Three Embarrassing Stories+Great Restaurant in WPB
3-9-25
Opening Comments
My last note was about a South Florida day filled with sports. I was reminded that I had not mentioned Inter Miami/Messi as one of the South Florida sports teams. The most opened links were the #1 thing home cooks waste money on and the signs you have raised a spoiled kid and how to undo it.
The CNN weekly news Quiz link. I went 8 out of 10.
Tariff Comments
Markets
Consumers Missing Car Payments
US Millionaire Growth
Padel Growth Continues
Miami High End is En Fuego
Build a House for Your Parents Next Door?
Another Big Tech Firm Moving to WPB From CA
Pictures of the Day-Malka in West Palm Beach
There is a hot new Israeli restaurant in West Palm Beach called Malka (Queen in Hebrew). It originated in Tel-Aviv and now also has locations in Manhattan, Brooklyn, and West Palm Beach. The room is very well done and modern with natural tones and cool bar areas. It was designed by More Gelfand and the space incorporates bespoke materials from Israel including Jerusalem stone like marble and Corten Steel. There are multiple dining rooms and outside seating offerings at the glatt kosher restaurant offering a seasonal menu inspired by dishes from around the world. I started with some of the best hummus I ever tasted and ordered the golden focaccia with tahini to go with it. The focaccia was amazing, but the tahini underwhelmed. The portion of hummus was for at least three people. The Israeli chopped salad was small for $14 but packed a punch. The lamb kebabs for $45 were magnificent and cooked to perfection. They were tender and full of flavor. So many other interesting things on the menu that I must go back with the family. Service was snappy. Complimentary valet parking is a nice touch. I am not a fan of Israeli wines, but they have a decent selection. Overall, the once culinary wastelands of Palm Beach and West Palm are improving with new entrants (Milos, Malka, Marea-opening soon and others). In my nearly eight years back in Florida, we have seen amazing new high-end restaurants open up everywhere. Miami has dozens of great choices and new entrants in Palm Beach County, from Boca to Palm Beach, are starting to impress.
Food 8.5
Service 8.5
Ambiance 8.0
Cost-Not offensive
Three Embarrassing Stories
I have written about my short term memory issues and aging. I have also written about lost time looking for items such as keys, phones, wallets, sunglasses and earbuds.
Last week, I met a reader for a drink and needed a credit card for a meter to park. I have no idea what happened, but I could not find the card for days and eventually cancelled it when a plane ticket was bought with the card without my knowledge. It was irritating, as this was my card that is tied to all my media purchases for the Rosen Report, requiring me to contact a bunch of providers and change cards.
I thought the story was over until Jack and I were driving to play padel on Sunday. My windshield was dirty, so I turned on the wipers and my lost card flew off my windshield as I was driving on I-95. It looked like slow motion from the movie, Matrix. My hand went up as to catch the card despite the fact that I have a roof. Who put my card on the windshield without a piece of paper with a note? Where did they find it? How did I lose it? I would guess I spent three hours tearing about my car, house, wardrobe looking for the card before it magically appeared and then disappeared on I-95.
I mentioned the family excursion to the Miami Heat game. I bought tickets on Stub Hub and struggled mightily to add them to my Apple Wallet. When I say I struggled, it is an understatement. I spent over 1.5 hours screaming, trying to get tech help and countless curse words uttered before magically seeing the “Add to Apple Wallet,” button. No, my tech game is not on par with Elon Musk. Yes, I am old, but 1.5 hours to get tickets to your Apple Wallet? I thought we might not gain access to the game until it magically worked.
Given all my driving Sunday, combined with feeling under the weather, my wife suggested she drive her Tesla to the Miami Heat game. I was a bit tired and battling a cold so I and sat in the passenger seat not paying attention to the fact that the car’s battery was low. My wife did not realize the Miami Heat game was in Miami and thought we were going closer to Boca, so she was not worried about the low battery. We got to Miami without issue but there were no chargers available in the lot. We had to leave the game early to not risk being stuck in traffic. It was an epic matchup that led to an overtime Knicks win, and we missed the exciting end. On the way back, we could not make it all the way home and got to a super charging station with 2% of the battery left. It literally took 4 minutes and $4 to go from 2% to 31%. The experience with the super charger was amazing. Missing the exciting ending of the Heat game, not so much. EVs need longer ranges for more adoption as well as more super charging stations. Here is a tip, the MIAMI Heat stadium is in Miami.
The Rosen Family seems to have more than its fair share of embarrassing moments and the past week has been no different. Getting old sucks. My memory ain’t what it once was, and my tech game is awful. Educating my wife on where the Miami Heat play was a frustrating event. At least I had some fodder to write my piece thanks to the Rosen Family antics.
Quick Bites
I have written about the fact that I am supportive of tariffs – especially reciprocal tariffs to negotiate better trade deals – but I am not in favor of the on-again-off-again nature of Trump’s actions. Once more, Tump paused tariffs on some Mexican imports. It is getting embarrassing. The constant policy changes add too much uncertainty to markets and creates havoc for those companies impacted. The market volatility has largely been driven by the ever-changing tariff headlines which I see as weakness. Check out the chart below of the Trade Policy Uncertainty Index. This CNN article is entitled “Businesses are struggling under Trump’s chaotic tariff back-and-forth,” and I agree with much of it. On the tariff front, I just wish he would pick a policy and stick with it for more than 24 hours. Canadians are playing hardball and taking off US alcohol off the shelves. The maker of Jack Daniels said, Canada pulling US alcohol off shelves is “worse than a tariff.” The one thing I’m sure of is that extended tariffs won’t be good for the economy. They’ll drive inflation at first, but as demand drops, they could end up pushing the economy into a recession. Family offices are rattled by market swings and tariffs, according to CNBC. Another factor weighing on markets is the uncertainty of the tax bill.
Markets continued the rough ride this week with the S&P -3.1%, Nasdaq -3.5% and Russell 2000 -3.9% largely due to tariff policies and mixed economic data. It was the worst weak of the year for stock. Friday, US payrolls were 151k vs 170k expectations, which led to an initial rebound in stocks, before falling sharply only to rally late in the day into positive territory. Treasury yields went higher with the 10-year +2bps back up to 4.3%. Right now, the market is pricing in 2 cuts with an 80% chance of a 3rd cut. On a positive note, rates are down sharply from recent highs, pushing mortgage rates lower. Bank of America put out a note that a peace deal in Ukraine could lead to a $5-10 drop in oil prices. I had written that I would not be surprised to see $50 range oil at some point in 2025 as part of my forecast for the year. Crypto has been incredibly volatile due to lots of headlines and broader market volatility. Despite establishing a strategic crypto reserve, BTC and other coins remain volatile. BTC is at $86k after being as high as $94k on the week and as low as $82k.
I have long written about the US consumer and my concerns about their spending. Another key data point of concern just reared its ugly head. Car owners are missing their monthly payments at the highest rate in more than 30 years. In January, the share of subprime auto borrowers at least 60 days past due on their loans rose to 6.56%, the most since the data collection began in 1994, according to Fitch Ratings. A slowing economy and the ongoing impacts of inflation have made it harder for many consumers to stay current on their bills. Auto loans have been a particular pain point, with higher car prices and elevated borrowing costs driving a surge in repossessions. The Federal Reserve Bank of New York recently reported that the share of auto loans among all borrowers that transitioned into serious delinquency — defined as 90 days or more past due — rose to 3% in the fourth quarter, the highest level since 2010.
I have written frequently about wealth and the rising costs of doing almost everything, especially vacations. This CNBC article is entitled, “Wealth creation is booming as multimillionaire population jumps 5.2% in the U.S.” When it comes to the rise of multimillionaires, the USA is leading the charge. The number of high-net worth individuals — or those with assets worth more than $10 million — rose 4.4% worldwide in 2024, to 2,341,378, but jumped 5.2% in North America, according to the annual Wealth Report by global real estate consultancy Knight Frank. The U.S. is now home to almost 40% of the world’s super rich. After increasing 4.2% in 2024, the population of global citizens worth at least $100 million surpassed the 100,000 mark for the first time. Meanwhile, the total number of billionaires jumped nearly 8% last year. The massive wealth creation in the past twenty years is stunning and will only mean more demand for the best products and experiences. The first two charts were from my October 2023 note about vacation costs and wealth. Third chart below from Visual Capitalist on wealth distribution. The fact that rare Michael Jordan and Kobe Brant jerseys are expected to sell for $20mm at auction says all you need to know about wealth.
My readers know about my love of padel, and the fact that it is the fastest growing sport in the world. I invested into Replay in Boynton Beach and believe it is the nicest facility in the country for pickle and padel. I have introduced amazing tennis players to the sport, and one called me this week. He said, “Eric, thank you for introducing me to padel. I had an amazing match the other day and it was the most fun I have had on a court in over 10 years.” This Telegraph article is entitled, “Padel courts replace football pitches as ‘yuppie tennis’ explodes.” It has developed a reputation for being played by affluent young professionals or so-called yuppies, and has even been endorsed by luxury brands such as Dunhill, Versace and Richard Mille, which have all hosted tournaments. According to the Lawn Tennis Association (LTA), the number of padel courts in the UK has grown from 50 to 726 in the past four years. Player numbers, meanwhile, rose from 6,000 to 129,000 in that same period, with that number expected to increase to 400,000 by the end of next year. This article is talking about how padel is taking over the country. Trust me guys, padel is legit. Best game I have ever played. If you have not tried, it, you should. It is the fastest growing sport in the world for a reason.
Politics
As a lifelong Dem, I never thought I’d see my party embarrass itself so much
Interesting perspective on Trump’s speech and the Democrat’s reaction to it. This behavior goes both ways, but I was surprised that the Dems could not show support for anything Trump said and were heckling the President. Sen. John Fetterman (D-Pa.) called it “a sad cavalcade of self-owns and unhinged petulance” that only made Trump look “more presidential and restrained.” The House censured Rep. Al Green, but it will likely only strengthen his position with his constituents. When Trump highlighted a teenage brain cancer survivor who wants to be a policeman to cheers from Republicans, the Dems sat motionless absent one Dem. This is not a statement on Democrats, but a statement on the divide between parties. We should all be Americans first, but that ship has sailed. The little boy’s father’s views can be seen here.
Trump 2.0 borrows a ton from Richard Nixon — but 37th president’s playbook also has big risks
House Republicans unveil bill to avoid shutdown and they’re daring Democrats to oppose it
Trump puts new limits on Elon Musk
One of my predictions was a falling out between Musk and Trump because Musk would get over his skis and over-stay his welcome. There is definitely more noise on this subject post a cabinet meeting Thursday. Trump denies rifts between Musk and Rubio.
Layoff announcements soar as DOGE slashes federal staff
Booz Allen gets 98% of revenues from government contracts.
Trump preparing to sign order to dismantle Education Department
Based on the cost and results, I am not convinced this is a bad idea.
The EPA Demands an Accounting of the $20 Billion Climate Fund
Trump pressured to make Puerto Rico independent to save America $617 billion
Trump said the US spent $8m on transgender mice – he was right
Middle East
Trump warns that death awaits Hamas leaders and Gazans if hostages aren't immediately released
Hamas brushes off Trump’s threat-it will only free hostages for a lasting truce
Trump, now do what you promised and annihilate Hamas.
Must watch this short video.
European leaders back ‘realistic’ $53B Arab-backed Gaza reconstruction plan rejected by US, Israel
Barnard bomb threat prompts evacuation as anti-Israel protesters occupy building
Columbia and Barnard are an embarrassment.
A lot of people hate Trump. However, he supports Jews and Israel. Now Columbia is ready to work with the Trump administration. Wait, you cut $400mm and that brings the anti-Israel establishment to the table?
US yanks first visa of foreign student linked to ‘Hamas-supporting disruptions’ on college campus
Donald Trump's Golf Course Wrecked by Pro-Palestine Protesters
Other Headlines
Trump is leaving investors ‘overwhelmed’ and strategists warn volatility isn’t over
Powell says Fed is awaiting ‘greater clarity’ on Trump policies before making next move on rates
Treasury Secretary Bessent says economy could be ‘starting to roll a little bit’
The Recession Trade Is Back on Wall Street
Bank stocks and the Russell 2000 have slumped on growth concerns, while Treasuries and gold have rallied
US Trade Deficit Surged to a Record Ahead of Trump Tariffs
Global bonds sell off due to Trump’s tariffs and a German ‘paradigm shift’
Good charts in the story. German 10-Year Bond yields increased by 30bps on Monday at one point. Fears of a lot of fiscal spending drove rates higher despite ECB rate cuts.
India Struggles to Shake Off Pessimism After $1.3 Trillion Rout
The economic slowdown in India and tariffs are weighing on that market.
Chipmakers are finding that good earnings aren’t enough to please Wall Street
Walmart Asks Chinese Suppliers for Major Price Cuts on Trump Tariffs
Citadel Securities’ $9.7 Billion Trading Revenue Passes Barclays
This is a major statement on the greatness of Ken Griffin who has built up a best-in-class hedge fund and a competitive securities business.
Walgreens to go private in roughly $10 billion deal with Sycamore Partners
One question, will everything still be under lock and key?
HPE to cut 2,500 employees as stock slides 19% on weak earnings outlook
Tesla’s Fortunes Fall as Musk Rises in Trump World
The article suggests buyers and owners brand loyalty is eroding due to Musk’s political views. The stock has been down for seven straight weeks. Now there is violence at Tesla lots and charging stations. On a related now, SpaceX has has two explosions this year. Could it be due to Musk’s absence?
Egg prices soar in USL Musk says Joe Biden killed 150mm chickens-But there is more to the story.
It seems there were about 380mm egg laying chickens in the US in Jan 2024. Under Biden, 150mm were killed. Under Trump, at least 13mm were killed.
I was shocked to read this.
MongoDB plummets 26% as weak outlook overshadows strong quarterly results
Gap shares spike 17% as retailer blows away expectations again, showing turnaround has staying power
NYC detectives retiring in droves sparks fears of ‘chaotic’ crime crisis
One Newark police officer killed, another ‘fighting for their life’ after shootout with 14-year-old
Musk, Trump wrong: Daylight Saving Time is a huge boon
I hate DST and want it to end, but this guy makes the case for it.
College hopefuls have a new ultimate dream school — and it’s not Harvard
Can $3 Billion Make Vermont's Killington Rival The Ski Resorts of the West?
I am a hard NO. I hate skiing on the freezing, icy East Coast. I will never ski in Vermont again. Utah, Colorado, Montana, California… or bust for me.
Monopoly Reinvents Its Board Game Without Paper Money
I don’t like it. I made the kids act as banker to learn how to count money.
Health Related
Is There a Link Between Tattoos and Increased Cancer Risk?
The prevalence of tattoos, especially in the younger generations, is startling. This recent study suggests they may be linked to skin cancers and lymphoma.
The 4 expired medications you should never take — and what happens if you do
What Ketamine Does to the Human Brain
I know more people taking ketamine with regularity. I don’t do any drugs but have been surprised by how popular some newer drugs have become.
Push-ups by age: Here's how many you should be able to do
Pretty weak requirements in my book.
Swapping butter for these fats lowers your risk of dying by 17%
Real Estate
I spoke with a Miami R/E broker who told me the market is on fire with a lot of major deals happening. Buyers have come in hot looking for major properties. A new build on La Gorce Island sold for $7,000/ft. A house in Bal Harbor Village sold for effectively approximately $70mm (plus another $10mm+ for construction done) and requires another $30mm or more to finish. A 2.5 acre house on Star island sold for a record of $120mm. The last sale was $16mm in in 2009. Last year, there were a lot of available water lots on North Bay Road and virtually all have been bought. Places at the Surf Club remain in demand in the $6k/foot range. An online gaming mogul paid a record $45mm for a Palm Island mansion. Investors paid $16mm for a waterfront Sunset Island teardown that last sold for $720k in 1992. Two condos at the planned Ritz Carlton Residences in South Beach sold for a combined $46mm. Buyers are still from the Northeast, but we have seen more from California post the fires as well. I feel the quality of life in South Florida dominates that of the Northeast. However, real estate prices have soared, getting into schools is tougher than ever, and Miami’s traffic is a mess. The relative costs are making the move less of a no brainer relative to when I did it eight years ago. Also, skyrocketing insurance costs and a big tax bill due to higher purchase prices are other factors to consider.
This WSJ article struck me as interesting: “Want Your Retired Parents Close By? Build Them a House Next Door.” As our parents age, we worry about their safety and care and want to be closer to them. The article outlines building homes for them next to where you live. Obviously, there are pros and cons, but after all they did for you, there is something to be said for it. Both of my parents passed. My dad died 50 years ago, and my mother passed 17 years ago. I would sure rather them live next door than not at all.
Tech Firm ServiceNow Eyes Headquarters Move to West Palm Beach. The headquarters will be moved from Silicon Valley, and they expect thousands of employees in Florida over time. The constant migration to South Florida will continue to pressure the infrastructure. We need more schools, hospitals, roads, affordable housing…
© 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™ #768 ©Copyright 2025 Written By Eric Rosen.
