My 2024 Mistakes & 2025 Goals
1-8-25
Opening Comments
My last note was about two restaurant reviews in Florida and a third in NYC. The most opened links were the video of the house that gets hit by flying cars and the four word phrase you should never say to your kids. My Quick Bites sections on Rolex prices and declining wine sales led to a lot of email traffic and phone calls as well. This is a good follow up article about the biggest ways wine will change in 2025 for those interested. The Surgeon General’s warning that not even one glass of red wine per day is safe clearly won’t help alcohol sales.
Many of my readers are big owners of real estate. I got a call on Monday where the reader said, “I lost my first tenant due to congestion pricing.” The small business owner was unable to justify the incremental expense and will move out of the zone when the lease expires. I wonder how many others will follow suit. The tenant had been in business for 30 years in the same location. Between bridge and tunnel tolls, parking, and now congestion pricing, many people are struggling.
There is a strike at Park City Ski Resort wreaking havoc on high priced vacations. I wrote an article “Skiing is for Billionaires,” and I would lose it if I spent all that money and had 3 hour lines.
Pictures of the Day-Another Flat Tire Changed by the RR Author
Markets
Food Inflation
The Perfect Credit Score
CA Fires
Biggest Palm Beach Deals in 2024
Dying American Dream (Home Ownership)
Another Midtown Depressed Office Transaction
Pictures of the Day-Another Flat Tire Changed by the RR Author
I was driving around Delray looking at real estate for a client last Friday. The major theme is the crazy amount of new construction projects in high-end residential communities. There is debris everywhere, and I ran over a nail that flattened my tire on A1A just south of Atlantic. I made my way to a side street and decided to change it myself. I took me longer to get the tire out of the car (15 minutes) than to change it (13 minutes). Of course, no one stopped to help, but I have the pleasure of knowing I did it solo. Kids, if you want it done right, do it yourself. Yes, I could have called AAA, but then what would I have for the pictures of the day?
2025 Goals/2024 Mistakes-Intellectual Honesty
As the new year begins, I always try to reflect on what went right and what went wrong for me. What can I do better? Although I feel 2024 was a good year, I felt I made some critical errors - and my countless ailments prevented me from living my active lifestyle. I hold the people I advise and mentor accountable, and believe it would be intellectually dishonest (prior piece) to treat myself differently.
Where I Failed
I spread myself too thin in 2024 between the Rosen Report, real estate, hard money lending, an internship program, Rosen Report Jobs, board seats, advisory work, private equity and venture investments, and a substantial mentorship program – all while I was doing speaking engagements across the country. I did not say “NO” enough. In an effort to help everyone, I was not as effective as I could have been. I took too many meetings that led nowhere, and I need to be more careful with my time.
I’ve mentored over 100 students and young professionals – a rewarding experience – but I’ve learned that being too available sometimes came at the expense of other priorities. I was on the phone with mentees for hundreds of hours in 2024. I made countless introductions for these kids and professionals to help them build their networks as well.
I failed miserably at my internship initiative for college students. I underestimated how hard it is to secure top spots for strangers and spent significant time and money building a job connection site. While a few students landed roles, the effort wasn’t worth the investment. Moving forward, I’ll focus where I can make a bigger impact.
I feel my video content did not get the traction I would have hoped. Some of my expert media contacts believe my videos and interviews are great, but I have failed to properly market them and they have not been posted on the proper channels. I would love to do more TV/video content. I almost landed my own show in 2024, but it fell apart in the last minute.
Where I succeeded
My Bloomberg segment on the Tom Keene show with Damian Sassower was one of the highlights of my year in 2024, and I would like to do more of that if possible. I will try to create more content, and I’m always looking for feedback. I feel awkward recording myself in public. It must be an age thing given I am 55 years old. I can assure you that my 17-year-old daughter has no problem recording herself or taking thousands of selfies.
I built a successful hard money lending business, making numerous loans backed primarily by R/E projects. I did a bunch of keynote speeches or panels across the country, and they were well received. The newsletter continued to grow and more sponsors called given the power of the Rosen Report and the impressive nature of my well-educated and successful readership.
Goals for 2025
I hope to continue to grow the Rosen Report with quality readers and would like to form more key partnerships. Please forward the newsletter around if you enjoy it. The growth is 100% word of mouth with zero advertising and is now read in all 50 states and 103 countries. My current sponsors (3i Members, Lang Insurance and Eight Sleep) have been great, and I feel my network has been value added to their business. For example, dozens of my readers have signed up with Lang Insurance for property and casualty coverage and the feedback from the new clients has been incredible. I have turned down more sponsorships than I have taken as I must believe in the product or service and do not want to overwhelm readers with promotions. Many new readers joined the 3i network and many bought the Eight Sleep pod mattress cover and are sleeping amazingly well. I extended my Eight Sleep sponsorship through 2025 as a result of the success. The code ROSEN gives you a discount.
In 2025, I am going to be more focused on selling real estate and will get my license in NY as well. I bring in key partners when needed depending on the property or buyer. I want my clients to get the best service and pride myself on a no B.S. policy. Please reach out if you are looking to transact or educate yourself on high-end real estate from Miami to Jupiter. I can also connect you with my network in NYC/ the Hamptons.
My padel game continues to improve and I would like to play in more tournaments and become more competitive. One of the keys to this for me is staying healthy. 2024 was very disappointing with torn calves (3 times) taking me off the court for too long. I actually became depressed with my lack of action given my constant and recurring injuries. I have been seeing physical therapists who have been critical in coming up with programs to prepare my body for playing sports again. For that I am thankful. I bought a stake in the Replay Padel Club in Boynton Beach, Florida and believe it is among the best facilities in the country. No excuses for me not to improve my game.
My son, Jack, gained admission into Wake Forest in 2024 and will be heading to college in the fall. I am soon to be an empty nester as my daughter, Julia, is one year behind him. I am focused on enjoying the final months with the kids before they leave the nest and will cherish each day together. I feel my wife and I did an amazing job raising good kids and who know right from wrong and are polite and well-liked. I am grateful that they are willing to work hard to achieve their dreams.
My cooking continues to improve and evolve, and I plan on doing more entertaining. I enjoy it and feel my kitchen skills are at the point where I won’t disappoint my guests. See a sample of some of my cooking below.
With all the atrocities that have happened in the world recently, I also hope to keep a more positive attitude and be thankful for how fortunate I am in life.
Happy New Year and I hope you all achieve your goals and dreams.
Quick Bites
Monday saw a healthy stock market rally driven by Foxconn’s record revenue pushing Nvidia and other tech shares sharply higher with the Nasdaq +2.4% at one point on the day. Nvidia was within $.73 of its all-time high of $152.89 on Monday before falling to $140 on Tuesday. In September it was $102/share. Nvidia also released the Blackwell gaming chip for PCs for $550-2000. However, markets had a sharp reversal on Tuesday after ISM Services inflation index surged to a 2-year high, pushing rates higher and stocks lower. On Tuesday, the Nasdaq fell almost 2%, wiping out the gains from the prior session. The 10-year Treasury yield hit 4.7%, the highest rate since April of 2023. Remember, in mid-September, the yield was 3.62%. Fed minutes showed inflation concerns which did not help the bond markets on Wednesday resulting is mixed stock results with the Russell 2000 underperforming. Howard Marks came out with talk of a bubble and high valuations on Tuesday as well that did not help matters.
I admit that I am frustrated with the prices of food at the grocery store and restaurants. Eggs, meat, fruits, and veggies are out of control. This CNBC article suggests that high food prices are here to stay. Inflation has steadily cooled over the past two years, despite seeing a slight stall in October and November. Prices for items such as gasoline, used cars and energy have all declined accordingly. However, food prices continue to outpace inflation, increasing by 28% since 2019. More than 85% of consumers report feeling frustrated with rising grocery prices, and over a third say they have resorted to buying fewer items to save money, according to a 2024 survey by RR Donnelley.
However, experts say high food prices are here to stay. “Once food price goes up, it tends to stay up,” said Claudia Sahm, a chief economist at New Century Advisors. “There’s no doubt that tariffs will massively make things more expensive, especially food,” said Rakeen Mabud, chief economist at Groundwork Collaborative, a progressive advocacy group. Chart below from Visual Capitalist. Of note, eggs and butter are hard to find and pricey in Florida right now.
I have written about my credit score frustrations in multiple newsletters Part 1, Part II and found this WSJ article, “One Man’s Attempt to Get a Perfect 850 Credit Score.” It’s frustrating – I have no debt, own my home, and pay my bills on time, yet my credit is far from perfect. The 52-year-old man in this article had an 840 score and wanted the perfect score of 850. He closed credit cards, tweaked balances and adjusted when he paid his bills. He would make a change, then wait a month to see how his score rose or fell. He adjusted again. He waited again. “I’m an engineer by trade, so everything has to be perfect,” he said. Michell spent five years trying to crack the formula on his credit score. In doing so, he put an exclamation point on America’s growing obsession with the three-digit grade of financial health. For his first attempt at a perfect score, Michell closed a few retail credit cards he got at store checkouts, thinking that would help. It didn’t move the needle much. The Bank of America app he uses to review his credit offers tips on how to improve his score. In early 2023, when he was two points shy of 850, the app flagged his “high credit card balances” as an area to improve. At that time, he used about 6% of his $35,000 credit limit. For whatever reason, keeping a $0 balance didn’t do the trick either. Experian found that the 1.54% of people with perfect scores tend to have lower credit-card balances than the average consumer. They have more credit cards but use a smaller share of available credit. Crazy story about cracking the perfect credit score code. Sadly, despite what I believe are incredible metrics, I am not even close (3rd chart).
According to a firefighter I spoke with this afternoon between four fires, over 22,000 acres have burned between Palisades (11,800 acres) Eaton (10,600 acres) and Hurst (500 acres) destroying over 1,000 structures and killing two people. CNBC reported wind gusts of 135mph Tuesday night and heavy winds again Wednesday. There are reports of fire crews running low on water and visibility and winds are so bad, using helicopters or planes is challenging. The LA Mayor cut fire department funding by $17.6mm in recent months. I have spoken with multiple LA county residents and a consistent word is apocalyptic. My friend luckily escaped Pacific Palisades yesterday and is hiding out in Beverly Hills some 15 miles east. State Farm is the largest home insurer in the US today and I am told they have not written a new fire policy in CA in two years. I know they sent out cancellation notices in December, but gave homeowners a few months notice. The result is State Farm will be on the hook for this fire. As one Pacific Palisades resident told me this afternoon, “I am done. Between fires, earthquakes, hurricanes, droughts, mudslides, crime, homelessness, traffic, cost of living and taxes, I can’t take it anymore.” Sadly, my friend believes the family home will be destroyed by the fire. They are staying in a hotel in Beverly Hills and sent me this picture looking west towards Pacific Palisades. I spoke with a firefighter who told me Pacific Coast Highway between Topanga and Malibu that prevented firefighters from gaining access. The shifting winds are making fighting the fire very challenging. These major disasters lead to more insurance companies pulling and higher premiums. Remember, you cannot take a mortgage without major coverages. California is the worst state for insurance and Florida is next due to hurricanes. This link shows the largest and costliest wildfires in history. Hopefully, the fires today will be contained soon and won’t make the list.
Politics
Biden to ban offshore oil, gas drilling in vast areas ahead of Trump term
Biden Signs Social Security Law in a Boost for Government Retirees
Sadly, our entitlement programs are bankrupt and we need cuts to them, not increases. Aging population, declining birth rates, healthcare costs rising faster than inflation, and poor management are all contributing to our crisis. If France can raise retirement age, why can’t America? Entitlements were over 50% of the federal budget in 2023. What could possibly go wrong?
Donald Trump denies he will pare back aggressive tariffs plan
Trump had vowed to impose tariffs of 10% on global imports into the US along with a 60% tariff on Chinese goods.
Canada’s Prime Minister Justin Trudeau announces decision to step down
Incredibly unpopular politician, and this is not a surprise. Most of my family is from Montreal, and Trudeau has been an unmitigated disaster. He had no chance of winning. So many leaders are under pressure including South Korea, Germany, France, and Assad is in exile from Syria.
Chuck Schumer confronted with old clip of himself declaring Biden's decline 'right-wing propaganda'
Schumer said in February 2024 that the notion President Biden had declined was 'right-wing propaganda.' We were gaslit by the media, the administration, and Democratic politicians who knowingly lied to cover up the cognitive decline of the President of the United States. The Senator continues to defend his actions suggesting he did not mislead. Ridiculous. Even CNN talent is calling B.S. on Schumer’s claims.
Rudy Giuliani held in contempt of court after $148M Georgia election worker defamation verdict
Rudy was a great mayor for NYC. He did heroic things post 9/11. However, in 2020, I wrote a crushing piece on him and how his best days were behind him. I stand by my comments. If Hunter got a blanket pardon going back 11 years, Trump will probably pardon Rudy.
UFC’s Dana White joins Meta’s board weeks before Trump takes office
Do you think this happens if Harris would have won? Smart move Zuck. Meta also scraped its fact checking program and is bringing back political content. Nothing to see here folks.
'I find it worrying': European leaders fire back after Elon Musk's hostile X posts
Musk is everywhere and his bold comments on European politics have sparked strong reactions from European leaders.
Majority of Americans say Biden’s presidency will be remembered as ‘below average’ or ‘poor’
Middle East
I sure prefer Trump’s approach to terrorism than the current administration.
Blinken Admits: Pressure on Israel Caused Hamas to Pull Back from Deals
Vilifying Israel for protecting its own citizens was idiocy. Blinken has been awful. In revealing admission, U.S. Secretary of State Antony Blinken acknowledged that American pressure on Israel played a significant role in causing Hamas terrorists to back away from previously discussed deals.
Hamas approves list of Israeli hostages for potential exchange, Reuters reports
Middle East 'mega-deal': Trump envoy Witkoff meets MBS in Saudi visit
Houthis Claim "Winged Missile & Drone" Attack On USS Harry S. Truman In Red Sea
Israel’s Red Sea Conundrum: Hit the Houthis or Iran
Yemen-based rebels pose threat, and some security analysts say their patrons in Tehran should be in Israel’s crosshairs
Israeli soldiers face growing risk of arrest abroad after Gaza service
The double standard for Israel was best articulated by Scott Galloway here. His commentary is a mic drop moment. If the US had been attacked as Israel was, the attacker country would be flattened with hundreds of thousands of deaths or more. Look at WWII or even 9/11.
Other Headlines
Unemployed Office Workers Are Having a Harder Time Finding New Jobs
The U.S. economy has added more than two million jobs over the past year. But more people who are out of work are having a hard time getting back in.
As of November, more than seven million Americans were unemployed, meaning they didn’t have work and were trying to find it. More than 1.6 million of those jobless workers had been job hunting for at least six months, according to the Labor Department. The number of people searching for that long is up more than 50% since the end of 2022. I can tell you there are a lot of recent college grads from good schools who cannot find jobs.
Quantum stocks like Rigetti plunge after Nvidia’s Huang says the computers are 15 to 30 years away
Anthropic in talks to raise funding at $60 billion valuation
Wait. Boeing planes have problems? What a debacle of a company. Since February 2019, the stock is -60% and for good reason. S&P +140% since 2/19.
Why don’t we take the criminals off the streets? Just a thought.
Madman accused of two NYC train stabbings is busted in another station — carrying ‘large knife’
Only 87 priors. Let’s give him another chance. This is sarcasm.
I want a Mayor, DA, and MTA boss that take crime seriously and believe in consequences for bad acts. Suggesting subway crime is ‘in people’s heads’ is offensive. On the subway and mass transit, felony assaults were up 65% from 2019 to 2024, according to the MTA. Lieber, are you an idiot? Crime +65% and you think people are making it up? Bloomberg, hardly a right wing media outlet, has this headline: “NYC’s Subway Violence Deters Drive to Bring Workers Back to Office.” I guess Bloomberg is making it up too.
RIDICULOUS.
Disgusting display of citizens not helping an injured officer. The vilification of the police is awful. Bad cops should face jailtime, but an overwhelming majority of police officers are not bad.
pen borders come with a high cost—not just financially, but also in the toll taken on families impacted by crimes such as rape, murder, assault, robbery, and drug-related offenses.
New Jersey ends basic reading and writing skills test requirement for teachers
The NJ Education Association called the test requirement a 'barrier' for educators. The Praxis Core Academic Skills for Educators test is used by over 40 states and territories in the country and includes questions on English and mathematics as well as basic questions on specific subjects. "We need more teachers. This is the best way to get them," Democratic state Sen. Jim Beach argued. Call me crazy, but I don’t believe that hiring a bunch of teachers that cannot pass a skills test will lead to better outcomes.
Caitlin Clark's '$100k demand' makes her more money in 30 minutes than Indiana Fever salary
This is crazy. $100k to speak virtually for 30 minutes and she only makes $76k/year for a 40-game season. The average WNBA salary is $119k and the average NBA salary is $12mm. The NBA is profitable and the WNBA loses money. However, Clark is the single biggest star in the WNBA. She should make more. Steph Curry, one of the biggest stars in the NBA, makes $56mm/year. I think Clark should be paid more than .14% of Curry.
Deadly winter storm pummels Mid-Atlantic, disrupting flights and schools
South Florida weather is PERFECTION.
What’s the true secret to happiness? Scientists could be about to find out
Musk is everywhere globally between business and politics.
Los Angeles man trapped in circling Waymo on way to airport says he missed his flight home
I have made it clear that I am not ready for self-driving.
I Can't Drive 65 (Especially When I'm Playing A Video Game At The Wheel)
Idiot clocked at 107mph while driving and playing a video game.
LA vegan chain, blasted for adding meat to menu, abruptly closes all locations
I felt the Dylan Mulvaney promotion for Bud Light was idiotic and crushed the company for such an overly woke idea and the fact that they did not know the customer. This vegan chain might actually take the cake. They added meat to the menu only to get crushed by their loyal followers.
Fender-bender turns into WWE-style chaos as road-rage ruffian body-slams single mom
Crazy photos of a woman being injured by someone with road rage.
Real Estate
In my last note, I wrote about nine-figure house sales and the real estate boom in Florida. This Palm Beach Daily News story goes into detail for Palm Beach citing sales of $150 and $148mm as well as eight sales of more than $49mm. Although the most sought after properties remain in high demand, we are seeing a little slowdown in spots where some homes are not getting shown as frequently. The link goes into detail on each of the properties listed below.
While I just outlined the biggest deals in Palm Beach in 2024, now we have the other side of the coin. The American Dream has long been tied up with the aspiration of homeownership: with a flag draped outside and a white picket fence, of raising a family and building a stake in your community through property. But the reality of that image appears to be faltering. This year, American first-time buyers made up just 24% of the market share, a sharp drop from 32% in 2023, and the lowest it has been since the NAR began recording data over 40 years ago. “In my two decades in the mortgage business, I’ve never seen a more difficult time for millennials to purchase a home,” said Bob Driscoll, of Massachusetts-based bank Rockland Trust. “I would not say [the ownership dream is] dying, but it is becoming increasingly more difficult. What are the longer-term ramifications for wealth creation for US households? In 2022, $41 trillion of wealth or over 25% of all assets were represented by primary residence ownership.
A Midtown South boutique office building has been purchased by Williams Equities for little more than half of its most recent sale price, Realty Check has learned — but there might be more to understanding the deal than the price tag indicates. Williams paid only $147.5 million for 470 Park Avenue South, an historic, 300,000 square-foot property that takes up the entire west blockfront between East 31st and 32nd streets. The sellers were Steven J. Pozycki’s SJP Properties and PGIM Real Estate, a Prudential Financial affiliate — which bought it for $245 million in 2018.
© 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™ #751 ©Copyright 2024 Written By Eric Rosen.
