A Delicious Restaurant in Boynton Beach!

9-7-25

Opening Comments

My last note was about the absurdity of prices for sporting events and concerts and covered ticket prices, food, drinks, parking and more. The most opened links were the story on billionaires ownership of private jets and the Eye on the Market piece by Mike Cembalest.

Case in point below for the Men’s Final with many tickets well in excess of $10k. Another example is World Cup tickets.

I took Julia to New Orleans last week to see Tulane. The campus is nice, and we had a good tour. Of course, I ate at solid restaurants too. Reviews of Brennan’s, Shaya, and Lilette coming soon.

• Picture of the Day-Oil & Gas Capex Vs Major Tech Capital Spending

• A Delicious Restaurant in Boynton Beach, FL!

• Quick Bites

  • Markets

  • Ray Dalio-”Debt-Induced Heart Attack”

  • Outline of American Billionaires

  • Tariff Impact on Manufacturing Jobs-Great Chart

  • Insurance Companies Using Drones to Spy on You

• Tariffs

• Politics

• Middle East

• Other Headlines

• Health

• Real Estate

  • US Housing Outlook

  • New Zealand Golden Visa Program

  • Austin Housing Market Weakness

Picture of the Day-Oil & Gas Capex Vs Major Tech Capital Spending

I thought this chart was interesting to see just how much Capex is spent by major tech relative to oil & gas. It is only recent years that tech has outpaced oil & gas. The 2nd chart puts tech spending as a share of GDP into perspective.

A Delicious Restaurant in Boynton Beach, Florida!

I have often written about my frustration with the South Florida food scene, especially as you get out of Miami. Broward and Palm Beach Counties are basically culinary wastelands filled with too many restaurants that are overpriced for a mediocre experience. Well, I have uncovered Nicholson Muir in Boynton Beach run by French-trained chef James Muir. The restaurant started as a gourmet butcher shop in early 2022, but he converted it to a restaurant a year later, and I am sure glad he did. It is billed as a steakhouse, but it is much more. The meats are dry-aged onsite and Muir’s Argentine heritage is shown in many dishes.

In May, Michelin added Nicholson Muir Distinguished Meats to its guide (not a star), and it is well deserved. I enjoyed everything about the experience from the food, presentation, ambiance, service, and drink offerings. As my readers know, such accolades do not come easily, especially in Palm Beach County.

The cottage setting is quaint and cozy adding to the experience. The staff is knowledgeable, attentive, and friendly. I also loved the uniforms, with chef coats.

I ordered a lot of food so I could give a proper review. We started with the bolo-Roman style semolina gnocchi with braised beef Bolognese, and the bar was set quite high. It turned out to be my favorite item we ordered, and the gnocchi looked like large scallops but was tender and the Bolognese was beyond delicious. The beef empanadas did not disappoint and as good as they were, the chimichurri made them even better.

Next up was the crispy potato pave with American wagyu steak tartar and crispy rice with spicy tuna tartar. Both looked like works of art and were solid, but felt other dishes were better. The 90-day aged wagyu carpaccio was amazing and came with pomme pailles (crispy fries). Another visual stunner that packed a punch with hints of scallion and ginger. It was one of the more memorable carpaccio dishes I have had in some time, and the ginger flavor was a big hit with me.

For my entree, I had the grilled grouper with grilled asparagus, and it was quite good. It came with Meyer lemon, one of my favorites. It could have used a side of starch, but I would order it again. My wife and daughter split the filet, which was cooked to their liking (medium) and incredibly tender. Again, the chimichurri on the steak was fantastic. I would say the quality of the meat was remarkable but would have liked to see something else on the plate with it at that price point for 6oz.

For dessert, the chef recommended the bread pudding, something I would never order without a nudge. Oh my! It was beyond mouth-watering. I loved the Health Bar flavoring. I spoke with Chef Muir about the cookies, and he brought us a plate. I feel I make some of the best cookies around, and these showed quite well. High-quality chocolate was used for the cookies, which came out hot with a crème anglaise for dipping.

I can’t believe I am sending anyone to Boynton Beach, Florida for a great meal, but indeed I am. Trust me, you won’t be disappointed. During the summer, they have a $45 special on Tuesday-Thursday, which gets you three courses. I am going back for that one. They also do high-end wine pairings, and the wine list is good, but fully priced. You need to make a reservation, as the place is getting packed.

• Food-8.4

• Ambiance-8.4

• Service-8.6

• Price-Expensive, not offensive

Quick Bites

• Thursday morning had ADP data which showed 54k jobs added, well short of 75k expected and 104k the prior month. In the bad news is good news world, stocks rallied on the belief rate cuts were more likely post the ADP weak data. Friday, the nonfarm payroll data came in at a measly 22k vs 75k expected and the unemployment rate is now 4.3%. The weaker data on the back of ADP pushed Treasury yields lower. The 10-year was -10bps to 4.08% and the 30-year was -1bps to 4.76%. The big rally in Treasuries sparked a 16bps drop in the 30-year fixed rate down to 6.29%, which will help on affordability issues. Again, stocks initially moved higher on the news given the increased likelihood of rate cuts but sold off to finished lower on the day. The S&P finished the week +.3% and Nasdaq+1.1%. Google had a big week, which pushed megacap tech to $21 trillion market cap (+420bn on week). However, Nvidia fell 8% in the past 7 trading days and dropped below its 50 day moving average. Now a 97% chance of 25bps and 3% chance of 50bps in September. I hope they only do 25bps given my inflation concerns. Been lots of noise in payroll data, but the revisions this month were sharply less (revised down 27k in June and up 6k in July) than the prior month chaos.

  

  

  

  

  

• Despite not always agreeing with Ray Dalio, he and I see eye to eye on our concerns about the growth of federal debt in America and the need to take aggressive action. Dalio was at it again, suggesting there will be a “debt-induced heart attack” within three years. He cited unsustainable borrowing and soaring interest costs. I do not know the timing of the “debt-induced heart attack,” but feel the time is now to get aggressive on cutting the deficits and that mean entitlement reform. Earlier this year he said economists who believe America can continue to build its debt burden without consequence don’t “understand the mechanics” of the issue. “The great excesses that are now projected as a result of the new budget will likely cause a debt-induced heart attack in the relatively near future,” Dalio told the Financial Times. “I’d say three years, give or take a year or two.” And while Dalio made it clear that the eye-watering debt pile was not a fault that can be placed on one administration or the other, his concern about the present government is that no one will stand up to the powers that be for the good of the economy. “I think that what is happening now politically and socially is analogous to what happened around the world in the 1930 to ’40 period,” the Bridgewater Associates founder added. On a related note, this Bloomberg article goes over long-dated bond pressures. The article cites increased deficits, borrowing, and higher rates.

  

  

  

  

  

• The rich have gotten richer in recent decades. In 1985, Sam Walton was the wealthiest American with a net worth of $2.8bn. In 2000, Bill Gates was worth $60bn and was the wealthiest person in the world. The 100th person on that list was worth $4.3bn according to Forbes. Twenty five years later, the wealthiest person is Musk at $432bn and the 100th person on the list is worth $23bn. This WSJ article, “What We Know About America’s Billionaires,” outlines a lot of data on the wealthiest Americans. The 100 richest billionaires account for nearly $3.86 trillion in wealth. Just three men—Elon Musk, Bezos and Mark Zuckerberg—account for almost $1 trillion of it. Despite those outsize Silicon Valley fortunes, most U.S.-based billionaires didn’t make their wealth in tech. About 300 came from banking and finance, compared with roughly 110 from the tech sector. Another 75 came from real estate. A third of billionaires inherited much or all of their wealth, Altrata said. There is just one Rockefeller on the list, but 50 billionaire heirs of five companies hold roughly $830 billion total. These individuals account for nearly 15% of all the billionaires’ wealth. Tesla’s new pay package plan for Musk is worth another $975bn.

• Interesting article on the impact of tariffs on manufacturing employment, and agree that manufacturing employment has been on a steady decline since the mid 1940s (WWII). The first chart says it all. I have been consistent that I do not believe that tariffs will meaningfully change the below chart. The US is uncompetitive in manufacturing for many reasons (labor costs, unions, healthcare…). Sorry, Trump, your tariffs may bring in hundreds of billions of revenue, but we will not see a huge uptick in manufacturing jobs in the US. With robotics and AI developments, any meaningful manufacturing in the US will require far less physical labor than in the past. The 2nd chart splits recent employment growth into tariff-impacted sectors and those not directly impacted.

• Insurance companies are more aggressively finding issues with your home by using drones. This Post story outlines how a homeowner received an email that she had six weeks to cut back tree limbs or lose her coverage. She has been with the insurance carrier for 12 years with no claims. In another story, drones search for trampolines not registered with the insurance company and have cancelled insurance over it. Remember, if you would like to save on your personal lines insurance coverage for your home(s), autos, valuables, and umbrella, etc., call Kevin Lang. Countless Rosen Report readers have switched to Lang Insurance (866) 964-4434 for good reason. He saved me money and is creative in getting you the best coverage with the best-rated insurance companies.

Tariffs

• Trump says US may have to 'unwind' trade deals and will 'suffer greatly' if it loses tariff case

• Trump warns ‘fairly substantial’ chip tariffs are coming; signals Apple, others will be safe

• Trump finalizes Japan trade deal with 15% tariffs as Ishiba faces discontent from within party

Politics

• Ban on congressional stock ownership gains momentum with new bill

  • Why has this taken so long? Ridiculous.

• The battle over the Fed's future moves to the Senate

• Here’s what FBI agents took from John Bolton’s house in raid — and what charges he could face

  • I hope there was something to this and not a wild goose chase.

• US Justice Department opens criminal mortgage fraud probe into Fed Gov. Cook

  • Bill Pulte accused Fed Governor Lisa Cook of fraud. His relatives filed housing claims similar to hers

• If You Look Closely, You Might See A Slight Difference In How Media Cover Trump’s Health Versus Biden’s

  • I called out Biden PRIOR to the 2020 election and continued to do so given the countless blunders and missteps. I was cancelled, called a MAGA lover, and vilified for doing so. I have called out Trump numerous times for his mistakes, swollen ankles, and bruised hands, and not a word from anyone. The media decided to ignore all of Biden’s faults and finds all of Trumps. I am just looking for consistency. To be clear, I have concerns over Trump’s health. He is nearly 80, overweight, eats McDonalds, does not appear to have ever stepped foot in a gym, and needs to lose some serious weight. On mental acuity, Trump has spent far more time answering questions than Biden ever did.

• President Trump warns that Chicago is 'about to find out why it's called the Department of WAR' in incendiary Truth Social post

  • Although I support tough-on-crime measures, I do not think posts like these are helpful or appropriate from the President.

    

• Poll shows a majority of Americans don't want Trump to send National Guard to major cities — as he says Chicago and Baltimore are next

• Musk will not attend Trump tech CEO dinner at White House

  • When you look at this list of big tech attendees, it seems to me Musk should be in attendance. Musk was invited but could not attend.

• 68 jobs may qualify for Trump’s $25,000 ‘no tax on tips’ deduction

• Judge says Trump administration unlawfully blocked $2 billion from Harvard

• Hundreds Arrested in Immigration Raid at Hyundai Site in Georgia

• Oldest member of Congress, Democrat Eleanor Holmes Norton, is seeking re-election: ‘Not going to step aside’

  • I believe we need age limits for Congress and president.

• DeSantis and Ladapo aim to make Florida first in US to end all vaccine mandates

  • Seems a bit aggressive. As I understand it, this includes measles, mumps, rubella, polio, chicken pox, and Hepatitis B.

• Newsom is becoming an obsession for Democrats beyond California

  • The results in California make it hard for me to take him seriously, but the tide is shifting his way. Polymarket has Newsom with a 35% chance and AOC 10% for 2028.

    

• Mamdani means to ax the NYPD’s gang database

  • Police Chief Tisch praises the gang database for the strides in crime reduction, and Mamdani wants to do away with it. Check out the recent increase in the chance that Adams drops out of the NYC mayoral race. Ackman now backs Cuomo for mayor and urged Adams to step aside. Big turnaround for Ackman. Adams refuses to quit the race.

    

• Zohran Mamdani challenges President Trump to public debate: ‘Let’s cut out the middle man’

  • Rumors that the White House was mulling job offers for Adams and Sliwa to get them to exit the race, and Mamdani wants Trump to stay out of it.

Middle East

• IDF says it already controls 40% of Gaza City ahead of main offensive

• IDF says it has completely destroyed a high-rise being used by Hamas

• Israel tells Hamas to surrender or see Gaza City leveled

• Katz threatens Houthis after 3rd missile fired at Israel: ‘We’ll complete all 10 plagues’

• Hamas Preventing Evacuation From Gaza City as IDF Prepares For Offensive

• Democrat Rashida Tlaib Facing Censure Threat over Remarks Made at Pro-Palestinian Conference

  • How did this person get elected?

• New London Housing will be built prioritizing the needs of Muslims

  • Listen to Sadiq Khan and then a London citizen complaining about 46,000 new homes for Muslims.

  

• Northwestern's Contract With Qatar Forbids School From Criticizing Regime

• So much for no strings attached money. Since 1981, Arab States have donated approximately $15bn to universities in the US.

Other Headlines

• Investors are dumping bonds globally while gold is soaring. Here’s why

  • “There’s concern about the fiscal excesses, potential for a debt crisis in Japan, in France and the United Kingdom,” said Ed Yardeni, president of Yardeni Research. “Clearly, more and more investors are choosing to add gold to their portfolios as a safe haven and protection against financial instability.”

• Goldman to Buy $1 Billion of T. Rowe Stock as Firms Team Up

  

• Why coffee prices are so high — and where they’re headed next

  • Extreme weather in major producers like Brazil and Vietnam crimped supply, pushing up prices.

    

• World Meat Prices Reach New High as Consumers Clamor for Beef

  

• American Eagle stock soars 20% as retailer says Sydney Sweeney campaign is ‘best’ to date, beats earnings

  • All those haters helped to drive the campaign.

• Broadcom’s stock pops on mystery $10 billion AI customer

• Figma’s stock slumps 18% after first earnings report to lowest since IPO

• Salesforce issues weak revenue guidance even as earnings beat estimates

  • Stock -6% on day and -25% YTD. Trailing PE of 36 and forward PE of 21.

• Lululemon shares -20% as it slashes earnings outlook, $240 million tariff hit

• Minneapolis shooter Robin Westman’s ‘furry’ girlfriend ID’d

• Burglars smash glass door in break-in at L.A. home of Tracee Ellis Ross

  • Lots of break-ins at the homes of stars.

• Mystery NYC s–t stirrer refuses to pick up dog’s poop on UES, fuming neighbors plaster her pic all over town

  • This was a pet peeve of mine when I lived in NYC. There was dog crap all over the sidewalks. The fact that this woman refuses to pick it up is just disgusting. Her dog should be taken away from her.

• Feds intercept 1,300 barrels of meth precursor chemicals shipped from China to Mexico

  • Seized benzyl alcohol and N-Methylformamide could have produced 420,000 pounds of methamphetamine.

• 5 dead & 23 injured after iconic funicular with tourists on board careens down hill & derails ‘crushing passerby’

• Grotesque FB group of 32,000 men sharing non-consensual nudes of their wives has been shut down

  • What is wrong with people?

• Bodycam footage shows horrified kids shout ‘Chuck E, no!’ as cops cuff mascot for credit card fraud

• Giants sell minority stake to Koch family at record $10 billion valuation

  • Tisch bought the 50% stake for approximately $80mm in 1991. Here is a link to CNBC’s NFL team valuations.

    

• Super Bowl 2026 Commercials Have Sold Out, With NBC Seeking at Least $7 Million per Ad

• US could see first population decline ever in 2025 as international migration plummets

• America's most luxurious grocery store to open in New York City... with five-figure entry fee

  • Erewhon, the Los Angeles-based exclusive grocery chain, is coming to New York City with an eye-watering entry fee, but there's a catch. Ronnie Fieg, the founder and CEO of streetwear clothing brand Kith, announced that the luxury market was getting a spot in his members-only padel club in the West Village. Sundberg reviewed the pitch deck for the exclusive club, revealing that those who want to step foot inside will have to fork over a $36,000 initiation fee plus $7,000 in annual dues. The space allocated for the luxury market won't be as comprehensive as the Los Angeles locations, featuring only a 'tonic bar' with a limited selection of juices and smoothies.

• I became a millionaire at 32. Here’s the No. 1 thing I do to save money on bills—‘you’d be surprised’ how often it works

• 77% of Gen Z job seekers admit they’ve brought a parent to a job interview — but is it working against them?

  • Bad idea. Be independent and do it yourself.

• What Great Listeners Actually Do

  • Good listening is much more than being silent while the other person talks. Very detailed suggestions on what it takes to be a good listener.

• Fired Nestlé CEO Laurent Freixe’s mistress caught him cheating with another subordinate in Swiss hotel

  • One mistress caught him with another mistress and filed an anonymous complaint that blew him up.

• Secretly glam life of waitress who dated Tony Bennett, Frank Sinatra, Warren Beatty and William Shatner while working at iconic restaurant

  • Amazing story of a model turned waitress who was the centerpiece of P.J. Clarke’s for 45 years. Remarkable stories of famous men who courted here. I had no idea.

• Giorgio Armani, iconic Italian fashion designer, dies at 91

  • I bought my first Armani suit in 1991 at Saks Off Fifth on a huge sale. It made me feel as though I was special. A great suit can give you confidence, and Armani was a master. He built a massive company, and his net worth was estimated at $12bn. Amazing.

Health

• This cancer often has no warning signs — a pioneering new treatment freezes it

• Drinking specific vegetable juice could reduce older adults’ blood pressure

• 5 protein-packed carbs that can help you lose weight and build muscle

  • Smart swaps can help you reach 120 grams of protein a day and lose weight.

• ‘No place in children’s hands’: under-16s in England to be banned from buying energy drinks

• Doing this on the toilet raises your risk of hemorrhoids by 46%

• Doctors warn ‘pickleball is a drug’ — as players go to wild lengths to make sure their paddle matches their shoes, injuries be damned

• Harvard happiness expert shares his 1 tip for living a meaningful, successful life

• COVID wave washes over California. Some officials urge residents to mask up

  • How many reasons do you need to not want to live in California?

• Kenvue stock drops 10% on report RFK Jr. will link autism to Tylenol use during pregnancy

Real Estate

• Torsten Slok of Apollo came out with a piece on the US Housing Outlook. Demand for housing is slowing because of high home prices, high mortgage rates and declining immigration, see charts below. Housing supply is steady because existing homeowners are reluctant to sell their homes, since they’re locked into lower mortgage rates and don’t want to take on higher ones. Housing supply of new homes is rising, see again charts below. The bottom line is that there is downward pressure on home prices coming from falling demand and rising supply. Of note, the article does not discuss the impact of regulations and zoning restrictions on housing. Nor did it talk about the “lost decade” of 2010 where we say a sharp drop in housing starts on the heels of the Global Financial Crisis.

  

  

  

  

• I romanticize about living in New Zealand, even though I have never been there. The country looks stunning, has amazing surf, fishing, golfing, and outdoor activities. New Zealand is safe and from there, it is easy to travel to Australia and Asia. I found the updated New Zealand “golden” visa program interesting. America’s elite are increasingly seeking "golden" visas — with one country that offers the opportunity now pushing to open even more doors for the wealthy. New Zealand parliament members are weighing an exemption to the country's foreign buyer ban for golden visa holders. For those individuals, the change would greenlight the purchase of luxury homes, namely homes that go for $5 million in New Zealand dollars, equating to roughly $3 million in U.S. dollars. In under three months, 189 golden visa applications were received, while previous applications were at 116 submissions over the span of more than two-and-a-half years, Reuters reported.

• Austin, once the fastest-growing residential market in Texas, is now one of the most lopsided markets in the country. There were 18,202 sellers to 8,134 buyers in Austin last month, or 124 percent more sellers than buyers, according to Redfin. Only Miami and Fort Lauderdale exceeded Austin’s rate, with 161 percent and 151 percent more sellers than buyers. Austin more than meets Redfin’s threshold of a buyer’s market: where there are 10% more sellers than buyers. There are other economic definitions of a buyer’s market, such as months of inventory, that Austin skirts if you squint. The Austin-Round Rock-San Marcos MSA had 6.1 months of inventory in July, according to Unlock MLS, which doesn’t quite tip the limbo pole of seven months recognized by Rocket Mortgage and Zillow.

© 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™ #817 ©Copyright 2025 Written By Eric Rosen.