Opening Comments
My last note was about my exercise and diet making me feel like Superman. The most opened links were the 30 second Bill Clinton video on the truth about Palestinians and negotiations and the scam that nearly tricked a CBS News correspondent.
Last Wednesday, I mentioned my son’s impressive credentials and asked for assistance in summer internship opportunities for next year. Within five days, Jack accepted a summer job at Fortress thanks to the power and connectivity of the Rosen Report and his years of hard work. Jack is very excited to have the chance to work at a world-class $54bn fund. My request for help resulted in over a half dozen incredible leads with world-renowned firms. THANK YOU. The Rosen family is incredibly appreciative of the support of my loyal readers. I clearly do not write this report for money. It is the connections and network that keep me going.
A few weeks ago, I was in NYC for my daughter’s 19th birthday and attended the amazing 3i Next Gen Fellows event at Marlow on the UES. Almost 100 mentors and mentees were in attendance. Given the 3i membership tends to be comprised of successful and well-educated businesspeople, the event was a huge success. The mentees range from 18-26 years old and were impressive. This program is only for the children of members, and we have already seen success with jobs and advice to help guide them through their careers. The network within 3i is hard to beat, and they constantly put on great programming to help you learn and expand your network. I have been a member since the beginning and really enjoy it. I have made some amazing contacts and made investments as well. I have taken on three mentees thus far.
Markets
Jamie Dimon on the Wealth Gap
Migration out of CA and NY Continues
Bending Spoons Insane Acceptance Rates
Buc-ee’s Mascot Lawsuits
NYC All-Time High Rents
James Bond Inspired Delray Beach House
The Uber Wealthy Flex in Real Estate
Weaker Summer Housing Market
Principal Darby of North Charleston High School worked at night, stocking shelves from 10 pm to 7 am to help students in need. He bought them food, clothing and helped them with bills. Walmart found out about it and wrote a $50,000 check to the school and a GoFundMe raised $195,000. The governor then gave him the highest civilian honor. In a time where it is hard to find a feel-good story, this surely is one. What an amazing man to work all night to help those less fortunate. Good on you, Mr. Darby.
In 2008, I required surgery for a torn labrum in my shoulder and outlined how it happened in the note, “The Brilliance of Eric’s Stupidity.” The surgery was a complete disaster, and I required physical therapy for an extended period of time. I was on a table in the PT office when I recognized the man next to me. I happened to read an article about him, and my ability to recall the details of his life was startling. I told him I am a big fan of the NBA and want to help his players at no charge. The man was Billy Hunter, who at the time was the Executive Director of the NBA Players Association (1996-2013).
I gave Billy my card and let him know that any NBA player could call me 24/7, and I would be there to guide them, as I was so frustrated watching players file for bankruptcy after earning tens of millions of dollars. I let him know my services were free of charge. The only thing I would ask is if I were at a game, they could pose for a picture with my kids if they were there.
A couple of weeks after our first meeting, Billy invited me to a lunch with a half dozen NBA players. These men were massive. I felt like a child sitting at the table. I introduced myself and explained why I was there. I gave them my cell phone and told them that I am not here to make investments, and I will never charge for my advice. I will tell them what they should not invest in, size investments, help them budget, and answer questions about markets or introduce them to people in my network.
I won’t go through all the ridiculous conversations, but my phone lit up from players across the league with questions. I was brutal in my responses to idiotic investment proposals. Far too many idiotic restaurant ideas to mention. Billy Hunter was so appreciative, he scored me some amazing seats to the Lakers/Celtics finals in 2010.
Remember, nearly 20 years ago, salaries were far lower than today’s obscene numbers. One memorable discussion was a player’s request for a $750k loan to “shore him up” until a contract payment of $3mm three months ahead. I called his agent and his lawyer to understand the upcoming payment. He had already “pledged” the entire payment not factoring in the taxes or agent fees of a high tax state. Needless to say, I did not assist him in his loan request. He was upset and could not understand why I was unable to help.
The player who I became the closest to was Derek Fisher, the LA Laker who won five championships and eventually became the head coach of the Knicks. Derek and I had regular calls, and I found him incredibly amenable to my suggestions. I built him a budget to be sure he was saving for his future. I believe I made an impact on him and his knowledge of finances. In return, he set Jack up with some players for pictures.
What made me think of this story was the absurdity of Floyd Mayweather have a $7mm+ tax lien for inability to pay taxes. He had previously settled a prior IRS issue in 2023 for $5.5mm. He had his passport revoked recently due to the IRS troubles. I have often written about my frustrations with athletes and stars who live ridiculous lives. Mayweather earned approximately $1.1bn in career earnings, including $275mm for one fight against Conor McGregor. Despite his massive income, he had a lot of expenses (managers, agents, lawyers, entourage…) and bought ridiculous things….He had a $100mm watch collection. His cars were crazy, including a $5mm Koenigsegg CCXR Trevita, a bunch of Bugatti, Pagani, Aston Martin, Bentley, McLaren, and Ferrari super cars. He owns two private jets (Gulfstreams), as he NEEDS one for his staff. The NY Post article from 2017 was entitled, “Here’s all the crazy ways Mayweather blows his millions,” and was a foreshadowing of what was to come. From the article, “I sold him the car that went with that piece [of jewelry],” co-owner Josh “Chop” Towbin tells The Post. “I’ve sold him 116 cars — 16 of which were Rolls Royces — and 80 were for other people.” Mayweather only wore shoes one time and made six-figure wagers with regularity. He would drop tens of thousands at strip clubs, and now it seems the best pound-for-pound fighter of all time has overspent. Had I been his advisor, I could assure you this would never have happened. Things are so bad, he may fight Pacquiao again with a combined age of 96 years.
This all boils down to be judicious with your hard-earned money and living well within your means. People make fun of my frugality. I brag about how I am cheap, after all, I drive a Kia Telluride, not a Lambo! I have been with limited means and I have been wealthy. I must tell you, I would far rather live well within my means and sleep at night. I don’t care what anyone else thinks.
Thursday stocks fell as semiconductors slid, with the VanEck Semiconductor ETF -3.7%. The Nasdaq underperformed at -1.5%. Alphabet was -4% after the company delayed releasing its most powerful AI model. Surprisingly, oil was unchanged despite more aggressive bombing by the US, while Iran threatens to “resist until the end.” Stocks resumed their sell off on Friday bringing stocks down for the week, as chipmakers sold off again and Netflix was -7%. Semiconductor ETF SMH was -9% on the week but remains +54% YTD. “The latest development is competition from open-source models in China, which are reportedly rivaling the performance of leading offerings from Anthropic and OpenAI, raising fresh concerns about the heavy pace of technology spending,” said Angelo Kourkafas, senior investment strategist at Edward Jones. Oil rallied 4% to $82, as the US attacked Iranian infrastructure and Iran hit a Kuwait desalination and power plant. The premium for immediate delivery oil is $7.3 and was +42% on Friday. Nothing to see here folks. I have written extensively on crack spreads with respect to oil and they continue to climb and are now HIGHER than WTI. Crack spreads have gone from $10/barrel to $86/barrel, which is incredibly bullish for oil. Despite higher oil, the 10-year Treasury yield fell 2bps to 4.53%, after hitting 4.63% this week. On the week, the S&P was -1.6%, Nasdaq -2.9% and Russell -.5%. Of note, with 10% of the S&P 500 companies reporting earnings, the average earnings growth is 24.7%.
The bottom 50% of households in the U.S. own only $4.27 trillion of the nation’s $174 trillion in available wealth. By contrast, the top 0.1% own $25.07 trillion, and the top 99 to 99.9% own a little under $30 trillion, according to Federal Reserve data. Jamie Dimon, CEO of JPMorgan Chase, is well aware of this phenomenon. In fact, the man worth more than $3 billion according to Forbes says he understands why people are “anti-rich.” Dimon said the “anti-rich thing has been around for a long time.” The resurgence in popular resentment of inequality has happened because “we have, in fact, left the lower-income folks behind,” Dimon said. The Wall Street veteran, who has the ear of everyone from world leaders to central bankers to the markets, said he often reminds well-off people that they don’t have to worry about the schools their children attend, and they don’t live in “crime-ridden neighborhoods.” Dimon contextualized the frustration of lower-income families, noting that, compared with the 1960s and 1970s, standards of living have improved across the board. In fact, a Fed study released last year found that the share of people who said they were financially “doing okay” or “living comfortably” rose from 62% to 73% in the U.S. I am not sure what the economy looks like in coming years as AI takes over jobs, but I remain concerned that the wealth gap is too large. Another data point is 42% of adults rely on parents for financial support according to CNBC. Having said that, my former colleague from JPM is now the CFO and suggested that the data they see points to a stronger consumer (comments below chart).
JPM CFO Jeremy Barnum comments 
Bad policy from the pandemic, anti-business attidudes, the vilification of wealth, taxes, soft on crime, homeless, immigration, sanctuary cities… has led wealth to depart from NY and CA. The latest IRS data show the top 10 counties with the largest net losses of taxpayers to other states were all located in California and New York. Compiled from federal tax returns, the figures offer one of the clearest snapshots of where Americans are relocating — and where their income is moving with them. Los Angeles County, home to Hollywood and one of the nation's largest economic engines, led the nation with a net loss of 17,496 tax filers. Those departing taxpayers nearly $1.9 billion in income with them as they moved to other states. Other major counties in California and New York saw similar outflows. The next-largest taxpayer losses were recorded in Queens County, New York (-17,109), the Bronx (-16,319), Orange County, California (-11,618) and Suffolk County, New York (-10,434). One New York county stood out for a different reason. Manhattan gained more interstate tax filers than any other county in the nation while simultaneously losing nearly $1 billion in adjusted gross income, suggesting many of the newcomers earned less than those who left. What are NY and CA politicians trying to do now? Raise taxes on the wealthy through billionaire taxes, wealth taxes, higher real estate taxes, pied-a-terre taxes, taxes on golf courses…The answer is to rein in spending and cut waste, fraud, and abuse. With the way Mamdani is running NYC, why would the wealthy want to stay? Come to FL, I got you covered.
I thought this WSJ article on Bending Spoons, which rejects 99.9% of its applicants, was quite interesting. Bending Spoon (BSP) received 800,000 job applications last year—and made 286 hires. The acceptance rate of top schools is around 4%, while BSP it’s below 0.04%. But rejecting 99.9% of applications isn’t even the wildest thing about the company’s hiring process. It’s an unusual business in every way, beginning with a name that was inspired by “The Matrix.” It’s a tech startup. It was founded in 2013 and operates more like a conglomerate from the mid-1900s. Before it went public last week, Bending Spoons spent the past few years scooping up the old companies behind forgotten software that millions of people still use every day, like AOL, Evernote and Vimeo. It buys these companies to overhaul them and keep them, not flip them. Then it reinvests the profits and buys more companies. But it’s not just methodical about the companies it acquires. As it turns out, Bending Spoons is even more rigorous about the people it hires. To make it useful, Bending Spoons made it more scientific. The questions are precisely worded. The answers are carefully graded against set parameters. Even the qualitative factors are quantified and fed to the hiring algorithms. By the time the scores are in, references are checked, decisions are reviewed and offers are extended, there is almost nobody left.
I wrote a note about my love affair with Buc-ee’s after my speaking tour in Texas. The note received a big response and we have seen numerous World Cup tourists rave about my favorite rest stop. Now, this WSJ article is about Buc-ee’s rolling over the competition by eliminating mascots of rival rest stops. “Behind the friendly, cap-wearing Beaver with the goofy smile is a hit-style trademark enforcement legal team that is slowly taking-out cartoon animals one by one,” trademark attorney Alice Denenberg wrote in an online post.
In recent days, there has been an escalation in the Middle East with respect to the US hitting bridges and military infrastructure within Iran and Iran getting more aggressive with attacks. I have written that I felt oil was too low and the war was not over despite Trump’s proclamations. In response to the US attacks, Iran hit a desalination and power plant in Kuwait and attacked American bases in Syria and Bahrain. Iran also struck the Kuwait National Petroleum Company North Pier crude export facility, which generates 90% of the country’s economy. The US sent dozens of refueling aircraft to Israel ahead of a potential attack on Iran. The IRGC warned “zero hour” near for strikes on US Navy. Despite Trump’s TACO (Trump Always Chickens Out) trade, I am cautiously optimistic he will send a stronger message this time with some serious bombing. The IRGC are not to be trusted and will NEVER abide by any deal. The only thing they understand is complete destruction.
US strikes northern Iran, hitting a ship accused of trying to break blockade on Islamic Republic
I want to see damage assessments and IRGC implications of killed and wounded soldiers. Not enough data out.
Iran hit at least 3 bases hosting US assets in latest strikes
Iran warns U.S. of Hormuz ‘red line,’ says it will retaliate to Trump’s strike threats
Iran warned Thursday that it would “crush” key targets in the Middle East if U.S. President Donald Trump’s threats to target the country’s infrastructure in the coming days are carried out.
Trump admin live updates: Horrifying Iran murals show coffins for president, Melania, all 5 kids
Trump doubles down on 2020 election claims in national address, alleging China meddling
The concern is Trump is setting the stage to declare an emergency for the midterms.
Economic outlook is worsening and Trump is getting blamed, CNBC survey finds
Officials asked to turn over phones at the White House as Wiles, Patel lead intensifying leak probe
Education Department Launches K-12 Initiative to Protect Students From Sexual Predators
Educational institutions that do not comply with legal mandates protecting students from sexual misconduct stand to lose federal funding.
Tim Walz’s baffling response to Trump admin deporting pedophile illegal migrant that he pardoned
There is being woke…and there is being a moron. “Did that make us any safer? Did that make the children that are left behind any more stable,” Walz asked – days after Secretary of State Marco Rubio revealed that he revoked the legal status of Tou Lue Vang, a 42-year-old from Laos. We deported an illegal immigrant who repeatedly raped a 10-year-old girl over a three-year period. YES, America is safer without a child rapist within our borders who was here illegally. There is no amount of money to get me to live in Minnesota.
Trump blasts New York AI data center moratorium, says state should change policy ‘immediately’
Good luck with that.
Cori Bush to fellow progressives: My reelection would be ‘the knockout’ punch to AIPAC
Progressive candidates cast opposition to Israel and AIPAC as part of their movement’s ascent.
NYC plaza honoring Catholic priest overrun by vagrants, trash — and overpowering odor
Mamdani is surely winning.
What world do we live in where idiots believe a man can get pregnant? The world has moved too far to the Left and these videos are proof that America is in trouble. We are teaching kids this crap in schools.
Canada’s Wildfire Management Failures Choke Millions Of Americans With Toxic Smoke
Check out the pictures and videos in the link. A GOP senator is introducing a bill to sanction Canada over wildfire smoke. Canadian leadership refused basic forest management in the name of climate activism. Now look at how much toxic pollution has been created. Go woke, go broke.
US Corporate Insiders Are Selling Stocks at a Near Record Pace
U.S. grocery slowdown deepens as shoppers buy fewer items, raising pressure on food companies
Groceries cost about 33% more than in 2019, driving consumers to buy less, switch to cheaper brands and hunt for deals.
Hoisington, US Bond Bull for Decades, Turns Decidedly Bearish
This is a MAJOR move. Taking duration from 21 years to under 1 year is incredibly bearish for the fund’s rates outlook. Jamie Dimon said, “I would not be a buyer of long-dated government bonds,” according to CNBC. I am 100% in agreement and have written about this previously.
TSMC to invest additional $100 billion in Arizona after second-quarter profit soars 77%
Short sellers load up against SpaceX as stock retreats back to IPO price
I was critical of the valuation and thought it was crazy the stock traded over $225/share. I have no problem with owning this stock long-term at the right price and am hopeful in coming months we will see it approach $100. The stock is now $123.6 vs the $135 IPO price and $150 first trade.
United earnings top estimates but airline expects $6 billion in added fuel costs
World Cup gave bars and restaurants a needed boost as consumers flash warning signs, Fed says
Tim Walz would pardon him. I hope he serves serious time in jail. These girls are brave.
Moment mass brawl breaks out at In-N-Out burger in front of stunned diners
I want you to think of how sick people have become. The attacker is a grown Canadian woman who was in the US ILLEGALLY. She slapped a young girl who was wearing an America 250 tank top. We are in the United States and people are being attacked for being patriotic by illegals? WTF. The video is in the link. Disgusting. If I go to another country and smack a local for wearing their country’s flag, while I am there illegally, I expect serious jail time. Trump, put this woman on the No Fly List. Send a message.
The AI Backlash Has Tech Executives Fearing for Their Lives
Violent threats against AI companies are rising and spilling over into real-world security incidents
Meet the “Abolish Rent” Ideologue Teaching DSA Tenant Organizers How to Wage War on Landlords
America is in trouble. The socialists are taking over the country. The cost of doing what these low IQ people want will be the end of the USA. We the greatest nation (for now) thanks to capitalism, NOT socialism or communism. The capitalist base has eroded and is being taken over. I am not lying, if I had ridiculous money (Musk, Ellison, Zuckerberg, Bezos…), I would buy a large island and create my own country and bring all the major wealth in the US with me. Click the link. Incredible. She does not want you to pay rent. Abolish rent. Think about it. She should not be allowed to procreate.
Netflix’s description of Gone with the Wind:
The world has gone too woke and it is frustrating.
So This Is What a Bare-Bones, $25,000 Pickup Feels Like
The Slate Auto truck is making a splash for its lack of frills and its relatively affordable price, but it’s jumping into a difficult market.
Merck’s cholesterol pill gets US FDA approval
I am very excited about this new drug. The suggested benefits are incredible, but the pills are over $10/day. Lipfendra works by blocking PCSK9 protein, which plays a vital role in regulating cholesterol levels, while oral statins, an older type of cholesterol medicine, block an enzyme the liver uses to make cholesterol.
Parasitic Outbreak Puts Big Lettuce in PR Crisis Mode
Diners skip fresh produce and chefs revamp wedding menus to steer clear of leafy greens. Lettuce at Taco Bell in five states confirmed as the source.
Eating common dairy food every day may slow biological aging, study suggests
The star-shaped superfood you’ve never heard of — it’s packed with protein and omega-3s
Despite Mamdani’s efforts to make the city more affordable, the opposite is happening. When I moved to NYC in 1997, I paid $2,500 for a large “Junior 4” on the Upper West Side. In 2001, I rented a 2,500 square foot PH in the Village with 3 bedrooms, 3 bathrooms, a chef’s kitchen, full laundry room, and a large terrace for $7,000/month. A one bedroom in the same building is now $8,000+/month and has no amenities other than a doorman. The city’s housing crisis has hit “DefCon 1” — with average rents for a one-bedroom in Manhattan hitting an all-time high of nearly $5,500 last month, and Brooklyn following suit, according to new data and critics. “We need bold action. This is a crisis,’’ New York City Comptroller Mark Levine posted on X over the weekend, along with a link to the latest figures from the inhabit blog by real-estate giant Corcoran Group. The dismal June stats reveal that renters paid an average of $5,408 for a one-bedroom in Manhattan, with studio prices not far behind at $4,014. The crisis continues despite the recent approval of Mayor Zohran Mamdani’s long-promised and controversial rent freeze on the city’s nearly 1 million rent-stabilized apartments by the Rent Guidelines Board. Of those now rent-frozen apartments, a staggering 57,000 sat empty in 2025 — a 5.6% vacancy rate, according to data obtained by The City Reporter. Idiotic policies and red tape have contributed to the crisis.
There is a new James Bond-inspired mansion in Delray, Florida asking $85mm. The place is bonkers. It is not my style and could not recommend anyone spend $85mm to live in Delray, but this is another level. The 23,000-foot mansion is tricked out and a bit overdone. However, I have never seen anything like it. The house has too much going on for any buyer with taste, but the place would be fun to attend a lavish party. The property is in Stone Creek Ranch, in West Delray, which is home to other well know Floridians. (Mark Wahlberg, Steve Cohen, Khalil Mack, and Russ Savage). There are multiple safe rooms and the most bonkers two-story closet I have ever seen. Although the finishes are incredibly high end, there is far too much movement in this house and I find it dizzying. Here is the listing with all kinds of pictures. If anyone has interest in seeing high-end homes in South Florida or NYC, I am licensed in both states.
Yet another example of the flex from the wealthiest people in the world according to this WSJ article. The ultimate billionaire flex is no longer buying a mansion—or even two. Deep-pocketed buyers are increasingly snapping up neighboring properties to create private compounds, with amenities from parking to padel.
“Landmaxxing”—the quest to optimize one’s land holdings by acquiring more acreage—drove the luxury market during the first part of the year, according to a new midyear report from Coldwell Banker, which said U.S. luxury-property searches doubled in the first five months of the year, compared with 2025. Searches for buildable land are up 97% year-over-year, while searches for distinct properties, including private islands and estates, more than doubled. Unlike the rest of the housing market, which has been vulnerable to higher interest rates and economic uncertainty, luxury real estate is fueled by lifestyle and massive wealth creation. Some high-profile ‘landmaxxers’ include Ken Griffin, who has spent more than $450 million assembling a 27-acre compound in Palm Beach, and Jeff Bezos, who shelled out more than $230 million for properties on Miami’s Indian Creek Island. Oracle billionaire Larry Ellison is a prolific buyer in Malibu, Calif., Incline Village, Nev., and Manalapan, Fla. For me, all I want is a padel court. Is that too much to ask?
Here’s why the housing market is hurting so much this summer
© 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™ #907 ©Copyright 2026 Written By Eric Rosen.
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