The Top 100 Pizzerias in the World
9-18-24
Opening Comments
My last note was about sleeping like a rock with the Eight Sleep Pod 4. In a funny coincidence, two readers are investors in the company, Eight Sleep (coupon code link here-use ROSEN). Also, dozens of readers said they love the Eight Sleep products. One hedge fund manager said, “I am a huge 8 sleep fan. It is fantastic.“ I had my best night’s sleep on Tuesday (see below). The most opened links were the Frank Sinatra video of him telling a funny story of being pranked and the Bill Maher/Henry Winkler clash over Gaza.
We went back to Sea Mario in Pompano again. It is my favorite Italian restaurant in Broward or Palm Beach. The outside is underwhelming given it is in a strip mall and there is no scene. However, the food is delicious from the Sicilian chef. I had an amazing lobster bisque with chunks of lobster. I also ordered the red snapper marechiaro, which is snapper in garlic white wine with butter and tomatoes. It came with claims and fettuccini. The grilled octopus was solid with ginger, garlic, and sweet soy sauce. Jack ordered the chicken parmigiana with linguini and that was a hit as well. Although the prices are reasonable, they have increased (while portion sizes have decreased) since my last visit. For $20, you can get a decent glass of wine and the bottle selection is good enough, but fully priced.
I recently wrote a newsletter entitled “New Idiotic Sport,” about hobby horse jumping. Girls run around and jump over fences with hobby horses between their legs. Well, hundreds of girls competed in Germany’s first hobby horse championships last weekend. Who comes up with this crap?
I enjoy connecting with my readers. I had dinner last night with Alan, a new resident of South Florida. I had breakfast this am with Glenn and lunch with Laurent. South Florida is getting so many impressive, successful, well-educated new residents. So glad to have made new connections. Thanks for reading. They all got RR hats.
Correction from the last note. I included the story of the DUI of a hedge fund manager that I did not realize was old news. I saw it on CNBC and thought it was just now. I apologize for the error. Neil and Randy, thank you for catching it. At the RR, when we make an error, we clarify it ASAP. It would be nice if the media did that as well.
Markets/Fed Cut 50bps
Market Breadth
Estate Planning for Tax Changes
The Value of $100 by State
Teen Internships or Real-Life Work?
Finance Tips for Teens
New Ferrari Dealership in Boca
Market Softening for CA 2nd Homes
Video of the Day-Joe Pesci on His Career Luck
I am a big Pesci fan, and he has done remarkable movies. This interview on the Tom Snyder show is AMAZING. I had never heard his story of how he quit acting before becoming a star. He went to manage a restaurant in NYC and received a call from Bobby De Niro about a movie role. It is almost unbelievable. Martin Scorsese and Dei Niro wanted Pesci for Raging Bull and Pesci did not initially have interest. You should listen to this story. The biggest takeaway for me was being prepared to take advantage when opportunities are presented. It is reminiscent of the story that launched my career, which I will write about at some point.
The Top 100 Pizzerias in the World
All my readers know about my love of food. However, pizza is not near the top of my “favorites” list. As a kid, I worked in dozens of pizzerias in Pembroke Pines, Florida. Some of the pizza joints included: Joe Bruno’s, Roseangeles, Alvi’s, Domino’s, Casino’s and many more. I did everything in the pizza places including making pizza, answering phones, delivering pizza, waiting tables, and doing the dishes. I worked a lot and always got free pizza while doing shifts. The result is that I don’t eat much pizza anymore. I guess I ate so much as a teenager that I don’t find it super interesting.
A longtime colleague and friend, Peter, is a big contributor to the Rosen Report and he sent me the 100 Best Pizzerias in the World according to the Robb Report. Twenty-three of the top 50 are in Italy. On the list in the U.S. are:
The pizza lovers I speak with love L’industrie in NYC, but I have yet to try it. I was surprised NYC only had four of the top 100, while Miami had two in the top 100.
The full Robb Report list can be found here and the top 20 in the world are below:
All you pizza lovers, give these a try and let me know. I am just not the pizza guy anymore after all my years of eating it twice a day.
Quick Bites
I thought the Fed would go 25bps Wednesday but they cut 50bps. The decision to ease came “in light of progress on inflation and the balance of risks.” The FOMC vote came by an 11-1 vote, with Governor Michelle Bowman preferring a quarter-point move. “The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance,” the central bank said in a statement. The “dot plot” suggests another 50bps by the end of the year, 100bps for 2025, and another 50bps in 2026. Here is some of Powell’s commentary. Stocks were volatile after the rate cut and Powell’s remarks (See today’s S&P moves-2nd chart) and closed near the lows of the day. The Russell 2000 outperformed the other broad indices today on the back of the rate cut. Treasuries were volatile and higher in yield 2 years and longer. The 2-year is now at 3.63% (+4bps) and the 10-year at 3.71%. (+7bps). It is clear we have entered a new rate cycle and expect a couple hundred basis points of tightening by the end of 2026. The days of 5%+ money market funds are coming to an end.
I have written extensively about market breadth and this Bloomberg article, entitled “S&P 500 Is Surviving Big Tech’s Slide as ‘Other 493’ Catch Up.” The stock market has recovered most of the losses suffered in its summer selloff. While the S&P 500 Index has bounced back before, this time is unique because it isn’t being led by Big Tech — instead it’s everyone else’s turn. Seven tech stocks — Nvidia, Microsoft, Apple Inc., Alphabet Inc., Amazon.com Inc., Meta Platforms Inc. and Tesla Inc. — have mostly slumped, with the Bloomberg Magnificent 7 Index falling 5.3%. And while the broader equities benchmark is down less than 1% over that time, largely due to the S&P’s outsized weightings of those fast-growing tech giants, usually sleepy sectors have led the index by a wide mark, with both real estate and utilities gaining 11%. I like the wider breadth in recent months. More companies participating in the rally is healthy.
This WSJ article is entitled, “Rich Americans Prep Fail-Safe Estate Plans Ahead of Election.” The wealthy want to know if they should take steps to protect their fortunes from higher estate taxes. Should a change under the 2017 tax cuts expire as scheduled after 2025—considered more likely with Vice President Kamala Harris in the White House and Democrats gaining the majority in Congress—the minimum wealth subject to the estate tax would be halved to roughly $7 million per person. At that level, nearly 9,000 estates would owe estate tax in 2026, according to the Urban-Brookings Tax Policy Center. That is compared with roughly 4,000 estates estimated to owe the tax in 2025. One proposal in Sen. Elizabeth Warren’s housing bill calls for a limit of $10,000 per gift and a total annual cap on tax-free gifts anyone can give in a year of $20,000. The Warren bill also calls for a return to a $3.5 million estate tax exemption and higher estate tax rates. The maximum wealth someone can die with—or give away—without owing the estate tax is $13.61 million today. That limit is indexed for inflation, and projected to reach $13.99 million for 2025, according to Wolters Kluwer Tax & Accounting. With proper planning, a married couple can shield twice that from the estate tax. The top estate tax rate is 40%. Speak with your tax advisor and life insurance broker about creative alternatives to help you with estate planning.
Interesting article and map of how far $100 goes in each state. While a $100 bill may seem like it holds the same value across the US, a fascinating new report shows that is far from the case. Massive differences in the cost of living - from groceries to housing to gas - across the country mean a so-called 'Benjamin' will buy much less in some areas than others. In fact, the purchasing power of $100 can vary as much as 26 percent across states, the study found. It goes furthest in Arkansas and buys the least in California.
I thought this WSJ article was interesting: “Teens Need Real Jobs, Not Elite Internships.” The article suggests the experiences of working retail or scooping ice cream will be more helpful to you in terms of experience. Waking up and doing work you are not wildly interested in for a paycheck is useful. Not being intellectually engaged or furthering your happiness or advancing your career goals with every single thing you do is actually helpful in terms of general life preparation. It is a great experience to work for its own sake, to feel the satisfaction and exhaustion of regular, non-enriching, sometimes crushingly boring work, which most of us have to do at some point, even in jobs we love. My first job at age 11 was washing dishes at a restaurant in Pembroke Pines, Florida. I was paid $2/hr and, although I burnt my hands on the hot dishes, the work gave me a sense of independence at a young age. It taught me the value of hard work and being on time. It also made me appreciate the money I made. I wrote a piece about my dishwashing job at 11 years old (the link is attached.) I also wrote about my daughter’s summer job selling clothes and how well she did. It was an amazing learning experience. At the same time, my son had two amazing internships at hedge funds. I believe there is a balance and agree that working in retail or a similar role will give you valuable life experience. However, if you are fortunate enough to get an internship in the career you are considering, I feel that is also extremely valuable. Having parents who instill a work ethic is critical as well. My mother, Pauline, let me know about the importance of hard work, punctuality, being respectful and letting your work ethic showcase your talents.
Another story targeted at teens is this CNBC article entitled, “5 personal finance tips I wish I knew before turning 18.” The article is written by a junior in college. I think these are pretty good tips for kids and something you should discuss with teens.
Start building a credit history early
Keep extra cash in a high-yield savings account
Compare savings accounts
Budget with the 50-30-20 rule
Use a budgeting app
2024 Election
I think my readers are going to ask me why the ABC story is ahead of the 2nd assassination attempt in today’s note. My thought is, IF the ABC whistleblower story proves to be true, it is a just as big of a story in my mind.
An alleged long-time ABC employee has turned whistleblower by making some major allegations about the terms of the Trump/Harris debate in an affidavit. The person claims to not endorse Trump, but instead wants to showcase the bias of the network. The whistleblower claims that Harris restricted questions about Biden, her tenure as AG, and her brother-in-law. The affidavit was signed and notarized before the debate and can be found here. Below is Bill Ackman’s take on the issue. Hard to argue his points. Ackman is now urging Disney CEO, Bob Iger, to launch an investigation into the report. Where is the pushback from ABC and the moderators if it is not true? Is this another example of the incredibly biased media playing for their own team? If the whistleblower story is true, what does it say about the character of Harris, ABC and the moderators? Could you imagine the media blowback if Trump did this? This is a WSJ opinion piece on the debate that is very critical of ABC as well. One of the authors, who was a top Clinton advisor, has called for ABC to launch an internal probe on the debate. The ABC debate was an insult. David Muri has seen his ratings decline after his dismal debate performance.
Trump safe as FBI investigates apparent ‘attempted assassination’ at Florida golf club
The shooter had a scoped AK-47 hundreds of yards from the former president. The FBI claims it was an “extremely serious” assassination attempt. He was near the Trump golf course for 12 hours before being spotted. The Secret Service is incredibly understaffed and a true embarrassment to the world. The 58-year-old suspect’s name is Ryan Routh of Hawaii. It did not take long for Meta to scrub Ryan Routh’s profile, as can be seen in this link. How much blame do media, social media and Democrat politicians play in these assassination attempts? Every day, I hear that Trump is a threat to America on virtually every TV channel and almost every news site. Go on line and you hear that America is in dire straits if Trump wins. Tell me that this rhetoric does not play a role in this violence. Also of note, the system failed us again. Routh was feared by his neighbors and was ARRESTED for having a machine gun after barricading himself for 3 hours after leading police on a chase. Why did he have an AK-47? Why would he be approved to own an assault rifle? He had “dozens of run-ins with police.”
Florida Governor, DeSantis, refuses to hand Trump shooting suspect over to the Feds
Secret Service 'Needs More Help' After Apparent Trump Assassination Bid: Biden
FBI Agent Investigating Second Assassination Attempt Allegedly Made ‘Anti-Trump’ Posts
Elon Musk deletes post about Harris, Biden assassination after backlash
Trump, who signed SALT deduction cap into law, now vows to ‘get SALT back’
Billionaire hedge fund manager says he would pull his money from the market if Harris wins election
J.D. Vance hints at tension between him and Donald Trump: 'I've learned my lesson'
Confused Trump struggles in 'painful' crypto interview and keeps trying to change topic
111 Republican former officials endorse Harris, say Trump is ‘unfit to serve’
Donald Trump declares ‘I HATE TAYLOR SWIFT’ after pop star endorses rival Kamala Harris
Silver Bulletin 2024 presidential election forecast
According to Silver, many are close. Harris leads nationals polls with 48.6% to Trump’s 46.4%. Trump leads AZ, FL, GA, NC, TX, Harris leads MI, MN, NV (almost tie), NH, PA (almost tie), VA, WI.
Pennsylvania bakery’s ‘cookie poll’ between Trump and Harris has clear winner: ‘People are upset’
As of Friday morning, the shop has sold a whopping 5,200 Trump cookies vs. 500 Harris cookies.
Israel/Middle East
Houthis say fired new hypersonic missile at Tel Aviv target
Where are the Houthis getting these advanced systems from? The missile traveled almost 1300 miles in 11.5 minutes. I presume it is from the Antisemitic scum from Iran.
Lebanon explosions: Hezbollah apparently targeted as pagers detonate, several dead, thousands hurt
I LOVE this. 12 killed and almost 3,000 injured. This is a graphic photo of the damage a pager can do to a human. You have been warned.
This is a different attack than the pager attack.
Cornell prof who lauded Hamas attack as ‘exhilarating’ is back at school after dodging punishment
Nothing could get me to send my kids to school at Cornell. If the school so clearly hates Jews, why should I support it? Sadly, I let my kids know the schools that I will not consider for them and the list is growing.
University of Michigan student assaulted by group after saying he was Jewish
Many of the biggest donors at UofM are Jews. Maybe stop giving.
Other Headlines
Nassim Taleb: People Aren't Seeing The Real De-Dollarization
I have written on this topic extensively. There are a host of factors at play here but I am of the opinion that non-stop deficits, mounting debt levels, careless spending, an aging population, entitlement issues play a role and can explain part of the move away from the US Dollar.
US Retail Sales Show Slight Increase, Defying Negative Forecast
Point72′s Steve Cohen is stepping back from trading his own book
Amazon tells employees to return to office five days a week
AMZN is not alone, other tech companies have told employees remote work is done.
Funny video of Musk crushing the bill to support charging stations
“I am literally saying we can get rid of all subsidies, also for oil and gas. ”
Resident Of PA Manufacturing Town Exposes Reality Of Haitian 'Great Job Replacement'
Listen to Charleroi, PA Councilman complain about the immigrant situation. Good short video. Sorry folks. Our border policy is a joke costing us hundreds of billions, and we have let in far too many criminals, gangs and bad people. The biggest policy mistake of the Biden/Harris Administration.
They cite example after example of issues, including a massive increase in accidents in the town.
Bloody clash NYPD cop shot, 3 others injured as suspect comes at police with knife in Brooklyn
NYC woman, 81, left concussed after heartless brute slugged her as she walked dog: disturbing video
Sean 'Diddy' Combs arrested by federal agents in New York
Sex trafficking, racketeering and kidnapping. Read these allegations (drugs, forced sex, blackmail, videos…).
11-year-old Florida student arrested for threatening to commit a mass shooting, authorities say
This college has the highest-paid graduates—it’s not Harvard, Princeton or any Ivy League school
Classical music enhances mood by triggering triple-time locking in the extended amygdala
The suggestion of the study is classical music can help depression.
Superbug crisis could get worse, killing nearly 40 million people by 2050, study estimates
I’m a doctor — here’s how to prevent and manage headaches and migraines
The rudest city in the US might not be where you think it is
Miami, Philly and Tampa were ranked the worst.
Cuba slashes size of daily bread ration as ingredients run thin
Show me a country where socialism or communism works well for the people.
China’s Censors Are Letting Ye Perform There. His Fans Are Amazed.
What could possibly go wrong?
One Million Are Now Dead or Injured in the Russia-Ukraine War
Real Estate
In the last year, Boca Raton has seen 28 homes close in excess of $10mm and 114 homes sell for $5mm or more. For perspective, from September 2018-2019, 8 homes in Boca sold for over $10mm and 30 homes sold over $5mm. The wealth migration to South Florida continues, albeit at a slower pace than during the pandemic. Another example is a new Ferrari sales and service facility was approved in Boca Raton. We are seeing new high-end restaurants, new expensive condo development, more $20mm homes in Boca in recent years. This is driven by the immense wealth relocating to South Florida.
Just prior to the pandemic, in the summer of 2019, I was seriously considering buying a 2nd home in Lake Tahoe. The 2,200 acre community is Martis Camp and it is an amazing place with golf, hiking, skiing, fishing, and a private beach club on Lake Tahoe. I loved it there, but due to my son’s golf, it was not a place for tournaments and we decided against it. Since then, prices more than doubled and this Real Deal article suggests places in Tahoe, the wine country and Carmel are “cooling.” Homes are staying on the market longer, inventory is building and prices are being dropped. For example, in Martis Camp, at one point during the peak of the pandemic, there were only a couple homes for sale and now there are 15 on the market out of 671. Although I am disappointed that I missed the price appreciation, I will never own in California given the horrible policies in that state and the tax regime and proposed tax plans. I loved spending time at Martis Camp. It is a mini-Yellowstone Club at a much lower price point. Same concept but not a private ski mountain, as you ski Northstar out of the private lodge on the grounds.
Other R/E Headlines
These 10 U.S. cities offer the highest quality of life for retirees—none are in Florida
Weekly mortgage demand surges 14% higher as interest rates hit two-year low
I included the monthly mortgage payment by rate on a $1mm mortgage for persepctive.
© 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™ #718 ©Copyright 2024 Written By Eric Rosen.
Always an enjoyable read. My old go-to John’s Pizzeria on Bleeker must have just missed. And good luck to Jack on his college tours. A lot of great well balanced academic schools that offer competitive golf without ridiculous time commitments. Was nice to see WSJ article note the business/golf connection in recruiting a couple months ago. I’ve hosted Claremont team here on St. Simons during their annual Jekyll Island D3 tournament. Great kids always and having fun. Take care Eric.