The Power of Persistence
5-31-26
Opening Comments
My last note compared Japanese and American school lunches. The differences are startling, as are the end results and consequences for adult obesity. The most opened links were Mike Cembalest’s latest research report and the CNBC article on kids with the best people skills.
My Buc-ee’s report continues to get a strong response, and it is clear there are millions of big fans across America. My note on Japanese school lunches and obesity issues in the US also struck a chord. The Japanese culture is amazing and having been to the country, it is one of my favorite places in the world. The people are so respectful. The country is clean and safe and beautiful. I got an amazing note from a man who grew up in Japan. Can you imagine kids in America cleaning classrooms? It would teach them to be far more respectful.
And a great piece about school lunch in Japan. Growing up in Japan, I remember every school had a large kitchen with nutritionists who cooked our meals from scratch every day. School lunch is called (kyushoku), and the meals are served by a group of students called “kyushoku-toban”. A group of students rotate every week, and they will transport the meals from the kitchen to their classroom and serve the entire class. Oh, we also don’t have a janitor either. Another group of students, who rotate weekly, cleans their classroom at the end of school every day. This Google Gemini note outlines the school cleaning in Japan and sets the record straight on janitors.
As a reminder, my readers are massive contributors to the success of the Rosen Report. Through countless story ideas, news articles, feedback, introductions… my notes are greatly improved, as it is impossible for me to cover the world alone. Also, my initial report was sent to 18 people in February of 2020. Due to only Only thanks to the word of mouth of my readers, it is read in 49 states and 104 countries (North Dakota readers please). I am travelling with my last 20 RR hats and have my new order coming in the next month. If you see me and want a hat, all you have to do is ask. I am leaving a handful in the Hamptons as well.
I leave for Park City tomorrow morning on the 7am flight out of JFK. I hope to have some great stories and pictures from my mountain adventures. Through the Rosen Report, I was already invited to a networking event in Salt Lake City on Thursday.
As an aside, it is shockingly chilly in NYC and the Hamptons between temperatures in the 50s and strong winds. I just was not prepared.
Markets
Consumer Pressure
Top Paying Jobs
Not Your Grandparents’ Boca Raton
NYC Passed the Pied-à-Terre Tax
Top 10 Most Affordable Housing Markets
Video of the Day-Special Needs Boy Plays in a Baseball Game
What an AMAZING story of a special needs boy who played in a baseball game. There won’t be a dry eye in the house when you hear this story. These boys are good kids who have amazing parents. With all the mean people in the world and stories of bullying, this is a great feel-good story about a boy who had a special day thanks to some very good kids.
The Power of Persistence
I believe kids are far too soft today. Being successful at anything takes perseverance and thick skin, and too many parents—myself included—have coddled and overprotected their children. As a kid, I had doors slammed in my face countless times, and those experiences gave me the thick skin and the fortitude to keep fighting toward my goals. I hate the term "overnight success." It diminishes the hard work and accomplishments of the people who had to overcome so much to achieve remarkable results.
Many of my readers will remember the 1994 movie Forrest Gump, and this link tells the story of how Mykelti Williamson landed the role of Private Benjamin Buford "Bubba" Blue. At the time, Mykelti was working as an acting coach while pursuing his own career. Two of his students read for the part of Bubba. He suggested they consider a particular approach, but both went in another direction and didn't get callbacks. Mykelti called both students and asked whether they'd mind if he threw his own hat in the ring. They were supportive, so he set out to land an audition. The powers that be had zero interest in giving him a shot. So he called his agent and told him that if he couldn't get a reading, he was fired. Mykelti finally got a reading with a junior production person and KILLED IT. They recorded the session, and director Robert Zemeckis decided to set up a reading between Mykelti and Tom Hanks. Across the table, Hanks told him he loved his interpretation of the part. Mykelti got the job, and it became a major role for him—because he refused to take no for an answer and persevered. Here's the famous scene of Bubba and Forrest talking about shrimp, and here's the scene where Forrest first meets Bubba on the bus.
There are a million examples of perseverance, and it’s an important lesson for young professionals and children alike. Just because you aren’t successful on day one doesn’t mean you won’t be successful. Your career is a marathon, not a sprint—take the long-term view. Set goals and run through walls to keep progressing. Hard work and perseverance make up for a hell of a lot of shortcomings. Spend some time studying the careers of Henry Ford, Bill Gates, Walt Disney, Albert Einstein, and many others, and you’ll see they didn’t quit despite their initial failures. It’s not how you start; it’s how you finish.
When we started Reef Road Capital, a young analyst came in for a job. He was impressive—an Ivy League education, great ideas, and a clear, disciplined framework. But it was his demonstrated interest in the role that put him over the top. He wasn’t pushy, yet he made it clear through thoughtful emails and conversations that this was the job he wanted. I think if you asked him today, he’d tell you the role had a major impact on his career. He’s now a successful hedge fund PM.
Quick Bites
New US strikes in Iran overnight led to higher oil on Thursday, but stocks did not sell off meaningfully. Also, Iran says it targeted a U.S. airbase. By Thursday afternoon, another ceasefire deal was announced, sending stocks into the green and oil back off the earlier elevated levels with the S&P and Nasdaq closing at record highs. Also, Thursday saw an elevated Core PCE rate of 3.3% annually and +.2% for the month of April. Core excludes food and energy, which are two elevated inputs into the overall inflation picture. On Friday stocks rallied yet again to bring the month to a close. Check out the first chart below outlining the major indices. What a month. Given the ceasefire discussion, yields have dropped with the 10-year at 4.37% from 4.69% on May 19th. Oil dropped due to the Iran ceasefire news and was -9% on the week and -18% on the month but remains +53% YTD for WTI. Earnings remain strong with 97% of the S&P 500 reporting, Q1 earnings growth is 28.6%. This is the highest earnings growth rate since Q4 2021.
A combination of factors including bad weather, tariffs and a dwindling cattle herd are already pushing up grocery prices at an above-average pace. In April, they rose by the most in nearly four years, and economists say the impact of the Iran war and a potential El Niño weather pattern will only add to pressures into 2027. The hit to US household finances from higher grocery bills is set to intensify just ahead of the November midterm elections, amplifying affordability as a defining issue. And to a greater extent than the surge in gas prices, the slower-moving food shock will be difficult to reverse quickly because the size of autumn harvests is determined by planting decisions made in the spring. Tomato prices, meanwhile, surged 33% over the last two months after two winter storms brought widespread damage during the peak of the growing season in Florida — while shipments from Mexico were declining following the Trump administration’s imposition of duties on imports. At the same time, household debt is rising, the personal saving rate is falling, and real average hourly earnings fell in the 12 months through April for the first time in three years. The point is clear. Inflation is starting to squeeze the consumer, and it does not look as though things will improve materially in the near term despite some reprieve in oil.
I thought this article that outlines the top paying jobs was interesting. How will it change over time? Physicians and surgeons dominate the nation’s highest-paying occupations, according to new federal wage estimates for more than 800 jobs in the U.S. Pediatric surgeons topped the list with an average annual wage of $502,050, followed by cardiologists at $454,940 and radiologists at $381,530. Airline pilots are the highest-paid outside of health care, with annual wages averaging $288,650. Chief executives followed at $269,630. Athletes ranked third at $206,180, though that’s skewed by top earners in the category. The typical athlete, measured by the median, makes around $67,000 a year, BLS data shows. One major item not factored in this analysis is education costs. To be a surgeon, you go to four years of school and four more of medical school. Then you do a multi-year residency. You start making any real money around 30 years old and have massive school related bills. I am not diminishing going into the medical field, but you don’t start making money until later and have a huge education costs that other fields do not have to consider.
There is a NYPost article on Boca Raton, Florida (my home base), entitled, “Sleepy retiree haven in Florida is booming with hip new residents eager to launch their careers.” According to a new report from CoWorking Cafe, Boca Raton ranked No. 14 on the recent Top 20 US small cities for career growth list. The report noted that Boca has one of the “densest business environments in the entire dataset, at 12,640 establishments per [100,000] residents.” Boca isn’t a stranger to big business either: The first-ever personal computer was built on IBM’s Boca campus in 1981. Office Depot, Celsius, ADT and Canon all have a Boca headquarters. D-Wave Quantum Inc and Concorde investments recently announced moves to Boca Raton, and Kayne Anderson has an office in Boca as well. FAU reported receiving a record number of applications in 2024, a 27% increase from 2023. The influx of younger residents has also led to a rise in luxury rentals. The Post reported last year that nearly 8,000 apartment units are being planned in Boca, four times more than between 2022 and 2025. The real estate market is also healthy — and pricey. According to Zillow data, the average Boca Raton home value is nearly $563,000, while Redfin reports the average home sale price in Boca was $828,000 in March 2026. According to the National Reserve Bank of St. Louis, the median sales price of houses sold in the US in Q4 2025 was $405,300. I have lived in Boca for 9 years. I have seen countless families relocate to Boca and the average age fall in virtually every community. Lots of new restaurants have opened and far more NYC area folks now call Boca home. The proximity to Palm Beach and Miami is amazing, there are some high-quality private schools in town, great beaches, and the Boca Resort is a home run. The quality of life is remarkable, and it is no longer just your grandparents’ hometown. If you are looking to relocate to South Florida, I am assisting more families with their moves through Douglas Elliman.
Middle East
The headlines in the Middle East showed re-escalation, but a new ceasefire was struck pending Trump’s approval. The deal would open the Strait of Hormuz and Iran would need to remove all the mines within 30 days. Iran’s new “red lines” indicate its right to enrich uranium, maintain stockpiles of enriched uranium, and control the Strait of Hormuz. I continue to write how the Iranian regime is not to be trusted, yet Trump continues to look for off-ramps. Despite the headlines below, it appears we close to a ceasefire. Trump is making a determination on the Iran deal, and I am a bit confused. What Trump says and what is coming out of Iran are at odds, and I have no way of knowing the truth. Trump says “Iran must agree” to never have a nuclear weapon. The leaders in Iran don’t seem to have that same view and claim uranium enrichment is a “red line." I have been critical of Trump and his negotiating skills and this post from Kobeissi does nothing to placate my fears. The NYT is suggesting the new plan includes a $300bn reconstruction fund for Iran. Late Saturday, a report came out that Americans were injured by an Iranian missile strike in Kuwait. Trump, they are playing you and this is making American look incredibly weak. Things seem to be deteriorating as of Saturday evening. The Israel parade is in NYC today and Mamdani is the first mayor to skip it in 60 years.
US carries out new strikes in Iran against military site, official says
Israel ‘hits ancient site’ as it pushes deeper into southern Lebanon
Israeli military restarts airstrikes on Beirut after a 900-year-old crusader fortress is apparently struck by ‘direct hit’
Israel shuts schools near Lebanon border amid repeated Hezbollah rocket, drone attacks
Hezbollah fires barrages of rockets and drones at north as IDF expands south Lebanon op
US has allowed some tankers from Qatar to cross Hormuz despite payments to Iran
What a disaster.
Iran may have used Chinese missile to shoot down U.S. fighter jet
China may also have provided Iran with a long-range early-warning radar that spots stealth aircraft meant to evade detection
Oil exports through the Strait of Hormuz might not return to levels seen before the Iran war
Attacks on Jewish sites stir fear ahead of New York’s Israel Day Parade
Politics
I wrote extensively prior to the 2020 election; I felt Biden was cognitively impaired. I felt strongly that he was not mentally fit for office in the last election and was critical of the administration, senior Democrats, and the Biden family for allowing him to run. Jill should be ashamed that she pushed her husband to run despite knowing of his cognitive decline.
Trump in ‘excellent health’ after latest checkup, president’s physician says
He gained 14lbs and is borderline obese. His diet is awful. I find “excellent health” to be a stretch. However, a resting heart rate of 73 ain’t bad for an 80 year old.
Crazy X post showing what a journalist videoed inside the Newark ICE protest
Trump appointees push $250 banknote with his portrait
The printing director who resisted the effort said she was reassigned last month. “The buck stopped here,” she wrote in her goodbye. I thought this was not a real story, but it appears to be true. I believe historically, there was a ban on a living president from being on US money.
He “disagrees” with the Israeli government, so he is not attending the parade. How did Jews actually vote for this clown?
Minnesota pair bilked $21 million in state funds meant for autism services
Spencer Pratt’s ads will change the way political ads are done. These ads are amazing and this new AI ad is absolutely hysterical. His best yet. What was the cost on this? Not much. Apparently, they take less than 30 minutes to make. However, Polymarket has Karen Bass as the frontrunner.
Graham Platner’s Wife Flagged Sexually Explicit Texts to His Senate Campaign
The wife of the Maine Democratic Senate candidate last year told the campaign about texts she had found between Platner and other women. This is the same guy who has a Nazi symbol tattoo. Shockingly, he has support, but given global Jew hate it is no longer that surprising.
The law would also prevent using animals in rodeos.
Satellite images show China is building nuke launch pads and bunkers
Other Headlines
Fed’s Kashkari says inflation fight takes priority as labor market is ‘in decent shape’
No one discusses debt, deficits, and spending more than I do. Houston, we have a problem. Yellen missed a major opportunity to refinance trillions in debt at 1% for 10 years, while every major CFO in America refinanced the corporate debt when rates were at historic lows.
How 28 Americans amassed the greatest fortunes in US history, from railroads to tech
The wealthiest investors are pulling money out of the U.S. in the ‘de-dollarization’ trade
SpaceX skeptics have added reason for concern after Musk comments diverge from IPO filing
The confusion has to do with the SpaceX/Anthropic leasing agreement.
Snowflake’s stock surges nearly 40% as AI acceleration drives record product-revenue growth
Salesforce’s beat fails to convince the market that software can survive AI
The stock is -28% since January despite being +8% in May.
Gap shares tumble 14% as retailer cuts sales guidance after disappointing Old Navy performance
Dell stock skyrockets 32% for its best day ever as AI server revenue soars
Dell made nearly $35bn himself on the stock move. Not bad for a day’s work.
Jamie Dimon says JPMorgan Chase could spend $20 billion on acquisition: ‘We are on the lookout’
Jamie, I have an idea. There is an amazing newsletter called the Rosen Report. I know the handsome author and believe I can get him to sell a touch under $20bn. It is great value and clearly an acquisition that JPM needs if it wants to continue to dominate. Think of the synergies and branding opportunities.
Mercedes-Benz may be shut out of U.S. market under bill aimed at Chinese automaker ownership
Mercedes’ largest individual shareholder is BAIC, a Chinese state-owned automaker.
The Myth That Sports Stadiums Create New Jobs and Tax Revenues
I have always questioned these municipalities footing the bill for these massive stadiums and this article outlines why it does not make sense for taxpayers.
Mark Cuban predicts these types of businesses will disappear in the next 10 years
Google employee accused of making $1 million from insider trading on Polymarket
Blue Origin’s New Glenn rocket explodes during testing in Florida
1 in 3 American men are not working in nearly 20-year low
Just 66% of men were employed or actively seeking a job as of April, a nearly 20-year low from 73% in 2006.
NYC hotels have become offensively priced, and this new deal will only make matters worse for the consumer.
New York City’s Other Violent Crime Problem
Murder is down, but assault is up—a dangerous sign. Murders are -36% from the peak in 2021 and shootings are at the lowest levels since records began in 1993. However, last year, there were almost 30k felony assaults, a 44% increase over 2019. In addition, there were approximately 46k misdemeanor assaults, +8% from 2019.
What are the consequences? I vote life in prison.
Why ex-CIA officer David Rush’s $40M gold bar case could point to ‘large-scale cover-up’ — as expert reveals painstaking vetting process
14 Celebrities Who — Yes, It’s True — Killed People
I did not know about all of these.
Peter Thiel moves family to Argentina to flee high taxes — and potential nuclear war, AI meltdown
Italy on red alert as France, Portugal beat hottest May day record
Unique NYC bar with tomato cocktails named North America’s best of 2026
Giants’ Jaxson Dart breaks silence on controversial Trump introduction
His statement is amazing. There is no chance he wrote it, but the message is great. Any President from any party should get respect.
Health
Why cooking one meal a week at home reduces your dementia risk
Kitchen duties fire up parts of the brain responsible for planning, timing and problem-solving, which can help stave off cognitive decline. Given the amount I cook, dementia should be out of reach.
A sleep-time ‘sweet spot’ is linked to healthy aging, study finds
Turns out 6.4 to 7.8 hours of sleep a night might be ideal. Here are some tips on how to get the “just right” amount.
Doctors push new blood tests for colon cancer as cases surge in younger adults
Early-stage detection yields a five-year survival rate of more than 90% in the US, studies show.
WHO puts Ebola outbreak death rate at ‘huge’ 30-50% as chief arrives in DRC
Real Estate
I have written extensively about how badly I feel cities such as NY, Chicago, LA, DC, San Francisco, Boston, and others are run. You cannot tax your way to prosperity. I have been critical of Mamdani on basically every one of his policies given they are horrible. The pied-à-terre tax passed last week on second homes over $1mm. The tax will impact approximately 10,000 properties in NYC. Details on the tax obtained by CNBC show that the property tax would take effect in two different phases. In the first two years – the tax years 2026-2027 and 2027-2028 – condos and co-ops valued at more than $1 million by the city’s Department of Finance will be subject to the tax. Properties worth between $1 million and $3 million will face a 4% annual tax; properties valued at $3 million to $5 million will face a 5.25% tax; and those above $5 million will face a 6.5% tax. While the tax seems large, experts say the city’s antiquated assessment and valuation system dramatically undervalues properties, reducing the burden. City valuations can often be 10% or less of the true market value, they said. They will now push to revalue the properties higher to collect more tax starting in 2028. Rather than cut all the wasteful spending, illegal immigrant payments, fraud, and abuse, they want to tax the rich. Remember, the people with second homes are paying real estate taxes and not sending kids to school or consuming resources. Now, they are hit with more taxes. I sold my place in 2016 and have never looked back. If you want to sell your place in NYC, I have a team of partners that I am working with for NYC.
The top 10 most affordable housing markets in America are almost all in red states, and only one of them is in the Northeast, according to a shocking recent report. Pittsburgh, Pa., is the cheapest large housing market in the US — with its resident Yinzers living in the only big American city where buying a home costs less than renting, according to a report by AmeriSave. Typical housing values in “The Steel City” were around $240,000 as of April 2026, more than $180,000 less than the national median of around $426,000. The second cheapest city, Decatur, Ill., is the only one of the top 10 to be located in a blue, or Democratic-leaning, state. Median home values in the manufacturing and agricultural hub are just $89,855, less than twice the city’s median income of $49,714. Many of the remaining cities are located in the Midwest, which has seen historical population losses in recent decades. But what they may lack in glamour compared to New York City and Los Angeles, they make up for with far less punishing costs of living and more stable employers. Wichita, Kan., known as the “Air Capital of the World” because of its high-paying aerospace industry, has a cost of living 11% below the national average. There is not one of the top 10 cheapest cities I would ever live in under any circumstances.
© 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™ #893 ©Copyright 2026 Written By Eric Rosen.
