Opening Comments
My last note was about a crazy day of golf some 20 years ago that resulted in poison oak torrential rain and a near death accident. The most opened links were tips on active shooter training on how to stay safe and sneaky restaurant tactics.
Although I complain about the Hamptons for its traffic, spotty cell service, high prices, crowded spots, and the hassle of parking or getting into a golf course, I will say that I am constantly connecting with old friends and colleagues out here. It is nice to see so many great people from over the years. My readers that I saw generally received the highly sought after and limited-edition Rosen Report hats.
Video of the Day-Funny High School Presentation in Gen Alpha Slang
Markets
Cost of Regulation on Banks
Lawyers Getting Paid Like Rock Stars
Changing Trends Impacting Casinos and Late Night Talk Shows
Home Insurance Stats
Rodeo Drive Sale at $14k+/ft
Video of the Day-A Funny High School Presentation in Gen Alpha Slang
A man was tasked with speaking with a graduating high school class on the importance of learning languages. He created a way to connect with the audience by performing his speech in Gen Alpha slang. It is quite clever and funny. If you have kids in high school, they will get a kick out of it, and the audience reaction tells it all. The big takeaway here is find ways to connect with your audience when making a speech. There are subtitles to help you understand Gen Alpha slang.
My Favorite Midtown Manhattan Restaurants
Historically, Midtown has been a bit of a culinary wasteland and finding good food has been challenging. I felt the need to outline my favorite midtown restaurants, some of which I have formally reviewed, but all of which I have enjoyed. The top six are below and then I will give some special mentions.
Daniel-Daniel Boulud’s flagship restaurant is stunning at every turn and has been since 1993. Although the location is technically Upper East Side, I can get away calling it Midtown because it is close. The prix-fixe meals run from $195-235 and an additional $195 for wine pairing. It is pricey but has two Michelin Stars for a reason. It is a special occasion restaurant that I go to every few years. Food 9.2.
Le Bernardin-Chef Eric Ripert dazzles from both a food and presentation perspective. Yes, it is pricey, but its 3 Michelin Stars are well-deserved. If I have any complaint, is that the portions are a bit dainty. Chef, don’t you know your food is so good that I want MORE? I recall taking my son Jack here for his 11th birthday and it was his 34th Michelin Star. Food 9.3.
Four Twenty Five-The newer Jean-Georges globally inspired cuisine is divine. The restaurant is beyond stunning and everything impresses. It is pricey, but a newer Midtown worth a look and open for breakfast, lunch, and dinner. My review is here. Food-8.9.
Santi-I am a big Michael White fan, and after leaving the Alta Marea group, he started Santi, a new Midtown Italian. The room and bar dazzle, as do the food and service. I did feel the portions were small, but this is 100% worth a try. My review is here. Food 8.6.
Marea-The Italian seafood restaurant on Columbus Circle hosts my favorite pasta dish in the city (fusilli with octopus, bone marrow, and breadcrumbs). I have been to this restaurant probably 40 times and have ordered the same entry every time. The room is beautiful and was redone to do a leak last year. Wine, service, and ambiance all pass the test. I also enjoy sitting at the bar solo and eating dinner. My review here. Food 8.9.
Il Gattopardo- This Southern Italian never disappoints and offers a more quaint dining experience. The others listed have more glam, but the food at Il Gattopardo is oh so good and my favorite Southern Italian in Midtown. My review is here. Food 8.1.
Other restaurants worth a look that I enjoy in Midtown:
Sushi Yasuda-What Yasuda lacks in ambiance and vibe it makes up for by delivering high quality sushi. Food 8.1.
Milos-Arguably the best pre-fixe lunch in town, especially when it started at $17, now $45. The food is not cheap, but fresh fish at this fantastic Greek on 55th just off 6th Ave. I have had many amazing meals at Milos but proceed with caution as the price of fish is by the pound and gets out of control in a hurry. Food 8.0.
Avra-This Greek restaurant has been a Midtown staple for 25 years. The tzatzki and hummus are great starters with warm pita. Lots of good fish options. Can get very loud and the price is no longer as reasonable as was ages ago. I prefer 48th Street to 60th even if the room is nicer at the latter. Just too loud. Food 7.8.
Polo Bar-It is a scene and vibe with solid food. Love the burger. Hard reservation due to the ambiance, but the food is good too. The last time I ate there I was wearing a suit and tie and dropped my hamburger and ketchup all over me. Disaster. Food 7.7.
The Modern-Two Michelin Star contemporary American is beautiful but comes at a price. The tasting menus range from $175-275/person. I prefer the ambiance and beauty to the chef Thomas Allan’s food, but both are outstanding. Food 8.0.
Aquavit-It is another grand experience, even if like me, Scandinavian food is not your thing. It has two Michelin Stars and always leaves an impression. The tasting menu ranges from $175-275 and always impresses with beautiful dishes. Food 8.3.
Quick Bites
Stocks had a good week with the S&P +2.4% and Nasdaq +3.9%. Apple gained 13% on the week after announcing plans to spend $600bn over four years in the US. Also, the semiconductor tariff of 100% had an exemption for companies that are building in the US. Good chart on concentration by year in the S&P 500 and today, Nvidia with a PE of 58 has an almost 8% weighting, the largest ever. The US imposed tariffs on gold bars from Switzerland at a 39% rate for 1 kilo and 100 oz bars, which pushed gold to new highs of $3,458/oz. Gold is now +25% YTD and +35% over the past year. Treasury yields are up on the week, with the 10-year +6bps to 4.29% and the 30-year +4bps to 4.85%. On the crypto front, Ether has been on a tear and is now at $4,300 and is +200% since the April lows.
This Bloomberg headline grabbed my attention, “Playing by the Rules Costs Wall Street an Extra 51 Million Hours a Year.” To hear Jamie Dimon tell it, which he does quite often, US financial regulations are out of control.
“It has been taken to a whole new level by people who really like it and want even more of it,” Dimon, JPMorgan Chase & Co.’s chief executive, told shareholders in May. He’s called some of what regulators do “completely asinine” and labeled measures that were intended to prevent the next financial crisis “a waste of time,” occasionally tossing in diagrams of overlapping rules or an expletive for good measure. Nationally, Americans spend 3.2% of total working hours complying with federal rules, according to a study on the intensity of regulations. The benefit is much harder to measure, said Joseph Kalmenovitz, a finance professor at the University of Rochester who authored the study. It theoretically looks like a net 51 million hours of extra annual paperwork from rules introduced since the Great Financial Crisis. Bloomberg News sorted through 218 disclosures of new, finalized financial regulations filed with the Office of Management and Budget during that span. Combined with rules already in place, this brought the tally of annual paperwork to 425 million hours. Back-of-the-envelope math suggests the additional tasks might be enough to keep about 26,500 full-time workers busy all year. I will argue that the pendulum swings Pre–Global Financial Crisis regulations were too lax, and they became too onerous after the horse left the barn.
This Bloomberg article questions the massive paydays of lawyers who can now earn $30mm/year. Lawyers have always been well paid, but the riches now available to top performers would make most Premier League soccer players blush, with some legal rainmakers reportedly earning more than $30 million a year. Skyrocketing compensation risks destabilizing law firms and leaving clients feeling shortchanged, while further undermining the idea of law as a profession rather than a commercial enterprise. Lawyer compensation once followed a predictable formula: The more senior you were, the more you pocketed. But this so-called lock-step model has fallen out of fashion amid a struggle to retain high performers who bring in high-value M&A, sovereign wealth and private equity fund work. US firms like Kirkland & Ellis LLP are known for placing more weight on generating revenue and paying up for star hires. And as rivals adopted similar practices, the spread between the highest-earning and lowest-earning partner at top firms has ballooned to 12-to-1, according to data collected by the American Lawyer; a decade ago a ratio of around 3-to-1 was the norm. Comp for lawyers at top firms has skyrocketed in recent years. Speaking with senior partners at major NYC law firms, many believe that the high billable rate for junior lawyers is doomed given AI. Also, some of the firms giving massive deals to bring in new senior partners is very disruptive to the existing team. Also seems as though US firms are much more profitable than firms in other countries.
In a recent piece, I wrote about changing behaviors impacting the economy. We are seeing changing preferences and behaviors impact all kinds of business including Las Vegas casinos and late night TV. Only 3.1 million people visited Sin City in June, down 11.3% compared to last year, according to the Las Vegas Convention and Visitors Authority (LVCVA). Social media users have called out the high prices of everything from dining to parking, citing these and other reasons for staying away. Robby Starbuck said, “Now nearly everyone under 40 who bets seems to do it online." Another differentiator is that older generations focused on real-life interaction, while younger generations feel just as content with parasocial online experiences," he said. "Younger generations drink alcohol at lower rates than older generations did at their age. That’s going to have a material impact on the Vegas business model if young people drink less," he said. Hotel occupancy rates fell 6.5%, while daily room rates dropped 6.6% and a 43-story hotel casino has been put on indefinite hold. Similarly, trends for late night talk shows are not good. The younger generation does not watch TV and you can watch the best highlights on the internet the next morning.
I had heard stories about a secret underground tunnel in LA for celebrities. If you go on Facebook and search for “secret LA underground tunnels,” you will uncover all kinds of videos on the topic. In this SF Gate article, “LA's secret celebrity tunnel was just a rumor. Until workers fount it,” you can learn more about the secret tunnels. Yet since the 1940s, one especially wild rumor has concerned a supposed underground tunnel winding directly from Chateau Marmont to a cavernous street-level building below it. Legend held that in the construction process, Sturges (club owner near Marmont at the time) built a tunnel inside his raucous haunt. That way, he and his glitzy guests could sneak in and out, and to another rarefied space just up the way — the Chateau — undetected by the public and the law alike. Many romantic rendezvous were said to have happened inside that secret tunnel, too. The secret Chateau-Players tunnel was discovered only recently and by accident. Back in 2012, the late owner of the now-shuttered Pink Taco restaurant, Harry Morton, was renovating the former Players space when crews stumbled upon its remnants — proving a long-rumored story to be unexpectedly true. Unfortunately the tunnel wasn’t accessible, as the city of Los Angeles had sealed it up at some point years back.
Tariffs
Trump vows 100% tariff on chips, unless companies are building in the U.S.
Trump’s Russia deadline is set to expire, with tariffs at stake
E.l.f. Beauty’s profits fall 30% as China tariffs weigh on bottom line
US import taxes hit levels not seen in nearly 100 years
Americans are expected to pay 18.3% for imported products, the highest rate since 1934. I feel Trump was right in pushing back on other countries who have taken advantage of the US for decades. I would have gone about it differently, but he has improved trade deals for the US. I do believe it will cause more inflation in the 2nd half of 2025 and early 2026.
Politics
US-Russia plan truce deal that would cement Putin's gains in Ukraine
Zelenskyy says peace deal will not include giving territory to Moscow ahead of Trump-Putin summit
President Trump, the Fed, and What Really Matters
Balanced article calling out Trump, Fed, Bureau of Labor Statistics, Republicans and Dems. I agree with a lot of it.
Trump to nominate economic advisor Stephen Miran to be new Fed governor, replacing Kugler
Trump putting more feds on DC streets in response to out-of-control youth violence
Mexico rules out Trump's reported military plan against drug cartels
NY AG Letitia James subpoenaed by Justice Department over $454M civil fraud case against Trump
Trump removes IRS boss, Treasury Secretary Bessent takes over for now
Billy Long, who was sworn in just under two months ago, was already the sixth person to hold the job this year. He told NBC News he will be the next U.S. ambassador to Iceland.
Political Survey of Americans Trump, Epstein, and The American Party
Lots of data in this link covering a great many topics (Trump, Vance, tariffs, and Epstein). I want all Epstein files released.
Treasury Secretary Admits Trump’s Tariffs Are Paid by Americans
Some will be borne by the manufacturer and home country, but Americans will be paying for some of these tariff. By the end of 2025, we will see prices increase.
How Tim Cook convinced Trump to drop made-in-USA iPhone — for now
Trump order will allow alternative assets like cryptocurrencies, private equity in 401(k)s
Trump signs executive order putting pressure on big banks over 'politicized debanking'
“If Chair Powell’s objective is to safeguard the Fed’s operational autonomy (which I deem vital), then he should resign,” El-Erian said.
Chicago's budget shortfall puts spotlight on Mamdani's 'socialism' agenda for New York City
Chicago Mayor Brandon Johnson warns that finances in the nation's third most populous city have "reached a point of no return." He wants tax hikes.
Man freed from jail 3 days before alleged toddler abduction in Virginia, Youngkin says
Trump signs memo requiring universities to disclose admissions data on race
Trump administration demands $1bn from UCLA to restore federal funding
Trump eyes reclassifying marijuana as less dangerous drug
Cannabis stocks have been slammed in recent years awaiting a reclassification.
Middle East
Israel says it will retake Gaza City, escalating war with Hamas
Eight second video. If she does not get expelled, FSU is a complete joke.
You have to love the public schools in Baltimore. On top of the antisemitism, just not only are they antisemitic, the teachers and schools are a complete joke. 3% passed the algebra test despite spending almost $20k/child. Despite being among the highest funded counties in the country, they continue to rank among the lowest scores.
Nearly 10,000 Killed In Syria Since 'Diversity-Friendly Jihadists' Seized Power
No outrage from anyone on these killings. I will also suggest as I do with the MOH in Gaza, I cannot vouch for the accuracy of these numbers.
Other Headlines
'Stagflation-lite': The worst-case scenario for the US economy looks like it's getting more likely
With tariffs, prices are rising on imported goods, Meanwhile, services prices are moving higher, and we are seeing a slowdown in labor markets. Interesting article from Business Insider.
JPMorgan predicts Fed will cut rates in September — and four times this year
I do not agree. If the Fed cuts four times in 2025, the economy has come to a screeching halt. This would not be a good situation, as tariff impacts on good prices will also be more prevalent.
I will be shocked with zero cuts and surprised if four.
DoubleLine's Jeffrey Gundlach: Economic data is becoming much less reliable
Sweetgreen shares drop 25% after salad chain cuts outlook
Wait. Consumers are pushing back on $17 salads?
Trade Desk tanks 39% for worst day ever on CFO departure and competition from Amazon
Crocs CEO says consumer environment is ‘concerning,’ will reduce orders in the second half
Walmart exec shares the ultimate red flag she sees in employees: ‘Nobody’ will want to hire you
The era of ghosting job candidates is slowly coming to an end
Companies in Ontario with will have to inform candidates about their status within 45 days of a job interview.
What does it look like under Mayor Mamdani?
Cincinnati mayor under fire for police management after viral beating exposes lax bail laws
Maniac stabs stranger in NYC subway station — and attacker is still on the loose
I am fully supportive of the death penalty. Four teens were arrested.
Three people shot after teen gunman opens fire in Times Square, sparking chaos in tourist hotspot
FBI report: Violent crime fell in 2024, but assaults on officers reached 10-year high
Britain’s FBI to Investigate Alleged Police Involvement in Child Rape Grooming Gangs
Huge story not covered enough by press. Musk helped blow lid off. Professor Alexis Jay, whose 2014 report found that around 1,400 mostly young white girls were sexually abused by mainly Pakistani Muslims in Rotherham between 1997 and 2013.
Parts of Los Angeles evacuated as Canyon Fire explodes to over 5,300 acres
America's wealthy are quietly buying their way out with 'golden' visas
Five Caribbean islands offer citizenship through government contributions or real-estate purchases
Are These Mothers Starting a Revolt in England?
A male migrant sexually assaulted a 14-year-old local girl, and mothers have taken to the streets in protest.
Estimated drop in new international enrollment to American universities this fall: -30/40%
Atlantic to teem with tropical activity, concerns to arise for Caribbean, US
Health
When does the body really start aging? The answer may surprise you.
According to the article, changes in how proteins are expressed can show when organs age.
Pairing cigarettes with this other habit ups your chance of oral cancer by 624% in the next 5 years
This change to your skin can be a sign you have one of the deadliest cancers
Deadly drug stronger than fentanyl spreads rapidly across the Americas, experts warn
China fights mosquito-borne chikungunya virus with drones, fines and nets as thousands fall ill
Ultra-processed foods make up over half of Americans’ calories, CDC says
Real Estate
I have written extensively about property and casualty insurance in Florida and the insanity of getting coverage, as well as the massive premiums. This article outlines details on costs at various property price points. 2024 alone has seen premium increases of 20-35%. The article suggests that 7% of Florida real estate transactions fail due to insurance issues. The exodus of major carriers continues affecting market dynamics. State Farm, Farmers, AIG, Nationwide, and Progressive have all either stopped writing new policies or significantly reduced their Florida operations. This departure created opportunities for specialized surplus lines carriers to fill the gap, though their rates typically run 50-100% higher than standard market pricing. Dozens of Rosen Report readers have switched to Lang Insurance (866) 964-4434, including me. Give Lang a call to have them do a review of your policies to see how they can help save you money and get you the best coverage.
A Rodeo Drive property that is leased to Tom Ford, Moncler and Balenciaga stores has sold for over $400 million, sources with knowledge of the deal told The Real Deal. The transaction, which amounts to $14,228 per square foot, is believed to be a one-property record on the iconic street and the second-highest sale ever in Beverly Hills. The seller was Ronan McNamee’s ECA Capital Limited, which purchased the 28,000-square-foot property at 338 North Rodeo Drive in 2007 for $81.5 million, less than $2,900 per square foot, according to property records. The identity of the buyer wasn’t immediately known.
© 2025 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™ #810 ©Copyright 2025 Written By Eric Rosen.
The Gen Alpha video is brilliant. Thank you for including it in the Rosen Report!