travelling with my last 20 RR hats and have my new order coming in the next month. If you see me and want a hat, all you have to do is ask. I am leaving a handful in the Hamptons as well.

I leave for Park City tomorrow morning on the 7am flight out of JFK. I hope to have some great stories and pictures from my mountain adventures. Through the Rosen Report, I was already invited to a networking event in Salt Lake City on Thursday.

As an aside, it is shockingly chilly in NYC and the Hamptons between temperatures in the 50s and strong winds. I just was not prepared.

• Video of the Day-Special Needs Boy Plays in a Baseball Game

• The Power of Persistence

• Quick Bites

  • Markets

  • Consumer Pressure

  • Top Paying Jobs

  • Not Your Grandparents’ Boca Raton

• Middle East

• Politics

• Other Headlines

• Health

• Real Estate

  • NYC Passed the Pied-à-Terre Tax

  • Top 10 Most Affordable Housing Markets

Video of the Day-Special Needs Boy Plays in a Baseball Game

• What an AMAZING story of a special needs boy who played in a baseball game. There won’t be a dry eye in the house when you hear this story. These boys are good kids who have amazing parents. With all the mean people in the world and stories of bullying, this is a great feel-good story about a boy who had a special day thanks to some very good kids.

The Power of Persistence

I believe kids are far too soft today. Being successful at anything takes perseverance and thick skin, and too many parents—myself included—have coddled and overprotected their children. As a kid, I had doors slammed in my face countless times, and those experiences gave me the thick skin and the fortitude to keep fighting toward my goals. I hate the term "overnight success." It diminishes the hard work and accomplishments of the people who had to overcome so much to achieve remarkable results.

Many of my readers will remember the 1994 movie Forrest Gump, and this link tells the story of how Mykelti Williamson landed the role of Private Benjamin Buford "Bubba" Blue. At the time, Mykelti was working as an acting coach while pursuing his own career. Two of his students read for the part of Bubba. He suggested they consider a particular approach, but both went in another direction and didn't get callbacks. Mykelti called both students and asked whether they'd mind if he threw his own hat in the ring. They were supportive, so he set out to land an audition. The powers that be had zero interest in giving him a shot. So he called his agent and told him that if he couldn't get a reading, he was fired. Mykelti finally got a reading with a junior production person and KILLED IT. They recorded the session, and director Robert Zemeckis decided to set up a reading between Mykelti and Tom Hanks. Across the table, Hanks told him he loved his interpretation of the part. Mykelti got the job, and it became a major role for him—because he refused to take no for an answer and persevered. Here's the famous scene of Bubba and Forrest talking about shrimp, and here's the scene where Forrest first meets Bubba on the bus.

There are a million examples of perseverance, and it’s an important lesson for young professionals and children alike. Just because you aren’t successful on day one doesn’t mean you won’t be successful. Your career is a marathon, not a sprint—take the long-term view. Set goals and run through walls to keep progressing. Hard work and perseverance make up for a hell of a lot of shortcomings. Spend some time studying the careers of Henry Ford, Bill Gates, Walt Disney, Albert Einstein, and many others, and you’ll see they didn’t quit despite their initial failures. It’s not how you start; it’s how you finish.

When we started Reef Road Capital, a young analyst came in for a job. He was impressive—an Ivy League education, great ideas, and a clear, disciplined framework. But it was his demonstrated interest in the role that put him over the top. He wasn’t pushy, yet he made it clear through thoughtful emails and conversations that this was the job he wanted. I think if you asked him today, he’d tell you the role had a major impact on his career. He’s now a successful hedge fund PM.

Quick Bites

• New US strikes in Iran overnight led to higher oil on Thursday, but stocks did not sell off meaningfully. Also, Iran says it targeted a U.S. airbase. By Thursday afternoon, another ceasefire deal was announced, sending stocks into the green and oil back off the earlier elevated levels with the S&P and Nasdaq closing at record highs. Also, Thursday saw an elevated Core PCE rate of 3.3% annually and +.2% for the month of April. Core excludes food and energy, which are two elevated inputs into the overall inflation picture. On Friday stocks rallied yet again to bring the month to a close. Check out the first chart below outlining the major indices. What a month. Given the ceasefire discussion, yields have dropped with the 10-year at 4.37% from 4.69% on May 19th. Oil dropped due to the Iran ceasefire news and was -9% on the week and -18% on the month but remains +53% YTD for WTI. Earnings remain strong with 97% of the S&P 500 reporting, Q1 earnings growth is 28.6%. This is the highest earnings growth rate since Q4 2021.

  

• A combination of factors including bad weather, tariffs and a dwindling cattle herd are already pushing up grocery prices at an above-average pace. In April, they rose by the most in nearly four years, and economists say the impact of the Iran war and a potential El Niño weather pattern will only add to pressures into 2027. The hit to US household finances from higher grocery bills is set to intensify just ahead of the November midterm elections, amplifying affordability as a defining issue. And to a greater extent than the surge in gas prices, the slower-moving food shock will be difficult to reverse quickly because the size of autumn harvests is determined by planting decisions made in the spring. Tomato prices, meanwhile, surged 33% over the last two months after two winter storms brought widespread damage during the peak of the growing season in Florida — while shipments from Mexico were declining following the Trump administration’s imposition of duties on imports. At the same time, household debt is rising, the personal saving rate is falling, and real average hourly earnings fell in the 12 months through April for the first time in three years. The point is clear. Inflation is starting to squeeze the consumer, and it does not look as though things will improve materially in the near term despite some reprieve in oil.

• I thought this article that outlines the top paying jobs was interesting. How will it change over time? Physicians and surgeons dominate the nation’s highest-paying occupations, according to new federal wage estimates for more than 800 jobs in the U.S. Pediatric surgeons topped the list with an average annual wage of $502,050, followed by cardiologists at $454,940 and radiologists at $381,530. Airline pilots are the highest-paid outside of health care, with annual wages averaging $288,650. Chief executives followed at $269,630. Athletes ranked third at $206,180, though that’s skewed by top earners in the category. The typical athlete, measured by the median, makes around $67,000 a year, BLS data shows. One major item not factored in this analysis is education costs. To be a surgeon, you go to four years of school and four more of medical school. Then you do a multi-year residency. You start making any real money around 30 years old and have massive school related bills. I am not diminishing going into the medical field, but you don’t start making money until later and have a huge education costs that other fields do not have to consider.

• There is a NYPost article on Boca Raton, Florida (my home base), entitled, “Sleepy retiree haven in Florida is booming with hip new residents eager to launch their careers.” According to a new report from CoWorking Cafe, Boca Raton ranked No. 14 on the recent Top 20 US small cities for career growth list. The report noted that Boca has one of the “densest business environments in the entire dataset, at 12,640 establishments per [100,000] residents.” Boca isn’t a stranger to big business either: The first-ever personal computer was built on IBM’s Boca campus in 1981. Office Depot, Celsius, ADT and Canon all have a Boca headquarters. D-Wave Quantum Inc and Concorde investments recently announced moves to Boca Raton, and Kayne Anderson has an office in Boca as well. FAU reported receiving a record number of applications in 2024, a 27% increase from 2023. The influx of younger residents has also led to a rise in luxury rentals. The Post reported last year that nearly 8,000 apartment units are being planned in Boca, four times more than between 2022 and 2025. The real estate market is also healthy — and pricey. According to Zillow data, the average Boca Raton home value is nearly $563,000, while Redfin reports the average home sale price in Boca was $828,000 in March 2026. According to the National Reserve Bank of St. Louis, the median sales price of houses sold in the US in Q4 2025 was $405,300. I have lived in Boca for 9 years. I have seen countless families relocate to Boca and the average age fall in virtually every community. Lots of new restaurants have opened and far more NYC area folks now call Boca home. The proximity to Palm Beach and Miami is amazing, there are some high-quality private schools in town, great beaches, and the Boca Resort is a home run. The quality of life is remarkable, and it is no longer just your grandparents’ hometown. If you are looking to relocate to South Florida, I am assisting more families with their moves through Douglas Elliman.

Middle East

The headlines in the Middle East showed re-escalation, but a new ceasefire was struck pending Trump’s approval. The deal would open the Strait of Hormuz and Iran would need to remove all the mines within 30 days. Iran’s new “red lines” indicate its right to enrich uranium, maintain stockpiles of enriched uranium, and control the Strait of Hormuz. I continue to write how the Iranian regime is not to be trusted, yet Trump continues to look for off-ramps. Despite the headlines below, it appears we close to a ceasefire. Trump is making a determination on the Iran deal, and I am a bit confused. What Trump says and what is coming out of Iran are at odds, and I have no way of knowing the truth. Trump says “Iran must agree” to never have a nuclear weapon. The leaders in Iran don’t seem to have that same view and claim uranium enrichment is a “red line." I have been critical of Trump and his negotiating skills and this post from Kobeissi does nothing to placate my fears. The NYT is suggesting the new plan includes a $300bn reconstruction fund for Iran. Late Saturday, a report came out that Americans were injured by an Iranian missile strike in Kuwait. Trump, they are playing you and this is making American look incredibly weak. Things seem to be deteriorating as of Saturday evening. The Israel parade is in NYC today and Mamdani is the first mayor to skip it in 60 years.

• US carries out new strikes in Iran against military site, official says

• Kuwait air defenses activated against ‘missile and drone threats’; U.S. carries out new strikes in Iran

• Iran says it targeted US airbase in retaliation of latest strikes on Tehran after ‘threat around Strait of Hormuz’

• US launches new strikes in Iran targeting military site that posed threat to troops, commercial shipping

• Israel ‘hits ancient site’ as it pushes deeper into southern Lebanon

  • Israeli military restarts airstrikes on Beirut after a 900-year-old crusader fortress is apparently struck by ‘direct hit’

• Israel shuts schools near Lebanon border amid repeated Hezbollah rocket, drone attacks

• Hezbollah fires barrages of rockets and drones at north as IDF expands south Lebanon op

• US has allowed some tankers from Qatar to cross Hormuz despite payments to Iran

  • What a disaster.

• Iran may have used Chinese missile to shoot down U.S. fighter jet

  • China may also have provided Iran with a long-range early-warning radar that spots stealth aircraft meant to evade detection

• Oil exports through the Strait of Hormuz might not return to levels seen before the Iran war

• Attacks on Jewish sites stir fear ahead of New York’s Israel Day Parade

Politics

• Jill Biden says she was “frightened” by Joe Biden’s 2024 debate performance, thought he was having a stroke

  • I wrote extensively prior to the 2020 election; I felt Biden was cognitively impaired. I felt strongly that he was not mentally fit for office in the last election and was critical of the administration, senior Democrats, and the Biden family for allowing him to run. Jill should be ashamed that she pushed her husband to run despite knowing of his cognitive decline.

• Trump in ‘excellent health’ after latest checkup, president’s physician says

  • He gained 14lbs and is borderline obese. His diet is awful. I find “excellent health” to be a stretch. However, a resting heart rate of 73 ain’t bad for an 80 year old.

• Crazy X post showing what a journalist videoed inside the Newark ICE protest

  

• Trump appointees push $250 banknote with his portrait

  • The printing director who resisted the effort said she was reassigned last month. “The buck stopped here,” she wrote in her goodbye. I thought this was not a real story, but it appears to be true. I believe historically, there was a ban on a living president from being on US money.

• Mamdani slammed after revealing why he’s boycotting NYC’s Israel Day Parade: ‘I’ve made my views clear’

  • He “disagrees” with the Israeli government, so he is not attending the parade. How did Jews actually vote for this clown?

• Minnesota pair bilked $21 million in state funds meant for autism services

• Spencer Pratt explodes in fundraising charts as desperate ex residents bankroll campaign to reclaim LA

  • Spencer Pratt’s ads will change the way political ads are done. These ads are amazing and this new AI ad is absolutely hysterical. His best yet. What was the cost on this? Not much. Apparently, they take less than 30 minutes to make. However, Polymarket has Karen Bass as the frontrunner.

• Graham Platner’s Wife Flagged Sexually Explicit Texts to His Senate Campaign

  • The wife of the Maine Democratic Senate candidate last year told the campaign about texts she had found between Platner and other women. This is the same guy who has a Nazi symbol tattoo. Shockingly, he has support, but given global Jew hate it is no longer that surprising.

• Controversial law to completely ban ALL hunting and fishing in US state edges closer despite voter outrage

  • The law would also prevent using animals in rodeos.

• Satellite images show China is building nuke launch pads and bunkers

• Trump CANCELS America’s 250th birthday concert as he blasts ‘boring, overpriced singers’ and compares big event to troubled Kennedy Center

Other Headlines

• Fed’s Kashkari says inflation fight takes priority as labor market is ‘in decent shape’

• Interest on the national debt is eating a record 19% of federal revenue — and watchdog warns it will get worse

  • No one discusses debt, deficits, and spending more than I do. Houston, we have a problem. Yellen missed a major opportunity to refinance trillions in debt at 1% for 10 years, while every major CFO in America refinanced the corporate debt when rates were at historic lows.

    

• How 28 Americans amassed the greatest fortunes in US history, from railroads to tech

• The wealthiest investors are pulling money out of the U.S. in the ‘de-dollarization’ trade

• 600 OpenAI employees scored $6.6 billion in a single day — with 75 of them walking away with $30 million

  • SpaceX skeptics have added reason for concern after Musk comments diverge from IPO filing

  • The confusion has to do with the SpaceX/Anthropic leasing agreement.

• Snowflake’s stock surges nearly 40% as AI acceleration drives record product-revenue growth

• Salesforce’s beat fails to convince the market that software can survive AI

  • The stock is -28% since January despite being +8% in May.

• Gap shares tumble 14% as retailer cuts sales guidance after disappointing Old Navy performance

• Dell stock skyrockets 32% for its best day ever as AI server revenue soars

  • Dell made nearly $35bn himself on the stock move. Not bad for a day’s work.

• Jamie Dimon says JPMorgan Chase could spend $20 billion on acquisition: ‘We are on the lookout’

  • Jamie, I have an idea. There is an amazing newsletter called the Rosen Report. I know the handsome author and believe I can get him to sell a touch under $20bn. It is great value and clearly an acquisition that JPM needs if it wants to continue to dominate. Think of the synergies and branding opportunities.

• Mercedes-Benz may be shut out of U.S. market under bill aimed at Chinese automaker ownership

  • Mercedes’ largest individual shareholder is BAIC, a Chinese state-owned automaker.

• The Myth That Sports Stadiums Create New Jobs and Tax Revenues

  • I have always questioned these municipalities footing the bill for these massive stadiums and this article outlines why it does not make sense for taxpayers.

• Mark Cuban predicts these types of businesses will disappear in the next 10 years

• Google employee accused of making $1 million from insider trading on Polymarket

• Blue Origin’s New Glenn rocket explodes during testing in Florida

• I’ve studied over 200 kids—the ones with ‘exceptional’ social skills have parents who do 9 things early on

• 1 in 3 American men are not working in nearly 20-year low

  • Just 66% of men were employed or actively seeking a job as of April, a nearly 20-year low from 73% in 2006.

• NYC tourists will face even stiffer hotel rates, skimpier services after ‘shocking’ new labor contract

  • NYC hotels have become offensively priced, and this new deal will only make matters worse for the consumer.

• Nearly 60% of Americans say they’re too broke to have fun

• New York City’s Other Violent Crime Problem

  • Murder is down, but assault is up—a dangerous sign. Murders are -36% from the peak in 2021 and shootings are at the lowest levels since records began in 1993. However, last year, there were almost 30k felony assaults, a 44% increase over 2019. In addition, there were approximately 46k misdemeanor assaults, +8% from 2019.

• United flight diverted to Wisconsin after passenger’s ‘multiple attempts’ to breach cockpit, crew member says

  • What are the consequences? I vote life in prison.

• Why ex-CIA officer David Rush’s $40M gold bar case could point to ‘large-scale cover-up’ — as expert reveals painstaking vetting process

• 14 Celebrities Who — Yes, It’s True — Killed People

  • I did not know about all of these.

• Peter Thiel moves family to Argentina to flee high taxes — and potential nuclear war, AI meltdown

• Italy on red alert as France, Portugal beat hottest May day record

• Unique NYC bar with tomato cocktails named North America’s best of 2026

• Giants’ Jaxson Dart breaks silence on controversial Trump introduction

  • His statement is amazing. There is no chance he wrote it, but the message is great. Any President from any party should get respect.

• Escort demand surges ahead of NYC, NJ World Cup matches — as $10K-per-day sex worker reveals unusual new client request

Health

• Why cooking one meal a week at home reduces your dementia risk

  • Kitchen duties fire up parts of the brain responsible for planning, timing and problem-solving, which can help stave off cognitive decline. Given the amount I cook, dementia should be out of reach.

• A sleep-time ‘sweet spot’ is linked to healthy aging, study finds

  • Turns out 6.4 to 7.8 hours of sleep a night might be ideal. Here are some tips on how to get the “just right” amount.

• Doctors push new blood tests for colon cancer as cases surge in younger adults

  • Early-stage detection yields a five-year survival rate of more than 90% in the US, studies show.

• WHO puts Ebola outbreak death rate at ‘huge’ 30-50% as chief arrives in DRC

Real Estate

• I have written extensively about how badly I feel cities such as NY, Chicago, LA, DC, San Francisco, Boston, and others are run. You cannot tax your way to prosperity. I have been critical of Mamdani on basically every one of his policies given they are horrible. The pied-à-terre tax passed last week on second homes over $1mm. The tax will impact approximately 10,000 properties in NYC. Details on the tax obtained by CNBC show that the property tax would take effect in two different phases. In the first two years – the tax years 2026-2027 and 2027-2028 – condos and co-ops valued at more than $1 million by the city’s Department of Finance will be subject to the tax. Properties worth between $1 million and $3 million will face a 4% annual tax; properties valued at $3 million to $5 million will face a 5.25% tax; and those above $5 million will face a 6.5% tax. While the tax seems large, experts say the city’s antiquated assessment and valuation system dramatically undervalues properties, reducing the burden. City valuations can often be 10% or less of the true market value, they said. They will now push to revalue the properties higher to collect more tax starting in 2028. Rather than cut all the wasteful spending, illegal immigrant payments, fraud, and abuse, they want to tax the rich. Remember, the people with second homes are paying real estate taxes and not sending kids to school or consuming resources. Now, they are hit with more taxes. I sold my place in 2016 and have never looked back. If you want to sell your place in NYC, I have a team of partners that I am working with for NYC.

• The top 10 most affordable housing markets in America are almost all in red states, and only one of them is in the Northeast, according to a shocking recent report. Pittsburgh, Pa., is the cheapest large housing market in the US — with its resident Yinzers living in the only big American city where buying a home costs less than renting, according to a report by AmeriSave. Typical housing values in “The Steel City” were around $240,000 as of April 2026, more than $180,000 less than the national median of around $426,000. The second cheapest city, Decatur, Ill., is the only one of the top 10 to be located in a blue, or Democratic-leaning, state. Median home values in the manufacturing and agricultural hub are just $89,855, less than twice the city’s median income of $49,714. Many of the remaining cities are located in the Midwest, which has seen historical population losses in recent decades. But what they may lack in glamour compared to New York City and Los Angeles, they make up for with far less punishing costs of living and more stable employers. Wichita, Kan., known as the “Air Capital of the World” because of its high-paying aerospace industry, has a cost of living 11% below the national average. There is not one of the top 10 cheapest cities I would ever live in under any circumstances.

  

  

© 2026 The Rosen Report LLC. All rights reserved. Does not constitute investment, financial, legal, or tax advice. Consult with your lawyers and professional financial advisers. Rosen Report™ #893 ©Copyright 2026 Written By Eric Rosen.

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Opening Comments

My last note was about ticket prices and band compensation at Woodstock in 1969 compared with Coachella in 2026. The price of entertainment venues has become offensive. One of my loyal readers connected with a bandmember who played at Woodstock and sent him my note. Check out the quote from the performer. “Not only is Rosen’s chart accurate but our check bounced. The good news was that the fame of performing at Woodstock gave us the career that we wanted.” The power of the Rosen Report is real. I have so many amazing stories of readers sending my notes to the people I write about including Barry Manilow, and countless restaurant owners and Wall Street titans. The most opened links were Mark Cuban’s Shark Tank investments and the story on students switching majors due to AI.

My piece on my love affair with Buc-ee’s has generated so many comments and emails. Check out the picture below. I need a picture of Buc-ee in a Rosen Report Hat.

I left the South Florida heat and headed to the Northeast for a handful of days before going to Park City. I am at my club in Marion, MA now, then to Southampton, NYC and off to the mountains for much of June and July. I ordered new hats as my large order ran out, as demand far outstripped supply. I was going to change it up, but why mess with perfection? This hat is guaranteed to make you look 20 years younger.

Everyone loves Mike Cembalest’s thoughtful pieces, and this is his latest outlining Warch, investing in China AI, and prediction markets.

• Picture of the Day-Julia Graduated from High School

• Japan vs. US: A Tale of Two Lunches

• Quick Bites

  • Markets

  • Memorial Day Weekend Inflation

  • Bank on America on Market Valuation

  • AI Study on Education

  • AI Chatbot Relationships with Boys

• Middle East

• Politics

• Other Headlines

• Health

• Real Estate

  • $85mm Manalapan, FL Estate Sold

  • Hot Housing Markets

  • Most Expensive Condo in Boca Sold

Picture of the Day-Julia Graduated from High School

Well, it is hard to believe the Rosens are officially empty nesters, as Julia graduated from high school last Thursday. She is now off to NYC and the Hamptons for the summer, as she is working at Guizio in Soho in June. Julia is an incredible young woman who has a smile that can light up a room. She has a lot of charisma and will thrive wherever she goes. It is hard to believe that my kids are now adults and so grown up. Seems like yesterday they were on my shoulders and now in heels, Julia is about 11’ tall. My wife’s close friend, Darcy Miller, made the table setting arrangements, and she is incredibly talented.

Japan vs. US: A Tale of Two Lunches

I have written extensively about my concerns over obesity and the health of Americans despite GLP-1 drugs. The latest CDC data I found showed that 40.3% of adults aged 20 or older are obese and 72.4% are overweight. Given the wonder drugs, let’s assume these numbers have improved in recent years as the Gallup data suggests. Even with the small improvements, Americans still face a major health issue tied to weight.

Let’s take a look at American children. The latest CDC data shows 21.1% are obese and another 15.1% are overweight. Childhood obesity rates have more than tripled over the past 50 years in America, and the trend is having a major impact on the healthcare system. I believe video games, smartphones, computers, and streaming, coupled with processed foods, and out-of-control portions, have all played a part in this debacle.

In the US, public schools across the country have made strides over the past 15 years in the quality of food, but significant challenges remain. The 2010 Healthy, Hunger-Free Kids Act definitely made a dent in improving school meal programs, but we have a long way to go. Processed foods and ultra-processed foods remain common in schools, as do added sugars. A Stanford study found that parents’ instincts were right: School meals are high in added sugar, and on average, school meals contain eight teaspoons (33 grams) of added sugars per day, which is two more teaspoons than the American Heart Association recommends as a daily limit.

Now let’s consider data from Japan where the adult obesity rate is approximately 5%. We should note that there are slightly different definitions of overweight, but it is a fraction of the rate of American children. When it comes to “excess weight,” Japanese data suggests roughly 9% of kids are in that category.

I found this short video of a British man who visited Japan and found some astonishing results. He made a very deliberate comment on how ALL kids walk to and from school alone starting at 5 years old, which is a great form of exercise. Each school is mandated to have a school nutritionist by LAW! It is a challenging designation requiring three years of school after receiving a teaching degree. ALL processed food is banned in Japanese schools. Every meal has to be prepared from scratch every day. Students are not allowed to bring a packed lunch. Could you imagine that in the US? The nutritionist’s job is to use those healthy meals to educate kids about proper diet. One of the teachings includes a discussion of only eating until you’re 80% full. Compare that to what US schools teach about health and diet. No wonder the US data is so bleak on obesity across all ages. The Brit went on to say that he did not see one overweight child in the school. When he interviewed kids about their favorite food, they said broccoli, seaweed, and rice. He thought the kids were trolling him with their answers. The children were taught to eat healthy food. What would a kid in the United States say? I am guessing they would say Doritos, Oreos, pizza, French fries, and chicken nuggets. Please watch the video.

Remember, life expectancy in Japan is 85.2 years, one of the highest in the world, while the US is 79.8 years. Houston, we have a serious problem with obesity rates in the US… and GLP-1 drugs are not enough. We need to have better nutrition programs at schools and educate kids about proper diets. The chart below compares the average man and woman from the USA to the average in Japan. Note the massive weight and waist differences. A lot of the health problems in America can be traced back to these issues (cardiovascular disease, stroke, type 2 diabetes, cancer, liver disease, osteoarthritis, sleep apnea, kidney disease, and more).

I sent my piece to my friend and longevity expert, Dr. Jason Shapiro, and this was his take: "In my opinion, Japan appears to approach school meals as preventative medicine, while the United States treats nutrition as an afterthought. In my integrative internal medicine practice, thoughtful, anti-inflammatory nutrition is the foundation of every patient's health plan. And guess what… it actually works."

Quick Bites

• The weekend news of a likely deal with Iran sent oil prices -6% and stocks +.7%, despite the fact that I am not convinced the terms are in favor of the US based on initial expectations. However, Sunday and Monday there was another escalation with the US striking Iranian boats and Iran vowing to retaliate, which caused oil to gain momentum and stocks to slightly sell off from highs. The S&P hit yet another record led by Micron’s 19% rally. On Wednesday, as of 12:30pm, oil was -4% on contradicting reports about the Strait opening. Stocks were mixed with the Dow slightly positive, while the S&P and Nasdaq were down slightly.

• This is a good CNBC article about the impact of inflation on American consumers. Total inflation for shoppers rose 3.8% in April from the same month a year ago, the highest annual rate since 2023, according to federal government data released this month. Prices for travel, recreation and food saw especially sharp increases, draining Americans’ wallets as they ring in the unofficial start of summer. Consumer sentiment officially came in at its lowest level on record in May, according to survey data from the University of Michigan released Friday. The outlook was battered in part by spiking oil prices amid the Middle East war, which is almost three months old. Jack flew to Nashville for the long weekend, and flights each way were almost $600 on Southwest in coach with the lowest fare. The price of travel is out of control. This CNBC article, “Americans are ‘entrenched’ in financial stress amid debt and price pressures, “ goes into the issues facing consumers.

  

• Michael Hartnett (Global strategy) notes that the upcoming mega IPOs are set to push the share of US market cap accounted for by large AI stocks to almost 50%, a level of stock-market concentration not seen since the railroad boom in the 1880s. He notes that strong price action, rising retail enthusiasm, and compressed volatility all point to bubbly market conditions. He argues that a spike in inflation, triggering higher bond yields, is the most likely catalyst to bring the equity-market bull run to an end. He also highlights that his Bull & Bear indicator has risen into extreme-bull territory, sending a contrarian sell signal. “Consensus is max bullish and yields are breaking out to the upside; this suggests some profit taking here; but no one is cutting longs in stocks before historic IPOs. The big top policy tightening will come after inflation hits 4-5% in coming months.”

  

  

• I continue to write about AI disruption on jobs and education. A Wharton economist ran a randomized controlled trial on high school students in Turkey for math. Nearly a thousand high school math students in Turkey were split into three groups and put through four sessions of ninety minutes each. One group practiced with GPT Base, a standard ChatGPT-4 interface that could answer any question directly. One group practiced with GPT Tutor, a version of the same model that had been prompted to guide students with hints rather than hand them the answer. One group practiced with nothing but their textbook and their own head. During the practice sessions, the AI groups looked like a miracle. The GPT Base group solved 48% more problems than the students working alone. The GPT Tutor group solved 127% more. Then the actual exam came, and AI was not allowed. The students who had practiced with GPT Base scored 17% worse than the students who had practiced alone. Seventeen percent worse, despite having solved nearly half again as many problems in the sessions leading up to it. The students who had struggled the most, who had sat with the confusion and worked through it without a tool to rescue them, were now the only ones who could actually do the math when it counted. I was a bit surprised that the AI tools resulted in lower test results and gave a false sense of security to the students.

• This story on AI disruption has nothing to do with job displacement or impact on schools but is a serious concern. New research has revealed that one in five boys aged 12-16 is either in or knows of a boy their age who is in a romantic relationship with an AI companion. A report carried out by men’s organization Male Allies UK and published last month spoke with more than 1,000 boys aged 12-16 in focus groups in 37 schools – public and state, grammar and comprehensive, and across a range of Ofsted ratings – up and down the country. Peer-to-peer focus groups were set up where boys could speak freely, with the aim of diving into their behavior and attitudes, and it was the boys who wanted to talk about AI technologies. The findings make stark reading: eight in 10 boys (85%) have had a conversation with a chatbot, with 43% saying they talk to bots so they can ask questions without feeling embarrassed. More than a quarter (26%) say they like the attention and connection over real-life equivalents, and (36%) admitted that they prefer speaking to AI chatbots rather than to their family and friends at times. Birth rates have crashed in the US from 3.6 per woman to 1.57 since 1960. The younger generation is less likely to get married or have children. With the proliferation of AI chatbots making young men and boys feel as though they are in a relationship, how will this impact society and birth rates? Sorry, it just cannot be a good thing. Nor is the popularization of social media and kids not interacting in person, but via DMs Snaps, texts… Look a person in the eye and have a conversation!

  

  

Middle East

• Details emerge of a potential Iran deal as Trump says not to rush

  • I continue to feel that Trump lost an opportunity for a true win in Iran. These terms look bad to me and far less than Trump promised. This is a major disappointment and a win for a truly evil regime. It was clear to me for weeks that Trump was looking for an off-ramp, and he took it. However, Iran has agreed to “surrender uranium and open Hormuz.”

• Trump convenes rare Camp David Cabinet meeting as Iran deal pressure grows

• Why Trump’s possible Iran deal may be almost as divisive as his decision to wage war

• US military says it struck Iranian boats, missile launch sites, cites self defense

• Piper Sandler says Strait of Hormuz to remain closed for months and oil to hit new highs

  • I do not believe this to be true, but if it is, I cannot envision a scenario where stocks are not lower.

• After Trump call, Saudi source says no normalization with Israel without ‘irreversible pathway’ to Palestinian state

  • WOW!

• Harvard’s ‘Continued to Fail’ on Antisemitism ‘Like It’s Their Strategy’, Need to Look at Their Foreign Funding

  • Sheryl WuDunn will serve as vice chair of the Board of Overseers executive committee to help pick the president and govern the university. She is married to Nicholas Kristof and was picked anyway. Kristoff wrote an opinion piece in the NYT using unnamed sources with allegations of rape of Palestinian detainees by Israeli forces. Let’s just say that these people are no friends of the Jews, as the article has been blasted by US officials. Jews, do not give Harvard $1.

• Park Slope Food Coop passes controversial Israel boycott in divisive, chaotic meet attended by over 7K members

  • Jew hate is growing. This is happening in NYC which has a massive Jewish population.

Politics

• Trump’s Handling Of Economy Hits All-Time Low, Quinnipiac University National Poll Finds; Voters Prefer Dems To Win Control Of House But Give Them Poor Marks For Current Job

  • Lots of poll info in the link on Trump approval rating, Iran, gas prices, spending…

• Manic Trump kicks off Memorial Day with 6:15am rage post

  • 104 words before he used a period. I sure hope the press is wrong about early indications around the Iranian peace agreement. I have written for over a month that I felt Trump was looking for an off-ramp. I just hope he negotiated from a position of strength. The Iranian regime is awful on every level.

• Trump faces questions about age and health as he heads to Walter Reed

  • Donald Trump built his 2024 campaign on questions about Joe Biden’s health. Now, as he approaches his 80th birthday, he faces scrutiny of his own.

• Paxton bests Cornyn in Texas Republican Senate primary after Trump endorsement

• Liberal Occupations and Conservative Occupations

• Jamie Dimon tells NYC’s Mamdani to ‘grow and build’ or watch more jobs flee

  • CEO says he’ll judge Mamdani by actions, not words, noting JPMorgan has more employees in Texas than NYC.

  • Please listen to Mayor Mamdani and his plans to “transfer ownership” from landlords to the “community.” Capitalism is dying in NYC. The irony is not lost on me. I warned everyone about this guy. 30 second video. MUST watch. The 2019 rent laws made it impossible for landlords in rent stabilized buildings to succeed.

• AOC takes more steps toward 2028 run for president

  • Despite his horrific tenure as governor of California, Newsom is the leading Democratic candidate for 2028 according to Polymarket.

    

• Open borders have many costs, and the chart below outlines a major one.

  

• Russia hits Ukraine with hypersonic missile in one of the war’s biggest attacks on Kyiv

• No refunds for 15,000 Australian ticket holders after Candace Owens’ tour cancelled

Other Headlines

• Three Forces Pushing Rates Higher Across the Curve

  • Front-end rates are under upward pressure because inflation is higher for longer. The belly of the curve is seeing upward pressure on yields because of hyperscaler issuance. And long-end rates are moving higher because of more Treasury supply and less Fed demand.

    

• Bond Strategists Warn Yields to Stay High Even If Iran War Ends

  • Signs indicate that other drivers, such as large public debt burdens and the AI investment boom, are having as much of a bearing on longer-term borrowing costs as war-related inflation fears. Real yields, which strip out inflation, have had a greater impact on bond investors, suggesting that they aren’t just worried about price pressures from the Iran war.

    

• I Now Believe Our National Debt Is a Problem

  • If you’re not worried about this country’s fiscal outlook, you’re not paying attention. I have been writing on this topic for years. Our deficits and spending are out of control, and our debt is approaching $40 trillion with no reprieve in sight. The population is aging, birth rates are dropping and AI will displace more workers. The status quo is not the sound option, but politicians fear the tough choices that need to be made (Entitlement Reform).

• Oil market at ‘tank bottoms’ in Asia, and Europe isn’t far behind, warns market veteran Jeff Currie

• Evercore ISI’s Emanuel: July 4 could be ‘breakpoint date’ when oil prices spark an economic downturn

• Micron hits $1 trillion market cap for the first time as stock surges 19%

  

• After receiving backlash, the CEO of Standard Chartered apologizes for hurt over saying ‘lower value human capital’ will be automated by AI

  • He was my old boss.

• The AI economy is rewriting the American dream — and blue-collar workers are poised to win

  • College makes less sense everyday.

• ‘The market has spoken’: Ferrari shares fall after carmaker unveils first fully electric vehicle

  • I don’t want a Ferrari EV.

• Deranged Luigi Mangione fangirl says she would kill her own pharmacist mom if she became a healthcare exec

  • What the hell is wrong with people?

• It’s China’s Answer to a Rolls-Royce—and It’s Stuffed With Gadgets

  • The Maextro parks by itself and features a 40-inch screen with some 40 speakers. I have written about this car previously. It looks remarkable and has crazy features for a fraction of the cost of a Rolls.

• Barriers grow for international students seeking U.S. jobs: The ‘American dream ... is collapsing’

  • Approximately 84,000 international students will earn bachelor’s degrees from American universities this year. In 2025, 306,000 international students were working toward master degrees and 153,000 towards doctorates. The tight job market with AI disruptions is making it challenging for these students to find work.

• I’ve worked with over 1,000 kids—the ones with the best people skills use these 6 phrases

• These People Visited the ‘Other Side,’ and Came Back Completely Changed

  • People who return from death don’t just believe differently, they live differently, and with a change that rarely fades.

• Viral teen takeovers unleash chaos nationwide as malls, beaches and restaurants become battlegrounds

  • Incidents have erupted from DC’s Navy Yard Chipotle to a Georgia beach pier, Detroit streets and a Wisconsin mall. I wonder how we could put this to an end. Maybe, have serious consequences for the behavior?

• Tourism plummets for first time in 20 years as visitors avoid Trump’s America

  • The U.S. saw a significant decline in international visitors in 2025, with travelers from countries including Germany, India, and Australia all down. In 2025, the U.S. saw approximately 4 million fewer international visitors compared to the previous year, marking a 5.5 percent drop in overseas tourism. Spending by foreign visitors also fell by more than $8 billion.

• Hawaii and Florida top list of best US beaches for 2026, according to ‘Dr. Beach’

• Knicks fans already paying nearly $280K for courtside NBA Finals tickets as team nears historic berth

  • It’s been 53 years since the Knicks last won an NBA title, and at least two fans are willing to break the bank. The world has gone nuts. I don’t care how much money you have or how big of a fan you are. $280k for two tickets is idiocy.

• Trans track star sweeps three events, shares first-place podium and qualifies for CA state meet yet again

  • Trans athlete AB Hernandez turned in first place finishes in long jump, triple jump, and high jump. For the life of me, I do not understand how allowing a biological male to compete in women’s sports is good for anyone.

• Two Men Arrested for Creating AI Deepfake Porn

  • “This case makes clear that posting deepfake pornography is not a victimless crime.”

• Check out this video of a little girl destroying boys in Jiu-Jitsu

Health

• Anxiety Diagnoses By Pediatricians Up 300% in 10 Years, Study Shows

  • I blame social media.

• When you lost your virginity may impact how well you age

• Hantavirus is gaining ground in the US, startling researchers: ‘Widespread and complex virus’

• Surprising research reveals why you shouldn’t add bananas to your smoothies

• 5 common walking mistakes that could hurt your progress, according to an expert

  • Dr Milica McDowell says the 10,000 steps per day benchmark is a ‘marketing myth’ and recommends a different range.

• Health alert after two suspected Ebola cases detected in Italy – as WHO warns epidemic in DR Congo ‘extremely serious’

Real Estate

• An $85 million lake-to-ocean estate in Manalapan with its own discreet tunnel to the beach is under contract to a buyer. Cindy and Ron McMackin, who own the engineering subcontracting firm Pan-Pacific Mechanical, are selling the seven-bedroom, 11-and-a-half-bathroom mansion at 1660 South Ocean Boulevard, according to the Multiple Listing Service and property records. The 22,900-square-foot home has 2-acres. Benedict Bullock Group designed the property, and Marc-Michaels handled the interiors, according to the listing. The Mackins paid $38.9 million for the property in 2020, the year the house was built. They purchased the estate after selling their Palm Beach mansion at 1480 North Lake Way to Sylvester Stallone for $35.4 million.

• I did not see this story coming on Hartford, CT. The hottest housing market in America is in a downtrodden Northeast city that people have been fleeing for the last 75 years, according to a shocking new report. Hartford, Connecticut, has seen a remarkable recovery — with Nutmeggers competing furiously for the surprisingly affordable homes that go up for sale, according to Zillow’s 2026 hot housing market report. Typical home values in “The Insurance City” were $382,000 in October 2025. Two-thirds of homes in Hartford sold above their asking price, and there were 63% fewer homes for sale than there were pre-pandemic, pushing up demand, according to Zillow. It’s one of several surprising cities with robust housing markets, where demand is far outstripping supply.

  The second-hottest city is Buffalo, New York — where homes averaged $277,000 and 65% of sales closed over asking. The New York City area clocked in at no. 3 — with nearly half of homes going for over asking, and home values rising 2.9% last year. The average sale price was $704,000.

• South Florida has seen a massive increase in home prices since I moved down 9 years ago. A condo just sold for $14.5mm. I believe that is the highest price for a condo that has closed in Boca. It was 5,029 ft and in the Boca Beach House. The $2,883/ft price is as high as I recall in Boca and is close to higher end units in West Palm Beach that can go between $3,000-4,000/ft. I have been to the Boca unit, and it is amazing. Views are stunning and has a dock for a boat. Personally, despite the building being very nice, I would rather live on the west side of the intracoastal in a condo where I can walk to all the restaurants and shops. However, if you have a boat and want to live on the water, this building is very nice. Prices in the building are double to almost triple what people paid in 2019 when the units initially went under contract. It was delivered in 2023. In 2024, there was a $9.5mm deal at 1000 Ocean or $2,676/ft and another one for $9.5 or 2,218/ft. In 2023, there was another deal at 1000 ocean for $9.2mm or $2,244/ft. In 2023, there was a combo unit at 1000 Ocean that sold for $13mm or $1,741/ft in 2023. A PH at the Alina sold for $10mm or $1,853/ft in 2025. Pre COVID pricing was far lower than these numbers.

© 2026 The Rosen Report LLC. All rights reserved. Does not constitute investment, financial, legal, or tax advice. Consult with your lawyers and professional financial advisers. Rosen Report™ #892 ©Copyright 2026 Written By Eric Rosen.

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Opening Comments

My last note was about my love affair with Buc-ee’s gas stations. Those who have been to Buc-ee’s were in full agreement, and I received dozens of emails from die hard Buc-ee’s fans with their stories and gear. The most opened links were the two Eric Church commencement speech videos (abbreviated & full) and the link to the idiotic Congresswoman who was on video twerking.

I received a call suggesting that I had created a new JPM account and was sending large Zelle transactions. The phone number that called flashed “JP Morgan Chase” and looked legit. I told him I did not open a new account or send large Zelle transactions. He gave me his work ID #, name, and work address. He asked me to go into Zelle and put in a code. I said, “I am not doing anything other than calling my JPMorgan banker.” He hung up on me. Be careful with these scam calls. It looked and sounded very legit. JPM confirmed no new accounts were set up and no new Zelle transactions took place.

• Video of the Day-The End of Flat Tires?

• Woodstock to Coachella: The Price of Rock

• Quick Bites

  • Markets

  • Concentrated Bets-Stan Druckenmiller

  • US Domination in Markets

  • Men Participating in the Labor Force is Crashing

  • AI Headlines on Job Impacts

  • CNBC Top Disruptor Companies

• Middle East

  • Trump/Iran

• Politics

• Other Headlines

  • SpaceX Valuation

• Health

• Real Estate

  • LA Mansion Tax Consequences

  • US News Best City To Live

  • 12,000 Ft UWS Mansion

Video of the Day-The End of Flat Tires?

I often put Jake vs the State videos in my notes, as I think he does a great job in his succinct pieces that are always informative. In today’s video, he outlines a new polymer that you can spray on the inside of a tire to prevent it from going flat even when punctured. It is already available in some Tesla, Volkswagen, and Ford models. Think about the impact on all those tire centers in terms of fixing flats and replacing damaged tires.

Woodstock to Coachella: The Price of Rock

I have often written about my frustration with ticket prices for concerts and sporting events. I am a big fan of this new rocker, Yungblud who talks about the insanity of ticket prices and is creating venue to make it more affordable. It got me thinking about Woodstock, and I was shocked to learn how little acts were paid in 1969. The 3-day show cost $18 ($168 inflation adjusted) in advance and $24 ($224 inflation adjusted) at the gate, while single-day tickets were $6.50. People could buy tickets at record stores! Remember those? Also of note, the organizers behind Woodstock actually lost $1.3mm putting on the event, but eventually made a little off album and movie sales. Think about that for a second. Arguably, the best concert in history, and the organizers lost money. Two big issues: 1) They did not put a fence around the event and people crashed it, and 2) they did not account for traffic jams and many people could not make it, so they gave refunds.

I also found it funny that Sha Na Na and Santana were paid about the same, while the Grateful Dead made $2,500 ($23,50 inflation adjusted)! For perspective, the 2015 “Fare Thee Well” 50th anniversary tour for the Dead with 5-shows generated $52mm in ticket sales, not including concessions. I am not sure their cut, but you get the idea.

Now let’s fast-forward from Woodstock in 1969 to Coachella in 2026. Headliners at Coachella got between $4-10mm. The article suggests that Sabrina Carpenter and Karol G’s fees were in the $4-7mm range for headlining Friday and Sunday nights. In 2018, Beyonce earned $8mm at Coachella. Karol G (no clue who this is) makes $5mm and the best bands of all time made a few hundred or a few thousand in 1969? Are you kidding me?

General admission tickets for Coachella 2026 cost $649, up 51% from $429 in 2018. With roughly 125,000 attendees per weekend and two weekends, ticket revenue alone approaches $160 million before any corporate money comes in. Add sponsorship deals from American Express, BMW, and H&M (American Express alone reportedly pays $5 million annually), plus the revenue from food vendors, bar sales, and on-site merchandise, and the total gross is well above what’s needed to cover the $50 million to $80 million estimated artist payroll.

As someone who loves music and enjoys playing the guitar, I am disgusted by how much it costs for concert tickets today. My wife and daughter went to see Taylor Swift and, between tickets and fees, spent over $5,000 to see a show. It is not as though they had front row seats. Swift generated over $2bn in ticket sales over 149 shows for the Eras Tour and averaged over $13mm/show. Wait. There is more. The average Swiftie spent $106 on food and drink and another $159 on merchandise.

Listen to the short video on Yungblud and his take on the situation. I like the way this young man connects with his audience, and he moves a bit like Jagger. Yungblud sold out 24 dates of his 2026 North American tour in LESS THAN 60 seconds! His shows were priced between $40-90 for general admission with some as low as $26. Let’s go Yungblud! I hope more artists start thinking about their audiences and affordability. I vividly remember so many concerts as a kid (Chicago, Billy Joel, Rush, Black Sabbath, 38 Special, Ted Nugent, the Who, and more). The tickets at the Hollywood Sportatorium were $10-20 in the 1980s. When I was a kid, going to a concert was nothing special given the price. I took a bunch of dates to concerts in high school with money I made from delivering pizza or valet parking cars. Sorry, that ain’t happening anymore. Today, getting into any real act seems as though you won the lottery. Something has gotta give.

Quick Bites

• Nvidia reported after the bell on Wednesday and data center revenue almost doubled, however the stock was -1.8% after earnings. On Thursday, stocks were higher and oil fell slightly on a potential agreement with Iran. In Peter Boockvar’s Friday morning report, he outlines his concerns that some of the weaker Treasury markets are due to foreign selling, inflation, and deficit concerns. I feel his points are hard to argue. He also pointed out higher shipping costs in recent months, due to higher oil and Red Sea shipping limitations, which will also impact consumer good prices. Friday, stocks rallied, while Treasury yields fell, pushing indices to another positive week. The S&P was +.9% (eighth straight winning week), and the Nasdaq was +.5% on the week. The strong stock market is despite another new low in consumer confidence. This CNBC article goes into detail on the consumer data. Although the 10-year Treasury yield fell 5bps on the week, it hit 4.69% before closing at 4.56% on Friday.

  

  

• When it comes to investing, my readers know my hero is Stan Druckenmiller. I believe he is the best investor of our time with a 30+ year track record of over 30% returns with no down years. I cite his views often. I found a LinkedIn post by Ignacio Ramirez Monero on Druckenmiller and thought I would share the main theme according to Stan: "You don't get rich by diversifying into 50 mediocre assets. You get rich by finding 2 or 3 asymmetric home runs." This is hard to do. Taking concentrated bets can lead to amazing wealth or bankruptcy. Look at the wealthiest individuals on the Forbes 400 list and almost all of them at the top have taken remarkable concentration risk. The other issue is you need to be able to withstand major drawdowns when you have concentrations. This is a 25-second video of Stan Druckenmiller outlining the asymmetric payout of his most famous trade. I am no fan of George Soros and what he has done to our country, but I must give him credit for teaching Stan the importance of properly sizing your investments when fat pitches come around.

  

• Look at how the US dominates the world in total stock market value. The US holds over 55% of the global market value. Of note, 24 of the top 30 companies by market value are in the US. Americans are more innovative, we have the largest capital markets in the world, and access to capital is key. The US also has a major venture community that will back start-ups. The US consumer is an impressive animal as well. We have many of the top colleges and universities and strong intellectual property laws. This Dispatch article goes into more details in the article, “Why America Is the World’s Corporate Headquarters.” Note the last chart about GDP and how Europe and Japan have crashed over the past 30 years, while only the US and China have grown.

  

  

  

  

• The labor force participation rate among “prime age men,” age 25 to 54, in the 1950s approached 100%. Now it is 89 percent, meaning roughly 11% are not in the labor force (neither working nor looking for work). Among all men older than 16 years of age, the rate is a devastatingly low 66%, so about one-third are gone. Among U.S.-born men, nearly 22% are gone. The explanations for this are all over the map. Disability ranks at the top. But we aren’t really talking about wooden legs and paraplegics here. This traces to mental disorders, substance abuse, obesity and chronic disease, low motivation, pharmaceutical injury, and general lethargy and demoralization. The number of men who live with parents has tripled since the 1950s, when the expectation was that you would be kicked out of the nest at 17 and return only for holidays and special occasions. Men (especially non-college) living with parents are 20 percent less likely to be in the labor force than those living independently. I was shocked by the statistics on this topic.

  

• I have written extensively about AI disruption, especially on the job front. Take a look at the headlines and click on the articles below. This is coming fast and furious. You can find links about the impact on college students, CEO takes on job elimination, and even the impact on the movie industry.

  • ‘We’ve given them the short end of the stick’: Business school dean says AI could eliminate many jobs for young people—even as they lead innovation

  • The AI economy is rewriting the American dream — and blue-collar workers are poised to win

  • 42% of students are switching majors because of AI — these 5 career paths are still safe

  • Dimon Says JPMorgan Will Hire More for AI, Fewer Bankers

  • Airbnb CEO Brian Chesky warns two types of people won’t survive the AI era: ‘pure people managers’ and workers who resist change

  • California’s Intuit to slash thousands of jobs, cut workforce by 17%, internal memo shows

    • The article suggests the company will be embracing AI.

  • Marc Andreessen doesn’t mince words on why AI coding agents are better than humans

  • Cloudflare posted record revenue, then cut 20% of its workforce. CEO Matthew Prince says AI has made an entire category of workers obsolete

  • This Cannes Film Cost $500,000 to Make. $400,000 Was AI Compute Costs.

    • ‘Hell Grind,’ a 95-minute fully AI-generated film, premieres this week at Cannes, where questions around the technology’s encroachment remain center-stage. Watch the trailer here. No way I can tell it is fake.

  • Billionaire Block founder Jack Dorsey suggests radically reshaping manager roles in the age of AI

• I generally include CNBCs top 50 disruptor companies in my note and there were some big changes this year. Companies across the economy raced to embrace AI over the past year rather than risk being left behind by it, and that’s put the generative AI enterprise leader on the verge of surpassing OpenAI in valuation and above its rival on our annual list. The domination of AI as a theme has not changed, but it has intensified and it is increasingly being reflected in the top-heavy nature of the Disruptor 50. Forty-three of the 50 companies in the 2026 list class say AI is essential to their disruptive business models. Total funding across the 2026 Disruptors rose to $337 billion, up from $127 billion in 2025 — an increase of more than 2.5x. Total implied valuation, skewed by the massive sums being raised by the top AI firms, climbed to $2.4 trillion from $798 billion, roughly tripling year over year. In the new AI era, with the technology critical to so many business models, Silicon Valley dominates on the Disruptor map. Fourteen companies on this year’s list are based in San Francisco, with 18 in the Bay Area, and nearly half overall (23) based in California. That includes all but one of the top five companies, with the exception of Ramp.

Middle East

There are things I feel Trump has one well in his 2nd term (closing the border, leveling the trade playing field, energy policy, reduction in regulations, pro-business, tough on crime, DOGE…), I have been critical of Trump’s handling of Iran. I feel that despite aggressive threats, he has taken his foot off the gas and has been negotiating out of weakness. He announced Saturday evening that an Iran deal to open the Strait of Hormuz is “largely negotiated.” You will excuse me if I just do not have confidence that the ultimate deal with Iran will be a good outcome relative to what Trump’s original goals (destroy nuclear ambitions, eliminate military capabilities, stop the funding of militant groups, and regime change). Clearly, it would also include a free and open Strait of Hormuz. If the story below is true, this is an awful outcome and bad for Israel. It would release $25bn in frozen Iranian assets and halt fighting on all fronts. Discussions of Iran’s nuclear program are put off for 30-60 days. WHY? I have written extensively that Trump has been looking for an off-ramp and sadly, it appears to be a good deal for Iran.

People, the Iranian leadership is filled with murders and bad people. You cannot believe anything they say. They will violate any pact and must be stopped. Iran with any nuclear capabilities is a non-starter.

• Supreme Leader says enriched uranium must stay in Iran, Iranian

  • In this Reuters article, Iran’s top negotiator suggests that the US is not an hones party and Iran will not compromise.

• Iran rebuilding military industrial base faster than expected, already producing drones, according to US intel

• F-15s, F-35, MQ-9 Reaper Drones: US Report Says 42 Aircraft Lost In Iran War

  • Is this true? The article suggests it includes jets and drones. The aircraft losses and damages include four F-15E Strike Eagle fighter jets, one F-35A Lightning II fighter aircraft, one A-10 Thunderbolt II ground-attack aircraft, seven KC-135 Stratotanker aerial refueling aircraft, one E-3 Sentry airborne early warning-and-control system aircraft (AWACS), two MC-130J Commando II special operations aircraft, one HH-60W Jolly Green II combat search-and-rescue helicopter, 24 MQ-9 Reaper medium-altitude long-endurance uncrewed aircraft and one MQ-4C Triton high-altitude long-endurance uncrewed aircraft.

• Israeli bombardment reduces buildings to craters in southern Lebanon

  • These strikes happened Friday and Saturday. Trump said he was “50/50” on if he could force a peace agreement with Iran. He said he would likely decide by Sunday (today).

• UAE says new pipeline that will bypass Strait of Hormuz is nearly 50% complete

• Ivanka Trump targeted for assassination by IRGC terrorist in twisted plot to avenge president taking out his mentor

• I have often written about media bias against Israel and this short video is amazing. This is yet another example of pro-Palestinian propaganda that makes its way around the internet.

Politics

• Secret Service kills man who opened fire at White House security checkpoint

  • A bystander was also wounded in the shooting at a checkpoint near 17th Street and Pennsylvania Avenue, and the White House was briefly placed on lockdown. How dumb are these people? Do you think you are getting by the Secret Service?

• IBM, Quantum Stocks Jump After Trump Administration Awards $2 Billion In ‘Powerful Endorsement’

• Backlash to Trump’s $1.8B settlement fund delays GOP immigration bill

• Trump’s Approval Rating Among Republicans Sinks to Record Low in Fox News Survey

  • The national poll, conducted between May 15 and 18 among 1,002 registered voters, found Trump’s overall approval rating sitting at 39%, with 61% disapproving of his performance.

• Below is a Real Clear Politics Poll

  

• Poll shows voter confidence in economy plummeting to a nearly 4-year low

  • This is from WaPo, so take it with a grain of salt, but I do agree that the impact of inflation, the war, gas prices, and AI concerns are hitting the consumer.

    

• Democrats’ 2024 autopsy blames Biden operation for Kamala Harris’s loss to Donald Trump

  • No blame for Harris and her horrible campaign or countless word salads?

• Tulsi Gabbard resigning as Trump’s intelligence chief

  • She cited her husband’s bone cancer as the main reason behind the decision. However, other articles suggest she was “pushed” out.

• A $5 Million Donation From Big Tobacco Preceded F.D.A. Vape Decision

  • Reynolds American’s contribution to MAGA Inc. came about one week before the Trump administration announced a new policy on e-cigarettes the company had sought.

• Judge tosses federal charges against Kilmar Abrego Garcia

• 15 charged in Medicaid schemes that potentially netted whopping $90M

  • Let me get this right. Most of the fraud was in the Progressive Congresswoman’s district (Omar) and she knew NOTHING about it. The fraud was primarily perpetrated by Somalis and Omar’s net worth went from about zero to $30mm before being revised back down. Aimee Bock is charged with being the mastermind of the fraud and look at her comment below. Listen to Nick Shirley on this topic.

    

• Owner of daycare in viral Nick Shirley video charged in $4.6M daycare fraud scheme, prosecutors say

  • Trump administration froze $185M in Minnesota childcare funding after YouTuber’s video exposed allegedly empty centers. Good on you Nick Shirley for exposing massive fraud. The video is interesting as the woman being thrown under the bus is American and there are literally dozens of Somalis involved.

• Jeff Bezos blasts Mamdani for casting billionaire Ken Griffin as a ‘villain’ in Hizzoner’s viral video filmed outside NYC penthouse

• JPMorgan’s Jamie Dimon has blunt message for ‘ideologue’ Mamdani: ‘I don’t care what he says’

• Leftist Seattle mayor admits Starbucks criticism ‘caused more harm than good’

  • These socialist politicians are driving away wealthy individuals and corporations with the constant vilification of wealth and business. Nothing could get me to start a company in CA, WA, IL, MN, NY…Why? So many other cities and states embrace business and have policies to help you.

• Russia arms missiles with uranium in new Ukraine attacks

  • Investigators find harmful levels of radiation emanating from unexploded air-to-air missiles

Other Headlines

With SpaceX, OpenAI and Aura going public, the IPO market is coming back. Although I am a HUGE Musk fan, I do not see how I could justify a $1.75 trillion valuation on SpaceX based on the numbers. I would think there will be a better entry point from a valuation perspective. SpaceX is losing billions/quarter and has debt. Given revenues in the $18bn range (2025), we are looking at 100x+ multiple of sales. With sales forecast to be $23bn in 2026, it would be in the 75x range valuation. Having said that, Musk is the man, and some smart money will be behind him. The key man risk with Musk is a major issue, but the current valuation talk seems aggressive to me.

• SpaceX Filing Reveals $4.28 Billion Loss, Musk’s Tight Grip

  

  

• Gas prices ‘likely’ to shatter record of $5.03 a gallon this summer, experts warn

  • This must hit the consumer and impact spending. I spent $80 to fill up my tank the other day.

  

• Walmart issues worse-than-expected outlook as high gas prices hit shoppers (stock -7%)

• 7 words from new Fed chair Kevin Warsh that portend a significant shift in central bank ideology -- but are investors paying attention?

• IT Capex Now Accounts for More Than a Third of S&P 500 Capex Spending

  

• Billionaire Bill Ackman says he made $2.5 billion in just 10 days by predicting the economic impact of the COVID-19 pandemic

• Billionaire Mark Cuban Sells Bitcoin As ‘Narrative Disappoints’

• FBI announces US violent crime rate plummeted by fastest rate in nearly 90 years

  • Violent crime fell 9.3%. I love it. Let’s have consequences for actions.

• An Atlanta judge let a man WALK OUT of jail early for beating a woman's face so badly, he shattered her orbital bone on a public train

  • It gets better. Two months after his release, he stabbed a woman to death and then assaulted a postal worker with a rock. The criminal justice system continues to fail the law-abiding citizens of this country with idiotic policies on violent criminals. He should get life with no parole.

• Lefty billionaire George Soros funneled $7 M to groups pushing woke bills that could spring NY’s worst killers, including ‘Son of Sam’

  • Why is this good for America? Why is having no consequence for crime going to help Americans? Why is letting repeat offenders out to re-commit more violent crime good for anyone but the criminals?

• Southern California chemical tank at risk of exploding as 40,000 residents are ordered to evacuate

• San Diego Mosque Shooters Hated Basically Everyone, Possible Manifesto Shows

• Mark Cuban: 'I’ve gotten beat.' After investing 20M into his first 85 Shark Tank investments they lost money

  • I am surprised by this statement.

• Iconic Las Vegas burger joint closes its doors, blames rising costs for city’s decline

  • Clearly, beef prices are skyrocketing, and Las Vegas traffic is down. This article outlines beef prices for Memorial Day cookouts. Not pretty.

• College career path ‘over’ as skilled trade get 30% pay bump, recruitment giant says

  • Every day that goes by, I am more convinced these overpriced private colleges make no economic sense. Between AI, lack of jobs, what is being taught, indoctrination, idiotic projects, and the cost, I am turned off by colleges and universities.

• Increasingly Obsolete Postal Service Exposes Failure of Government-Run Enterprises

  • I wrote a piece about the ineptitude of USPS.

• Waymo suspends all freeway rides over safety

  • Sorry, I am not getting in these for a while. Not ready for prime time.

• Wild brawl breaks out over seating at Catholic kindergarten graduation ceremony

  • What role models for kids. Watch the video. What the hell? The fight over seating led to a melee of epic proportions.

• Pentagon video reveals moment F-16 ‘blew apart UFO’ over Michigan

  • Took place in 2023. I don’t think this was an alien aircraft or it would have evaded the US pilot. I bet this was a drone.

Health

• I’m a cardiologist. These are the mistakes midlifers make that lead to heart disease

  One Harley Street specialist on how an irregular sleep routine, ‘fat-free’ foods and even the wrong mouthwash can quietly damage your health

• WHO chief says Ebola outbreak in Congo is ‘spreading rapidly’ and upgrades risk assessment

• New surgeon general’s advisory raises alarm about screen time risks for kids and teens

• I’ve studied happiness for 15 years: If you do these 9 things every day, you’re more emotionally resilient than most

Real Estate

• Interesting WSJ article entitled, “Los Angeles Tried to Tax Mansions. Apartment Construction Tanked.” Developers say the levy is making L.A.’s housing shortage worse. The city is considering changes. In 2022, Los Angeles voters approved a new levy on sales of the city’s most expensive properties. Proponents dubbed it a “mansion tax.” Revenue was earmarked to help struggling renters and build low-income housing as the nation’s second-largest city was dealing with a spiraling homelessness crisis. Opponents of the tax—including some former supporters—said the levy is making Los Angeles’s housing shortage worse. Local and state policymakers are now considering whether to modify the tax and ease some of its complicated requirements. Deep-pocketed opponents are trying to repeal it outright. “There have been some unintended consequences,” said Miguel Santana, chief executive of the California Community Foundation, a nonprofit that supported the tax when it was on local ballots in 2022. The levy claims 4% of the gross value of most property sales starting at $5.3 million and then jumps to 5.5% for sales at or above $10.6 million. The money is set aside for nonprofit affordable housing built by a local union that campaigned for the ballot initiative, as well as for rental assistance and eviction defense. You cannot tax your way to prosperity, and these idiotic politicians are learning the wealthiest constituents have options. They include TX, NV, FL, TN…

  

  

• US News and World Reports picked Carmel, Indiana as the best place to live for 2026-2027. Among more than 850 cities analyzed, Carmel ranks in the top 2% for quality of life. Carmel also earned high marks across all other scoring categories, including desirability, job market and value. Residents of Carmel describe this small city as friendly and welcoming, with a walkable downtown and top-tier public schools. Just about 20 miles north of Indianapolis is Carmel, Indiana, a fast-growing suburb of more than 100,000 residents that manages to retain its small-town charm.

• This article outlines a 12,000 square foot mansion on 75th and Riverside Drive in Manhattan that was built in the late 1890s. The 34’ wide home was purchased in 1996 for $2.15mm and is listed now for $65mm after an extensive renovation. The house has 8 bedrooms, three kitchens, and six fireplaces. The pictures are amazing and the views are remarkable. The finishes and details are stunning despite not being my vibe.

© 2026 The Rosen Report LLC. All rights reserved. Does not constitute investment, financial, legal, or tax advice. Consult with your lawyers and professional financial advisers. Rosen Report™ #891©Copyright 2026 Written By Eric Rosen.

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Opening Comments

My last note was about the barter transaction between Cartier and an industrialist for a mansion with pearls. The most opened links were the rape at UC Santa Barbara and the 103-year-old doctor’s rules for a long, happy life. Although there was good feedback on my video on the Cartier story, I did not see enough participation to do it regularly.

There was a mistake in my last note. A spell check changed the headline on the Hantavirus situation. This is the correct headline and link-CDC says there are no U.S. hantavirus cases currently, 41 people being monitored.

Julia graduates from high school tomorrow and leaves for NYC on Friday morning. Jack is off to Nashville with friends for the weekend, and I will be heading to the northeast for a few days before I am off to Park City, UT, on June 1st. I have a new client and need to find a house in Southampton, and I will be checking out some properties. If you will be out in Park City in June/July let me know at rosenreport@gmail.com.

• Video of the Day-Eric Church’s UNC Commencement Speech

• In Buc-ee’s We Trust

• Quick Bites

  • Markets

  • Musk/Twitter

  • Ken Griffin on the Power of AI-CONCERNING

  • Musk Loses Court Case

  • High School NIL

• Middle East

  • Eye-Opening Bill Maher Video Outlining Jew Hate

  • Trump TACO…AGAIN

• Politics

  • College Indoctrination

• Other Headlines

• Health

• Real Estate

  • Miami Shrinking but Wealth Growing

  • Hamptons Cooling for Tuxedo Park?

  • Greenwich Update-Shrinking Inventory

Video of the Day-Eric Church’s UNC Commencement Speech

Eric Church ABSOLUTELY crushes this commencement speech at UNC. The few minute video is one of the better excerpts from a commencement speech I have ever heard. Using his guitar, he gives life lessons. What amazing advice. Eric, I have a feeling others will be asking you to speak based on this fantastic message. Here is his full speech and performance.

In Buc-ee’s We Trust

For those of you who have never been to a Buc-ee’s, you are in for a treat. I had never been to one before my recent trip to Texas. Buc-ee’s is described as a chain of 55 gas stations/convenience stores. However, it is so much more. These places are HUGE and sell a massive array of products. The two I visited (Temple and Hillsboro, Texas) were 70k and 74k feet respectively. Temple has 112 gas pumps, and Hillsboro has 120. Think about that for a second. For perspective, the average Wawa is about 5,500 square feet and 16 pumps.

The founder, Arch “Beaver” Aplin III was frustrated with how disgusting bathrooms were in rest stops and gas stations and vowed to have a consistent and clean experience. The stores are stunning, and the bathrooms are spectacular. At the Temple location, there were three attendants making sure the men’s room was spotless. There were sanitizer dispensers next to every urinal and bathroom stall. These were the nicest bathrooms on a highway stop that I have ever seen.

The offering in the stores is overwhelming. I could have stayed for 30 minutes. They have a ton of different food and snack choices and literally hundreds of drink options. In terms of merchandise, they have more clothes and tchotchkes than humanly imaginable. The prices are shockingly reasonable, and I bought my daughter a great hoodie for $25. She asked me if I could get her another one, as it is so soft and “cushy.” They have so many of their own products, including jerky, ice cream, fudge, clothing, nuggets, spiced saltines, chips, dips, jams, sauces, rubs, and more.

Buc-ee’s has a cult following for a reason. This link outlines the 16 Buc-ee’s products that are hilariously southern and include buckets of bacon grease, deer feeders, a jerky wall, and more. The company is private, but estimates are revenues approaching $3bn with stores in the $50-100mm in annual sales. The business is a gold mine for good reason and is growing at a rapid rate with new stores popping up constantly. The largest Buc-ee’s is scheduled to open in Fort Piece, Florida late next year and is expected to be over 76k feet and have 120 gas pumps, 17 EV charging stations, and almost 800 parking spaces.

You had me at clean bathrooms. How many times have you gone to a gas station bathroom and were disgusted by the conditions? That will never happen at Buc-ee’s. I now feel morally obligated to attempt to visit all the Buc-ee’s locations possible and am considering a tattoo. Too much?

Quick Bites

• Monday, stocks were slightly lower despite the fact that Trump delayed Iran attacks. On Tuesday, oil fell slightly with stocks, as chip companies under performed given higher rates. Bond yields ticked higher with the 10-year yield hitting 4.67% and the 30-year reaching 5.19%. The Fed does not control the long end of the curve. Check out the 2nd chart on mortgage rates which are at the highest levels in almost one year. The 30-year fixed is +76bps since February 23rd, 2026. Yes, inflation is part of the issue, but the US approaching $40 trillion of debt and running deficits of 5-6% in perpetuity is not helping matters. From Peter Boockvar: Fitch updated us with their April default figures yesterday for companies they follow in private credit. It rose to 6% which is the most since they started doing this in August 2024. On Wednesday, Trump said the war will end “very quickly,” something we have heard before. The comments sent oil -6% and rates sharply lower, with the 10-year yield -10bps. The Nasdaq and Russell outperformed and were +1.3% and 2.2%, respectively as of 3pm on Wednesday. Nvidia earnings after the bell, but I had to send early due to a meeting.

  

  

• I was very critical of Musk’s purchase price for Twitter. I wrote extensively about how it was overvalued. I was shown the deal to participate and was a “hard pass” as a result of the $44bn price tag. At one point, investors marked down the equity by up to 75%. I looked brilliant. However, Musk did a transaction where SpaceX owns X and xAI resulting in Twitter shareholders owning 5% of SpaceX. On its own, I think the Twitter deal would have proven to be a questionable deal, but with SpaceX shares, this Inc. article suggests a nearly 200% return for shareholders. The SpaceX IPO would let X shareholders cash out their shares and see a return on those early investments. If I had to do it again, I would not have participated in the Twitter transaction given the valuation.

  

• I have written regularly about AI disruptions and given numerous examples. I am of the belief that AI will displace millions of workers in the coming years. This short video of Ken Griffin outlines his concerns about job displacement. Ken Griffin went home on a Friday, "fairly depressed" after watching AI agents at Citadel do work that used to take teams of PhDs in finance months to complete. Done in days. "These are not mid-tier white collar jobs. These are extraordinarily high skilled jobs being automated by agentic AI." This is the head of one of the most successful hedge funds in history saying the people he pays seven figures to analyze markets and structure deals are being replaced by software that works in hours instead of months. I spoke with a partner in a private equity shop who used Claude to analyze a deal recently. He said, “The output took a couple hours and it would have taken two analysts 5 days. Why would I ever hire another analyst? Numerous major companies have announced AI related layoff (1st chart). Think about how many job losses will take place by 2030 as models improve and AI adoption is more prevalent. Meta’s layoffs started this week, as the harsh reality of AI’s impact is taking hold. The Coinbase CEO claimed 92k tech workers have been laid off in 2026, and other companies will be following in short order. Famed biologist Richard Dawkins is now convinced AI is conscious after spending 72 hours with Claude. However, I continue to find errors when I use AI tools to help me do research. Just the other day I asked for a simple chart of yields of foreign bonds over time and found inconsistencies with actual data. Also, a supercomputer “predicted” the outcome for the PGA event last weekend and below you can see actual relative to the model. Let’s just say, not very good. For more proof of AI’s impact, check out this story on computer science majors seeing the largest enrollment drop of any major. Google also announced a slew of AI advances and a personal AI assistant is on the way. How many jobs will it displace?

  

  

• Musk lost the court case against Sam Altman and OpenAI, as the jury felt Musk’s claims were filed outside of the statute of limitations. I am not a lawyer, but putting the 3-year statute of limitations aside, I feel Musk was screwed here. Musk invested in a nonprofit, and I feel he should have been entitled to a big chunk of the company based on the fact that OpenAI changed to a for-profit venture. I wonder what the verdict would have been had the timing been different. Musk plans on appealing.

  

• High school sports have become a big business with ramifications for NIL for college. High-school transfers have surged in Florida as players chase field time and winning teams in the age of big college paydays. Florida is different. School-choice laws mean athletes transfer easily, often without losing a moment on the playing field. In the age of Name, Image and Likeness compensation, the result is a first-of-its-kind high-school transfer portal that some insiders warn may be the future of scholastic sports in America. Teens in Florida, especially in the lucrative sports of football, basketball and baseball, jump from school to school chasing playing time, winning teams, talented teammates, connected coaches and anything else that might put them on the radar of colleges, boosters and corporate sponsors with millions to spend. In this academic year alone, interscholastic officials have recorded 7,028 athletic transfers, up from 5,688 last year. Elite football players commonly pass through two or three schools and some students transfer eight times, according to a top regulator.

Middle East

I am a fan of Bill Maher and feel he calls balls and strikes. Here is a great video of him talking about Jews and Israel. He is calling out the hypocrisy of how Jews are treated by the media and pushing back on Democrats. He gives examples and calls out professors and influencers who promote Jew hate. The examples of hate are so concerning, but what is even more depressing is that antisemitism has become mainstream. Please watch the short video. Jews are under siege, and it is happening globally. Maher talks about Jew hate being a cool thing right now.

I have written extensively about Trump’s lack of credibility on Iran, and he just postponed attacks yet again, just as I outlined he would in recent notes. He makes all these grand statements each week about destruction, ending civilization, bombing to the Stone Ages, and walks them back every time. I was critical of Obama’s “Red Line” with Syria and must be even more critical of Trump. He has made threats for weeks and backed down every time. The Jerusalem Post story on Tuesday after Trump backed down yet again, outlines the fact that Iran does not intend to surrender. Iran is threatening to take the conflict “beyond the region” if the US and Israel resume attacks. Iran’s parliament is also set to vote on a bill offering 50mm Euro reward for killing Trump, Netanyahu and Brad Cooper (CENCOM commander). However, Trump reiterated that a deal is in “final stages.”

• UAE and Saudi Arabia report drone incidents as Iran war deadlock drags on

• Iran captures vessel, sinks another as Hormuz conflict intensifies (Monday)

• Israeli missile strike in eastern Lebanon kills Islamic Jihad commander, teen daughter

• Iran rejects US nuclear demands as Germany urges G7 role

• I have written extensively about how biased the media reporting is against Israel and pro-Hamas. This short video 100% backs my views. I crushed the Gaza Health Ministry for lies about civilian deaths. Listen to this former AP reporter.

• Netanyahu ‘blunder’ threatens US-backed Israel-UAE alliance at critical moment with Iran

• Nick Kristof’s incendiary Israel abuse claims spark civil war at New York Times: ‘I’m sick of being embarrassed’

Politics

I have written extensively about indoctrination at K-12 schools, colleges, and universities across America. I mentor over 100 kids a year, and they tend to be in college or young professionals. I have more data on this topic than most people. What I have learned is concerning, and I would say the same thing if it were indoctrination from the right. I literally have hundreds of examples of things that administrators and professors at top schools have said to students, vilifying White people, rich people, Jews, pushing the genocide story in Gaza, supporting pro-Palestine demonstrations, and more. There is a 3-minute audio in the link and you need to hear what is being taught in college. In a mandatory anti-racism class, Penn State told 1L law students they must “acknowledge the reality of systemic racism” and “dismantle systems that racialize, subordinate, and oppress.” Welcome to college in America. It is far worse at liberal arts schools, especially in the Northeast or in places like California. Musk re-posted the chart below:

• President says he’s adding ‘over 600’ prescription drugs to TrumpRx site

  • Trump claims number of medications available via the discount program will increase nearly sevenfold

• Republican Rep. Thomas Massie loses Kentucky primary

• Acting AG Todd Blanche faces questions on $1.7 billion ‘Anti-Weaponization Fund’

• Dem Michigan congressional candidate Shelby Campbell roasted for posting unhinged twerking videos

  • You can find the video online. The language is VERY strong. Why would anyone post this video absent an OnlyFans model? A candidate for Congress? What is wrong with people?

• New York City Unions Keep Winning Six-Figure Salaries

• Hotel housekeepers, commuter rail workers and nurses are among the unionized workers who have notched big wage gains. Mamdani is screaming about massive deficits and the need to tax the wealthy while he is giving everyone raises, which will only make the deficit worse. The average commuter train worker already earned an average of $135k before the raises.

• Another great ad from Spencer Pratt as a takeoff on the “Fresh Prince of Bel Air”

• LA woman illegally paid homeless people to register to vote — including at her own address

  • This took place over 20 years. She used her home address to get mail-in ballots for homeless people.

• Moscow rocked by blistering drone strikes leaving 4 dead days after Putin’s forces kill 24 in devastating Kyiv attack

  • My initial call that Russia would crush Ukraine within three weeks proved to be AWFUL. Numbers vary, but approximately 400k Russians have been killed (some estimates are higher) and Ukraine has done serious damage to Russia. Including killed and wounded, the estimate is over 1.2mm. I am in complete shock.

• I escaped Vladimir Putin in the belly of a dead cow

  • Former Russian agent Dmitry Senin says he was framed as a defector and, for the first time, explains how he used his skills to evade capture.

Other Headlines

• US margin debt surged +$83 billion in April, to a record $1.3 trillion. Over the last 12 months, margin debt has risen +$453 billion, or +53%.

  

• Mohamed El-Erian says the Iran war will aggravate ‘virtually every challenge’ the economy is facing

• Leopold Aschenbrenner’s ‘Situational Awareness’ Files 13F Quarterly Investment Disclosure

  • At the end of the first quarter, Aschenbrenner's Situational Awareness held an astonishing $8.46B worth of notional put exposure against a wide array of chipmaker stocks, including $2B of notional put exposure against the VanEck Semiconductor ETF and $1.6B of notional put exposure against AI mega cap Nvidia. California-based biofuel company Bloom Energy remained Aschenbrenner's largest bull bet, with Situational Awareness holding 6.5M shares worth $879M and call options to 409k shares with a notional value of $55M. The fund opened calls in memory darling Sandisk to complement its existing 1M+ common stock position. Sounds like some out of the money hedges that are being overstated due shares controlled, not premiums paid.

• One of the market’s hottest stock themes is buying everything AI can’t replace

  • Many HALO stocks are outperforming this year, such as FedEx, ExxonMobil, and Coca-Cola, as enterprise software names like Adobe, ServiceNow, and Salesforce test 52-week lows.

• Home Depot says core shopper is resilient in the face of higher gas prices, sales rise 5%

• Target beats Wall Street estimates, hikes sales outlook as shoppers start to return

• SpaceX picks Goldman Sachs for lead left position on record-breaking IPO

  • Morgan Stanley comes next, followed by Bank of America, Citigroup and JPMorgan Chase. $50bn+ is expected to be raised, and underwriting fees may approach $1bn. GS stock was +3%.

• NextEra Energy to buy Dominion in deal that unites two key players in race to power AI data centers

• This is a link to CNBC videos of the Bezos interview from Wednesday where a lot of ground was covered. The link breaks up some of the interview by topic. A lot of time was spent on taxes, AI and space. Bezos is one of the best managers and disruptors of all time and has interesting thoughts and believes there will be data centers in space.

• Mark Zuckerberg is building an AI clone of himself to talk to staff. Why the Meta move raises uncomfortable questions about the future of work

• Teen prodigy Jimmy Chilimigras becomes one of youngest to graduate from law school

• Scott Galloway says skills like computer science and Mandarin are no longer relevant. Here’s what kids need instead

• NYC teachers say phone ban in classrooms has caused ‘jaw dropping’ change in students’ attention

• Career criminal creep with 166 arrests, 55 convictions since 1999 sentenced to life in prison

  • The system failed us for too long. This is yet another embarrassing example of our broken system. Finally, he goes away for life. A little late.

• Judge blocks evidence from Luigi Mangione backpack in UnitedHealthcare CEO murder case

• Bloodthirsty Luigi Mangione fangirls unapologetically celebrate CEO’s assassination: ‘F—k Brian Thompson,’ ‘His children are better off without him’

• San Diego mosque shooter Cain Clark identified as former high school wrestler

• The state with the biggest drug problems revealed — and its teens are most addicted

  • New Mexico, Arkansas, and Alaska were the worst states for teen addiction.

• A record-shattering night as Christie’s surpasses $1 billion, led by Jackson Pollock, Constantin Brancusi and Mark Rothko

  • The Newhouse collection brought in $631mm and, coupled with the prior sale, brought in over $1bn. The 1913 Brancusi sold for $108mm, the Jackson Pollack sold for $181mm, a Joan Miro sold for $54mm, and others can be found in the link with pictures of the art.

• The real reason Aaron Rai uses iron covers is incredibly heartwarming

  • Rai has a great reputation as a nice young man and uses iron covers (unheard of in pro golf) to protect his irons as a reminder of his childhood. His dad bought him clubs with money they did not have and to protect them, he used club covers. Listen to this quote from Rai, “And I’ve pretty much had iron covers on all my sets ever since, just to kind of appreciate the value of what I have.” With all these entitled and rich athletes, Rai brings an amazing perspective to the table. Thank you.

• World Cup ticket prices continue to plummet as tournament approaches

  • Prices are offensive.

• Idaho air show horror after 2 jets crash in front of frightened spectators

  • Scary video.

• Retired Navy admiral makes bombshell claim about UFOs and ‘non-human intelligence’ controlling them

  • Gallaudet’s military background brings extra gravity to claims about unexplained sightings in the sky and ocean. In another story, an ex-government researcher claims 4 alien species have been pulled from crashed UFOs. The link shares the names of the type of aliens. I keep telling my readers we are not alone, and I have never been more convinced of it. The US Government needs to go public with the full data and let the world know the truth. Remember, I am anxiously awaiting to be abducted by friendly aliens to take me to a planet with amazing Michelin Star quality restaurants, padel courts, and good waves for surfing. Over 1bn people have gone on the government site on UFOs and more files will be released soon.

Health

• Walking Slower? Why Your Ears, Not Your Knees, Might Be the Problem

  • A study of more than 57,000 iPhone users confirms a correlation between hearing loss and slower walking speeds.

• Welcome to the ‘Erewhon-ification’ of medicine — where health is the hottest status symbol (but you CAN get it for less)

• The cutting-edge hair growth treatments of South Korea — where the president has declared balding a ‘matter of survival’

• Is the Secret to Men’s Longevity a Great Butt?

  • Famous and powerful men have discovered that the key to a long, healthy life may be rock-solid glutes.

• Dick Van Dyke, 99, names the two things to avoid to live a long life

  • No feelings of hate and his brighter outlook are his keys.

• Doctors may have found an easier way to treat prostate cancer — could become new ‘standard of care’

Real Estate

• I have frequently written about the boom in South Florida and the outrageous price increases in homes and the challenges of private school availability. Yes, wealthy people continue to come to Miami according to this WSJ article, but the population is shrinking. The new economic order is squeezing out the middle. The growing ranks of the affluent fuel the area’s economy with avid consumption and fuller tax coffers. At the lower end are the retail, hospitality and construction workers who service them but are finding it increasingly difficult to stay. While the city of Miami itself continues to grow slowly, the broader county population is declining. “Miami is becoming very different,” said Richard Florida, an urbanist and author who lives part of the year in Miami Beach. “We have never witnessed this kind of relocation of wealth,” he said, but “it’s getting harder and harder for the young professional to enter.” People moving to Miami-Dade County from other states had on average $178,000 in adjusted gross income, more than double that of people who left the county for other states.

• My first Hamptons trip was in 1994, and I was impressed with the beauty and serenity of the area so close to the hustle and bustle of NYC. After over 30 years, I am not going to be spending my summer there in 2026. I rented in Park City, as I feel the Hamptons experience has been diminished by crowds, cost, traffic, lack of cell service, and overall reduction of the quality of experience. This article suggests many are ditching the Hamptons for a new hotspot, Tuxedo Park. The allure of the Hamptons has all but fizzled out for New York’s wealthy elite, who are now looking to the Hudson Valley to get more bang for their buck.

  A realtor in the upscale Tuxedo Park area of the Hudson Valley told the Daily Mail the region is increasingly seen as an alternative to the Hamptons for wealthy New York City buyers, with some even choosing to make it their primary residence. The region includes destinations such as Amenia, Pine Plains and Tuxedo Park, where sprawling estates, rolling farmland and historic mansions offer an old-world atmosphere while remaining within commuting distance of New York City. Tuxedo Park has increasingly become a magnet for affluent buyers seeking privacy, historic charm and a close-knit community without the soaring prices seen in Westchester County or parts of Connecticut. Although Tuxedo Park is not for me, I am happy to be taking a break from the Hamptons and might be out there for a total of a couple week this summer.

• Mark Pruner is a friend and reader who is a big agent in Greenwich, CT. I asked him for a market update which can be found below.

  • 2026 Greenwich inventory still dropping-In April 2026, Greenwich inventory is down 33% from what was already a record low in 2025.

  • Inventory down 86% from 2019-Go back to May 15, 2019 (pre-COVID) and we had 714 single-family home listings. Our 101 listings as of this May is down 86% from that 2019.

  • Stocks and Mamdani led to record $10M sales in 2025-For the over $10 million market, a combination of investors with major stock appreciation and the fear of the Mamdani effect drove $10M plus sales in Greenwich to a record high that was double our previous record.

  • In 2026, sales from $6.5 - 10mm are up 89%-Post NYC election, the over $10M market has returned to more normal sales in Greenwich, as buyers at the very high-end wait to see what will happen. At the same time, the $6.5 - 10mm market in Greenwich has seen sales jump 89% in 2026. This trend will continue as contracts waiting to close are up 80%.