Career Advice & A NYC Value Sushi Play
6-19-24
Opening Comments
My last note was about my 25,834 steps in NYC. The most opened links were the #1 red flag the Whole Foods CEO sees in employees and the Nvidia CEO’s most “profound learnings in my life” came from a gardener.
I’m heading back to Florida on Thursday to fish in Walker’s Cay for yellowfin utna Saturday-Tuesday. I will try to publish something early Sunday, assuming I have WiFi on an island. I doubt next Wednesday I will get something out given my travels. Hoping for some results like prior trips below:
My daughter, Julia, turned 17 on Tuesday, June 18th. Hard to believe my kids are grown up. Seems like yesterday they were toddlers. I cannot believe I will have two adults in 12 months. This only means I am getting old.
Markets
Nvidia/Apple ETF Weighting
Amazon is Everywhere
Consumer Shopping Trend Charts
Dave Ramsey on Advice to Be Rich
Car Payment Data
Miami Condo Assessments
$148mm Palm Beach Sale
Most Affordable City in the Country
US Mortgage Rate Chart
Ambitious Athens, Greece Project
Pictures of the Day-Great Sushi Value in NYC
I was up late watching Instagram Reels last month and saw a woman reviewing Fuku Omakase in the Village. It is a 9 seat Omakase bar and despite its small size, packs a healthy punch. I took my 18-year-old son, Jack, and 17-year-old daughter, Julia, there for a fun evening. It was a great night and the first time I basically had two adult children in NYC.
Although this is not the best sushi in NYC, Fuku did not disappoint, especially at the price point. There is a 13 course Omakase dinner for $75. You can then order à la cart for extra off the Omakase menu or from a pure à la cart menu. The sushi chefs allow substitutions if you do not care for something on the menu and they ask to be sure you have no allergies. The intimate experience is not fancy, but oh so NYC. Also of note, it is BYOB with NO CORKAGE which saves you a lot of money.
The chefs started us off with a beautiful hamachi (yellowtail). The chef started off strong, as we all devoured the sushi. My daughter is not as adventurous as Jack and I are, and generally sticks with salmon and tuna. She turned to me and said, “Dad, this is amazing.” The hits kept coming, as you can see below. Next it was sea bream and then Spanish mackerel followed by salmon and monkfish. Everything was fantastic, especially given the reasonable price.
I won’t go into detail on every piece we devoured but nothing disappointed. The otoro (medium fat bluefin) and the chutoro (fatty bluefin) were very solid. However, to be clear, the fatty tuna cannot touch the highest end sushi experiences (Shuko, Nakazawa, Noz, Karuma Zushi…). I sent my friend to Shuko Monday night and he was blown away, but there, we are talking about spending $400/person.
The Japanese A5 Wagyu was a little underwhelming. We ordered the goldeneye snapper as an extra piece that was also above expectations. Julia asked for the surprise hand roll, and it was otoro that was quite good. You are literally sitting a few feet from the chefs as they slice and dice and sear with a torch right in front of you.
They tend to be strict about a 1-hour limit, as they turn the tables 5 times per night. I highly recommend Fuku and trust you will be impressed with the value.
Food-A-/B+
Service-A
Ambiance-C
Cost-A. Very fairly priced. Good value
Wine-BYOB and there are wine shops within two blocks.
Career Advice
Both of my kids started jobs for the summer. Julia is selling clothes at Love Shack Fancy in Southampton. She sold almost $5k of clothes on Tuesday. Not bad for her 2nd day on the job. Readers, please buy from her, as she has massive sales targets. My son, Jack, has a few summer internships for the first time as he heads into his senior year of high school. As my readers know, kids do not love taking advice from their own parents. As a result, I kept my advice over dinner to five points as my kids start more “real” work.
Be Punctual-That means be early. Never be late. I got my son to his first day of work at the internship 33 minutes before they asked him to be there. “Dad, why am I so early,” asked Jack. I said, “Son, you are setting the tone for the summer and letting them know you appreciate the opportunity.”
Work Ethic-No phone time at work. I want you to add value and do whatever it takes to get the job done. Stay late, and let them know that being a value-added team member is what you are about.
Have a Positive Attitude-No one wants to work with Debbie Downer. Be a pleasure to work with. Don’t complain and be sure to play nice in the sandbox. Whatever they ask you to do is not beneath you.
Exceed Potential-Go above and beyond. I outline this point in a recent speech, which is a powerful two minutes.
Surround Yourself with Good People-The company you keep is an important determining factor for your ultimate success.
Obviously, there is much more that I can offer for career advice, but given I’m Dad, I did not feel the need to see the blank stares. When I give speeches at colleges, universities and high schools, my career advice outline looks like something below. Given many young people are either graduating college and starting careers or summer internships, I thought I would share.
Quick Bites
All non-bolded text below is excerpted from the cited articles. Bold are my thoughts.
The markets continued to grind higher on the back of Nvidia’s epic climb. Despite some signs of a consumer slowdown, equities seem to hit new highs with regularity. The S&P and Nasdaq are now up +15% and 19% YTD. There is a chart from GS below that shows how concentrated the market has become. Treasury yields have been volatile but down a few bps in the past 5 days. The 2-year is now 4.72% and 10-year yield is 4.22%. Bitcoin has recently drifted lower with other cryptocurrencies and BTC is was below $65k for the first time since May.
This CNBC article is entitled, “Nvidia to get 20% weighting and billions in investor demand, while Apple demoted in major tech fund.” Nvidia’s blistering rally will force a major tech fund to acquire more than $10 billion worth of shares of the chip giant while dumping Apple. The index that the Technology Select Sector SPDR Fund (XLK) follows will soon rebalance, based on an adjusted market cap value from Friday’s close. The new calculations show Microsoft as the top stock in the index, followed by Nvidia and then Apple, according to Matthew Bartolini, head of SPDR Americas Research. I have written about concentrations in ETFs and how it is important to understand the diversification or lack of it in the funds you are buying. Check out the move in Nvidia and Apple going in different directions in the XLK fund. As of Tuesday, Nvidia ($3.34 trillion) passed Microsoft to be the most valuable company in the world. It is up ninefold since the end of 2022. This article outlines Nvidia’s 591,078% rally.
I was speaking with a young man who told me how reliant he was on Amazon and explained the ways. He walked through the obvious of same day delivery for his regular needs, Whole Foods for groceries, and Amazon Prime for shows. But then he told me he uses One Medical (owned by Amazon) which offers concierge “light” medical services for $200/year and Amazon Pharmacy for his prescriptions. All of his reading is through Kindle and book recommendations come from Good Reads. Just think how far this company has come from merely selling books in 1995. Bezos is a genius. The co-founder of Whole Foods discusses Bezos’ impact on the company here. Look at all Amazon owns in the 1st picture below. They are everywhere. As an aside, we went out for a walk to OM Juice Bar, and they had a variety of small bottles of juice for $16. Who in the hell spends $16 on this crap?
As prices rise, shopping behaviors shift. People continued the post-pandemic trend of reducing their shopping by making 7% fewer purchases in 2023. As shoppers geared up to spend more on essentials such as groceries and gas, many cut back on discretionary spending.
Window shopping is out and intentional buying is in. Consumer research and window shopping looked a little different this past year. Brands saw a 32% increase in conversion rate despite a 29% decline in clicks in 2023.
Inflation drives up cart values. Even as budget-conscious shoppers limited their spending, average order value continued to increase.
Strategic splurging gives consumers access to luxuries. Rising prices didn’t stop 40% of shoppers from intending to splurge on selective purchases, such as high-end grocery items or travel. While overall consumer spending dropped 5% YoY, some categories saw unexpected boosts in spending.
Slight increases in advertiser spending add up. While advertiser spending patterns remained largely consistent, brands slightly increased partner commission rates in 2023. However, this extra investment paid off with higher conversion rates for some product categories.
With respect to the consumer, I thought this article, “Dave Ramsey Explains How Rich People Stay Rich: 'They Pay For It Or They Don't Buy It,” was filled with good advice. I am very frustrated by the U.S. consumer’s lack of fiscal responsibility and need for instant gratification. During an episode of the Dave Ramsey show, Ramsey explained, "Rich people don't ask ‘how much down and how much a month?" Instead, Ramsey explains they ask "How much? They avoid payments" According to Ramsey, whose estimated net worth is around $200 million, the rich can keep their money by paying for things in full; if they can't, they just won't buy it. "It's what got them to be rich and it's what keeps them rich." Said Ramsey. Avoiding buying things you can't afford is one of Ramsey's tips for building lasting wealth. Another is to start thinking like rich people. For Ramsey, this means thinking and planning for the long term. I was raised on limited means. My mother never bought anything we could not afford and paid every credit card bill at the end of the month. I wish more consumers would not go into debt to buy everything. You just don’t create wealth by paying 23% interest on your credit card. You create wealth by earning that kind of return on your investments. Savers win! Check out this GS report on the state of the Subprime Consumer (great stats and some are better than I thought).
Check out this CNBC story on the state of auto payments today. As of May, customers were paying, on average, $760 a month for an auto loan, according to Moody’s Analytics. While that is a drop from a high of $795 in December 2022, it is still a roughly 40% increase over the $535 average payment in May 2019. A near-record 17% of car owners are paying more than $1,000 a month. Many customers who bought vehicles at high prices in the middle of the Covid-19 pandemic are now “underwater” or have negative equity — meaning the loan on their car is larger than what the car is worth — by a record amount. In the first quarter, 23% of customers with trade-ins had negative equity of more than $6,167 on average, according to Edmunds.
Israel/Middle East
Twelve IDF soldiers killed in three separate incidents, ten new soldiers named
Israel warns of ‘devastating consequences’ as spike in fire with Lebanon risks wider conflict
Israel warns Lebanon of prospect of ‘all-out war’ as U.S. seeks to de-escalate hostilities
Netanyahu dissolves influential War Cabinet after key partner bolted from government
Governor proposes mask ban on NYC subway to combat antisemitic incidents
I want pictures posted of all the Hamas supporters and Jew haters, so people know not to hire them.
Bigot spits on 74-year-old Jewish man on NYC street, then shouts ‘Free Palestine’
What are the consequences for hate crimes? My solution on this one is a one-way ticket to Gaza for the aggressor. However, DA Bragg will probably buy the criminal a steak dinner. Your vote matters.
STEM Students Refuse to Work at Google and Amazon Over Project Nimbus
Students and young workers from more than 120 universities have pledged to refuse work at Google and Amazon until the Israeli contract is dropped.
Other Headlines
Goldman Sachs Boosts S&P 500 Target on Upbeat Profit Outlook
The bank’s equity strategists led by David Kostin now see the US stock benchmark index finishing the year at 5,600, up from a 5,200 level they predicted in February.
China May retail sales beat expectations, but industrial output and fixed asset investment missed
Loan data released Friday pointed to continued lackluster demand. Outstanding yuan loans rose by 9.3% in May from a year ago, the slowest increase on record since 1978. M1 money supply, which includes cash in circulation and demand deposits, fell by 4.2% year-on-year in May, the most on record since 1986.
80% of Americans say grocery costs have notably increased since the pandemic started, survey finds
Who the hell are the 20% that don’t think prices have increased? Where do they shop? I do believe bad policies and actions by the Biden Administration can take blame for a chunk of the inflation.
Used EV price crash keeps getting deeper with ‘premium’ brand idea history
In June 2023, average used EV prices were over 25% higher than used gas car prices, but by May, used EVs were on average 8% lower than the average price for a used gasoline-powered car in U.S.
Treasury, IRS unveil plan to close ‘major tax loophole’ used by large partnerships
The plan targets so-called “related party basis shifting,” where single businesses operating through different legal entities trade original purchase prices on assets to take more deductions or reduce future gains.
GME shares drop to session lows after annual meeting fails to offer details on firm's strategy
Wait, a crap company with no major plans is promoted by a clown named “Roaring Kitty,” and things are falling apart? I have crushed this company at every turn and begged my readers to stay away. The market cap is still $8.5bn. Ridiculous. No Q&A on the call. Red flag. Recent high of $65 and current level is $24 and a 52-week low of $10.
New Boeing whistleblower comes forward hours before CEO’s Senate testimony
Given the way these whistleblowers have an uncanny ability to die in strange circumstances, someone needs to take a big insurance policy out on this person. Pretty concerning comments out of the whistleblower, Mohawk. “Mohawk has also alleged that he has been told by his supervisors to conceal evidence from the FAA, and that he is being retaliated against as result.”
Biden appears to freeze up, has to be led off stage by Obama at mega-bucks LA fundraiser (Clooney and Julia Roberts helped raise $30mm).
CNN Data Reporter 'Speechless' By New Donald Trump-Joe Biden Poll: 'Holy Cow, Folks!'
On Monday, the network’s senior political data reporter Harry Enten said he was “speechless” at presumptive GOP presidential nominee Trump’s surge from around 7% support at this point in 2020 to 21% now — compared with President Joe Biden’s plummet from 86% to 70% in the same period.
171,300 patients traveled out of state for abortions in 2023
Musk Says "Eliminate Electronic Voting Machines" After Dominion's Puerto Rican Imbroglio
Tesla CEO Elon Musk admits ‘two homicidal maniacs tried to kill him’ in past seven months
Alarming discovery of Iran nuclear activity could ‘upend’ US assessment of weapons capability
US policy on Iran, a corrupt government that funds terrorists, has been awful. Iran officials have stated how much they hate America and Israel, yet we have allowed them to move forward on nuclear weapons. What could possibly go wrong? Iran funds Hamas, Hezbollah, Houthis, IRGC and others. This administration has not enforced sanctions that has allowed Iran to build reserves and sell oil to fund terrorism.
Japan granted refugee status to record 303 asylum-seekers in 2023
13,823 people were seeking asylum. I am not saying Japan has it right, but the US has it wrong with wide open borders. We need a plan.
British tourists may face ‘lie detector’ tests when trying to enter EU
Migrant arrested in broad daylight rape of 13-year-old in New York park
Russian gangsters, MS-13 members, and a cadre of corrupt surgeons, lawyers and lenders are pulling off the latest big con in the city: bogus personal-injury lawsuits where immigrants go under the knife to help their twisted ruse.
Allowed bail. Why? Deport them immediately. Why do we want illegal criminals in our country? If you attack cops, what will you do to citizens?
Having walked 30 miles across the city in recent weeks, I concur about homeless junkies around the city.
Secret Service agent robbed at gunpoint during Biden’s California trip for star-studded fundraiser
How unsafe is Los Angeles if an ARMED Secret Service agent is robbed? The policies in CA are so horrific and the politicians don’t seem to care.
Over 200 Port Authority cops make six figures — including one $400K earner — from staggering OT pay
How inefficiently can a city be run?
The Influencer Is a Young Teenage Girl. The Audience Is 92% Adult Men.
Crazy story about a mother’s decision to have an Instagram account about her pre-teen dancer daughter (older now). The result was men were sending inappropriate responses about the “hot daughter,” which is a bit disgusting.
‘Inside Out 2’ hits $155 million domestic debut, second-highest animation opening ever
3 in-demand remote jobs hiring now that pay $100,000 in 2024
Surgeon general wants tobacco-style warning applied to social media platforms
Wait, someone in the Federal government has a good idea.
I’m a neurosurgeon — here’s one easy way to prevent injuries on vacation
Why NYC’s Hottest Dining Reservations Will Stay Impossible to Score
Hamptons deli charging $120/lb. for lobster salad
Prices in NYC and Hamptons are out of control. I’m sure Loaves and Fishes is not much cheaper. I make my own lobster salad for a fraction of the price and am sure it is better.
Justin Timberlake was ‘wasted’ and drinking other people’s drinks at Hamptons hotel before DWI bust
How much is this guy worth? He cannot afford a driver?
Russia and North Korea sign partnership deal that appears to be the strongest since the Cold War
Two delusional midget rulers with nukes. What could possibly go wrong?
Real Estate
I have written about condo assessments for older buildings in South Florida that are causing huge issues for owners. This article goes into more details. Remember, many owners are on a fixed income and cannot afford all the new assessments. It is causing people to sell the condos at steep discounts. I would be hard pressed to push a buyer to purchase in an older building in need of updates to meet new standards. Following the 2021 Surfside condo collapse — which killed 98 people due to construction flaws — Florida is requiring stricter safety standards and more frequent inspections, while many condo associations are raising fees to build a larger reserve for repairs. The WSJ reported condo inventory for sale in South Florida has more than doubled since the first quarter of 2023, to more than 18,000 units today, due to either rising insurance costs or repair fees for older buildings that aren’t passing inspections.
However, on the ultra-high end, South Florida remains hot given limited inventory. A $148mm sale happened this week. Forty-year-old investor Daren Metropoulos paid all cash in an off-market deal for the home, which was designed around 1919 by noted architect Addison Mizner, a spokesperson for Metropoulos said. The seller of the roughly 3.2-acre property was the family of the late Canadian businessman William Pencer, who died in 2021, records show. Known as Casa Amado, the roughly 23,000-square-foot, Mediterranean Revival-style house has 10 bedrooms, a gym and a movie room, according to Metropoulos’ spokesperson. Outside, the property has about 225 feet of ocean frontage with a beach cabana, pool, pool cabana and tennis court. William and his wife, Ida Pencer, purchased the home for $12.1 million in 2003, property records show. In Malibu, the Oakley founder sold his house for $210mm.
Pittsburgh was named the most affordable city in the country. Sorry, I will pass on living there but I am sure it is nice. Currently boasting a median house price of $274,900, the mostly-former steel town remains comfortable with its blue collar roots, while also leaning into a uniquely quirky, artsy heritage — this is the birthplace of Andy Warhol and a training ground for a young Keith Haring, home of Fred “Mister” Rogers and the backdrop for the 1980s gauzy teen dream, “Flashdance.” According to Pittsburgh Planner, a web site dedicated to helping prospective newcomers understand the city, some highlights of living in the home of Perry Como, Carnegie-Mellon University and the the chipped chopped ham sandwich include neighborhoods that are “walkable, dense, and dynamic,” resulting in a “big city that lives like a small town.”
I was curious about mortgage rates and this is the latest from Mortgage News Daily. As you can see, rates are 6.97% for a 30-year Fixed Rate Mortgage. They were 8% last October but 2.75% in January of 2021.
I found this story about a new development in Athens, Greece. Greece is building Europe's largest and greenest smart city in an $8 billion project that's been more than a decade in the making. Located on the site of a former Athens airport, Ellinikon is set to feature Greece's first skyscraper, a high-end mall, and a sports park. Its developers told Business Insider they're trying to construct a "zip-code paradise" that merges scenic coastline views with tech-savvy and eco-friendly infrastructure. They're estimating that the project's first phase, which is expected to be completed by 2026, will attract a million new tourists and boost the Greek economy by 3.3 billion euros ($3.6 billion).
© 2024 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™ #692 ©Copyright 2024 Written By Eric Rosen.
