If The Shoe Fits...

6-14-26

Jun 14, 2026

Opening Comments

My last note was about adjusting to the altitude in the mountains. It sure makes me feel out of shape. The most opened links were the message from a cardiologist about the five things not do to before 9 am and the video of the day of how the middle school basketball team responded to their cheerleader with Down’s Syndrome being bullied.

My daughter turns 19 years old on June 18th, and I am flying to NYC for her dinner and will be heading to the US Open on Saturday. I will be in NYC Thursday, June 18th and then Southampton the 19th-25th. I have an event on the 25th in NYC for 3i and then fly out on the 26th in the evening to SLC to finish my time in Park City. Of note, a JetBlue plane ticket was $1,014 round trip from SLC to JFK with extra leg room seats. Seems pricey to me. High fuel costs are clearly impacting travel.

I want to make an emphatic statement about my hate of hackers and phishing scams. I received an email from one of my closest friends inviting me to a party. I opened it and it was a phishing scam. The changing of my passwords and cursing that ensued was SNL worthy. I may run for office with the key issue being capital punishment for hackers.

I want to remind readers that some email servers truncate my emails, and you need to click “View entire message,” to be sure not to miss any life changing information in my notes.

There is a story that Apollo has picked Austin, TX for its 2nd headquarters. Shocking to me that they picked Austin over South Florida, but the article mentioned the lack of private schools. I write about it often: South Florida lacks the infrastructure to take on so many people. Clearly, Mamdani is impacting the city in a negative way.

Video of the Day-Cerebral Palsy Wrestling Video
If The Shoe Fits...
Quick Bites
- Markets
- Cost of College-Insanity
- Billions of Loans Not Making Dent in Poverty
- Knicks Win for the Ages
- FIFA World Cup Ticket Sales Lagging
Middle East
Politics
Other Headlines
Health
Real Estate
- Griffin Increases Miami Development Plans
- Longevity Condo Projects
- Med-à-Terres
- Markets Cooling

Video of the Day-Cerebral Palsy Wrestling Video

Do you want to cry? Watch this video. A high school boy named Lucas has cerebral palsy and wrestles a young man who allows him to win but makes sure it takes time. He does not want Lucas to think it was staged. Oh my. I want to meet the parents of the young man whom Lucas wrestles. Thank you for being compassionate and giving Lucas a memory of his lifetime.

If The Shoe Fits...

I moved to NYC in January of 1997 to work for Chase to run their loan trading business on 48th and Park Avenue. One of the employees on the floor was married to a woman who worked for Saks Fifth Avenue, and he said, “Eric, there is a big sale going on today at Saks.” Well, you had me at big sale, and after work, I walked the few blocks over to Saks to check it out. Remember, I am an award-winning clearance sale shopper (Legend & You Had Me at Clearance Sale).

In the olden days of the late 1990s, we wore a suit and tie to work every day. I was into fancy shoes, belts, and watches and immediately went to the men’s shoe department to have a look. There were a dozen racks of shoes sitting out with my single favorite word of all time, “CLEARANCE.” I saw a stunning pair of black loafers with beautiful stitching. It was a brand I had never heard of prior to that day, Sutor Mantellassi. I put on the shoe and was in heaven. It was so comfortable and stunning that I was beside myself. I found a salesperson and I said, “I will take every pair of Sutors in my size regardless of color.” He came out with five boxes of shoes. I tried them all on and went to the register.

I almost died. It was 80% off, as Saks was no longer going to carry the brand. This was 30 years ago, and the retail price was $750-$850 and I bought the shoes for approximately $150. I actually bought two pairs of the same black loafers and was glad I did. Since that day, I have never bought another brand of dress shoes. These shoes last for years and over time, I bought about 20 pairs of Sutors. I still have maybe a half dozen of them despite rarely wearing dress shoes.

For a quick background on Sutor Mantellassi, it was founded outside of Florence, Italy in 1912 by Enea and Ettorre Mantellassi. I believe the brand was acquired in recent years and it is a bit challenging to find the shoes. However, online you can find some discount retailers that carry the shoes for a reasonable price. I have bought from Shop the Finest which is in Los Angeles and found them at other discount retailers as well.

Quick Bites

On Thursday, stocks bounced back despite renewed bombing in Iran. Chips outperformed and oil was roughly flat. By the afternoon, stocks were sharply higher when Trump “cancelled the evening strikes on Iran,” and he cited approval of a deal by the highest leadership of Iran. However, CNBC reported that Iran and Israel did not agree to a deal. Major indices were +1.8%-3.3% with the Nasdaq and Russell outperforming, while oil dropped 2.5%. On Friday, stocks continued to rally and indices were +.5%-1%, with the Russell outperforming. The 10-year Treasury closed at 4.49% or -6bps on the week with the progress in the Middle East that brought oil -4% on Friday and -7% on the week. On the week, the S&P was +.65%, Nasdaq +.70% and the Russell +3.90%. The next Fed meeting is June 16-17 and will be Kevin Warsh’s first as Chairman.
The much-anticipated SpaceX IPO hit on Friday at a $1.75 trillion valuation or 94 times trailing revenues at $135/share. The stock opened at $150/share and closed at $161/share or a market value of $2.1 trillion, making it the 6th largest company in the USA. The high on the day was almost $177/share. It was the biggest IPO ever. Although I am of the belief that if you hold this stock for 5-10 years you will make money, I feel the probability of it trading below the IPO price over the next 6 months or so is higher than the market believes. Remember the Facebook IPO at $38/share in May of 2012 and the stock closed unchanged on the day because Morgan Stanley supported it. By September, it was -50% from the IPO price and has now resulted in an amazing return. Since the IPO, Facebook is +1,400% or approximately 21%/year. With the rally in SpaceX, Musk is officially a trillionaire. Musk owns 42% of SpaceX in addition to 350mm stock options exercisable at $8.39. I also feel there is massive key man risk for SpaceX with Musk. This WSJ article is titled, “‘Borderline Comical’: Analysts Can’t Find Math to Justify SpaceX Share Price.” One analyst at Morningstar feels fair value for shares is $63. I won’t ever bet against Musk but am struggling with these stratospheric valuations. Check out the first chart of his accomplishments and challenges. Great stories about people who made a killing from SpaceX stock. Also, think about the lost taxes for California due to the state’s horrific policies since SpaceX moved to Texas along with people who are making hundreds of millions thanks to the IPO.
I have written about my views on the cost of education on numerous occasions. I do not feel the cost of private universities can be justified in 75% of the cases. This CNBC article suggests 16 schools top $100k. The yearly cost of attendance at over a dozen colleges is now six figures, after factoring in tuition, fees, room and board, books, transportation and other expenses. What I find interesting is Wake Forest is not on the list. The stated price on the website is $98,730. My son’s first year of school cost $125k when you factor in all expenses. I am not of the belief that college is worth $500k. I hope to see more parents send their kids to vocational schools. With the AI displacement story gaining steam, it is harder to justify the cost of these schools. Send your kid to a state school, which is a fraction of the cost. I went to the University of Chicago for business school and literally learned zero that could ever help me in life. To be clear, many students get financial aid and pay far less than the stated price. However, if you have means and are paying, I just don’t think it makes sense. The article suggests the average discount for first-time, full-time students at private colleges was 57% for the 2025-26 academic year. The prices below do not include all the indirect expenses such as travel, parent visits, fraternities, studying abroad…
This WSJ article suggests hundreds of billions of dollars in loans did not make a dent in global poverty. Giving tiny loans to shoestring entrepreneurs was meant to be capitalism’s cure for global poverty. Microfinance, loans issued in communities not served by traditional banks, would help poor people in developing countries start businesses and work their way toward prosperity. That was the goal of Muhammad Yunus, a U.S.-trained economist, who pioneered the practice in Bangladesh during the 1970s. Yet two decades after Yunus’s Nobel win, few of those aspirations have come to pass. Academic studies, including randomized controlled trials, have found that microfinance doesn’t improve the economic conditions of most borrowers. Economists found that excessive microfinance lending has set off repayment crises for borrowers in half a dozen countries, including Bosnia, India, and Cambodia. The average microfinance borrower in Cambodia owes more than $3,900, nearly three times the median annual per capita income. Average debt per borrower is more than $6,000 when including small loans from microfinance lenders that are now commercial banks also providing other financial services.
I need to give props to the Knicks organization for what transpired in the biggest comeback in finals history in game 4 at MSG. The Knicks were down by 29, and it looked dire. The team stayed with it and remained positive despite the buzzsaw as the Spurs were on fire and could not miss. I told my family that although I don’t think the Knicks would win the game, there is no way the Spurs could keep up the pace of the 1st half where they scored 76 points and 14 three pointers. I would have loved to be in the Knicks’ locker room during halftime to hear how the coaches motivated the players. The Spurs’ game plan fell apart, and the Knicks pulled off a stunning upset on the way to their first title since 1973. This would have never happened under Coach Popovich. In the 1st half, the Spurs shot 59.6% and then just 20.5% in the second half. The OG tip in will be forever remembered as the play of a lifetime. I think this will go down as the greatest game in NBA finals history. ABC/ESPN had the odds of a Spurs win at 99.5% with eight minutes left in the game. The ratings of game four were off the charts. Not enough people are talking about the fact that Knicks star, Brunson took $113mm less for his contract to help sign key players. I am reminded of the Patriots comeback against the Falcons in the Super Bowl 51, when they won despite being down 28-3 with 8:31 remaining in the 3rd quarter. Then the Knicks went on to close out the Spurs and win their first championship since 1973 in another incredible comeback in San Antonio. Brunson was ridiculous with 45 points and carried the team on his back, as the rest of the team scored 49. Brunson averaged 32.6 points per game in the finals. Dolan, make it right and give him the money he deserves. Think of the fact that the Mavs let Brunson leave and traded away Luka. Leadership matters. After the game, NYC was complete chaos, and some idiots turned violent.
Soccer is big business and is the most popular sport in the world with 3.5 billion fans. There are so many story lines with the upcoming World Cup, I was surprised at this headline: “FIFA mass book hotel rooms at World Cup host – before being forced to cancel 75% of them over lack of interest.” Per the Kansas City Star, Fifa reserved up to 5,000 rooms per night for many of the evenings that its officials and business partners would be in town. That means that Fifa will have reserved tens of thousands of rooms across the month-long tournament in the city alone. But as soccer’s greatest international tournament drew closer, the governing body canceled the majority of those reservations. They are not alone either in the US with hotel bookings slumping nation wide only weeks before from the World Cup. Several cities have reported that hotel bookings are actually lower than in previous years, with the World Cup having the opposite desired impact. It does not bode well for a World Cup that is already struggling to sell tickets for several games with just days to go. Despite the issues, tickets at Met Life seem to be pricey with the cheapest ticket for Brazil vs Morocco on June 13th at $2,470.
World’s Most Popular Sports
Soccer (Football): ~3.5 billion fans
Cricket: ~2.5 billion fans
Field Hockey: ~2 billion fans
Tennis: ~1 billion fans
Volleyball: ~900 million fans

Middle East

I have been critical of Trump and his handling of Iran in the past six weeks. The US began strikes on “multiple targets” in Iran in retaliation for the downing of a US Apachee Helicopter. I feel the US had Iran on the ropes and stopped military operations on April 8th despite the fact that there have been skirmishes since. I felt at the time, Iran’s military was being eviscerated. We have given them time to regroup, and the new strikes were short lived, as expected. By Thursday afternoon, Trump called off additional strikes and commented that the deal is “all wrapped up.” Trump said Iran agreed to never have a nuclear weapon. You will excuse me if I have my doubts about anything Trump or Iran say on these matters. I do not trust the Iranian leadership regardless of what they say. Reports suggest Iran and Israel have not agreed to Trump’s terms. This Substack outlines how the US failed in Iran and it is hard to argue to points of the author. In short, the US does not have the stomach to lose any troops. I have questioned the quality of the ultimate deal and the terms outlined below make the US look like a clown show if this is indeed the outcome. Trump vilified the leakers and suggested the actual deal is different than the news reports suggested. Trump claims a deal will be signed Sunday, despite Iran’s caution regarding timing. I do not have faith that it is a good deal for the US or Israel relative to Trump’s original intentions. If the terms are as outlined in the press, Iran is legitimized and the deal is awful.

Iranians reportedly booby-trapped tunnels leading to enriched uranium at main nuclear site
Defense industry leaders preparing to meet with Trump as worries over missile supply grow, sources say
- The president is expected to press the leaders to find ways to swiftly increase production of weaponry for the Pentagon, sources told NBC News.
Iran threatens Elon Musk’s companies in Middle East: Iranian state media
Antisemitic Cornell student turns down interview because he’s ‘not interested in working for a Jew’

Real Estate

Great article that outlines why Mamdani and capitalist hating socialists are bad for a city. Ken Griffin appears to be making good on his promise to “double down” on Miami — just weeks after he became the unwitting face of Mayor Zohran Mamdani’s campaign to tax the rich. The billionaire Citadel founder has expanded plans for his sprawling Miami development after publicly feuding with the democratic socialist mayor over New York’s newly enacted pied-à-terre tax, according to Bloomberg News. The latest proposal adds a 300-unit apartment tower, a 1,420-space parking garage and additional office space to Griffin’s growing real estate empire in Miami’s Brickell financial district. Griffin has also acquired all of the units in a 22-story condominium building across the street from the planned headquarters and intends to demolish the structure to make way for future development, Bloomberg reported. You need the wealthy to pay their outsized share of taxes and through the multiplier effect bring prosperity. These idiotic politicians that vilify wealthy and success go against the American dream.
I thought this WSJ article on longevity with respect to luxury condos was interesting. I hired a longevity doctor, Jason Shapiro, in Miami to help me do a deeper dive on my data. I am awaiting test results but plan on going on peptides. At 56 years old, I am all about healthspan to continue to do all my activities: surfing, padel, weight lifting, jump rope, pull-ups, fishing, hiking…The newest luxury condominium amenity for wealthy New Yorkers isn’t a rooftop pool, private dining room or celebrity-chef restaurant. It is a whole-body MRI. The wealthy, of course, have always spent heavily to stay healthy. The elite used to travel to “take the waters” at European resorts. More recently, they have extended their lives through spas, trainers and “concierge” doctors, who offer rich patients more time and access. What is changing is the rise of a technology-heavy longevity industry that combines diagnostics, interventions and continuous tracking into a new kind of premium health business. There are roughly 350 longevity clinics worldwide that package whole-body scans, genetic testing, biomarker monitoring and personalized medicine, according to Philip Newman, founder of Longevity. Technology, a research and media company.
Fewer than 20 of these have been combined with residential projects. But the model is spreading across multiple sectors, including gyms, private medical groups, telehealth companies and luxury real-estate projects.
This WSJ article, “Wealthy Retirees Are Buying ‘Med-à-Terres’ to Be Near Their New York Doctors,” outlines an interesting trend. A growing faction of affluent, older New Yorkers who relocated during the pandemic are buying second properties back home to anchor themselves to elite medical specialists, according to real-estate experts. Meanwhile, new retirees are hanging on to or investing in urban real estate before migrating elsewhere. If the pied-à-terre is a second home that allows a foothold in the city for business or leisure, the med-à-terre has a more specific use: a high-end safety net for seniors who have discovered that while they can retire elsewhere in financial comfort, they can’t easily duplicate their decadeslong relationships with top-tier oncologists or cardiologists. “Even when people move their primary residence to Florida or elsewhere, we’ve seen a growing number of buyers holding on to their properties, or they will buy a smaller pied-à-terre specifically to maintain access to the New York City medical ecosystem,” says Rebecca Cavallaro of Sotheby’s International Realty-East Side Manhattan Brokerage. According to her, these buyers target properties in the $2 million to $5 million range, with some stretching to $10 million.
Some of the once high-flying residential markets are cooling according to this BusinessWire article. Nashville, TN, Miami and Austin, TX are the biggest drivers of this spring’s buyer’s market, with the biggest surplus of sellers over buyers. Two more Texas metros, Houston and San Antonio, round out the top five. May’s strongest buyer’s market was Nashville, TN, which had an estimated 130% more sellers than buyers. Next came Miami (122%), Austin, TX (116%), Houston (111%) and San Antonio (108%). “Listings are skyrocketing and buyers are being picky,” said Aaron Glicken, a Redfin Premier agent in Nashville, TN. “Sellers are still struggling to wrap their minds around lower prices, which is one reason so many listings are going stale.” Nationwide, there were an estimated 1,483,839 home sellers in the market in May—the highest level since 2020 and up 0.4% month over month. Meanwhile, there were an estimated 1,010,386 buyers in the market, essentially unchanged (0.1%) from the month before.

© 2026 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™ #897 ©Copyright 2026 Written By Eric Rosen.