Opening Comments
My last note was about my weight loss causing me to have a clothing crisis. The most opened links were the article on Bill Gates’ daughter and her legal troubles and the 4-minute workout that can turn back the clock for those over 65.
I am often asked about the readership of the Rosen Report. I spent an hour going through some of the data and have summarized it below. Over 60% of readers use private email accounts, so I cannot tell where a majority of my readers work. Additionally, I have numerous subscribers who just sign up through the Substack App, which is not factored into the subscriber data below. In actuality, maybe 20% of the readers use work emails.
A reader was in Spain and sent me this picture of the solar eclipse. Stunning.
I had not had my hair cut in 10 weeks. The monster was out of control, so I went in for my weed whacking. I must have lost two pounds of hair. It is awfully gray now. I blame my wife, children, the rise of the DSA, and Trump’s antics.
Video of the Day-Jamie Dimon on Bureaucracy and Inefficiency
Markets
Treasury Yields
IPO Market
College Socialism
El Niño
The Rise of the DSA
Royal Palm Sales In Boca Raton on Fire!
Bezos Trying to Get Into Indian Creek Country Club
Wealth Moving to Dallas
I presume this recording was during COVID. I had the pleasure of working for Jamie for many years and can tell you he is a very special CEO. His attention to detail is startling, in a good way. Listen to Jamie speak here (strong language). I call it leadership. It will be a good two-minutes well spent. He calls out employees who are slacking and hiding behind work-from-home. Love it.
Everyone seems to have a core competency. Some people are musically inclined, others have an uncanny ability to speak multiple languages, some are amazing writers or public speakers, and some people can do the highest levels of math without much effort. Clearly, professional athletes have amazing skills as do world class CEOs or surgeons. Although I believe I have a surprisingly long list of things I can do well, I am not convinced there is anything I do better than swearing.
This was not a skill I was born with, but one that developed with serious training. Decades on a trading desk dating back to the mid 1990s clearly helped educate me on how to properly curse like a drunken sailor. There were countless yelling matches on trading desks with too many expletives to recall.
There is a famous Wall Street guy named Tom Bernard from Solomon and Lehman. His profanity-laced tirades were legendary, chronicled in Michael Lewis’s Liar’s Poker, and earned Bernard the nickname “the Human Piranha.”
What really took me to the next level was reading Richard Marcinko’s book in the mid 1990s The Rogue Warrior. He was the first commanding officer of Seal Team Six starting in 1980. He wrote a bunch of books and he invented swear words which I found fascinating. Since that time, I have come up with some doozies following in his footsteps. God knows I would never make it as a Navy Seal. When missions went south, he called it a complete goat f**k and I got a kick out of that.
Well, we flew to Charlotte, North Carolina to check in the kids into their dorms, and I went to go pick up the rental car. I have great status at National and get to pick my car. I asked the manager what was the largest car on the lot, and he found me a massive Jeep Wagoneer. I placed my backpack on the seat in the second row and was trying to put down the third and fourth rows to fit the embarrassing amount of luggage we had brought. The seat collapsed on my backpack strap.
I thought nothing of it at the time, but when I tried to get the backpack out of the car, it was stuck. No big deal, I will just move the seat. WRONG. The strap was under the slide part of the seat, and I was unable to get it loose. A solid 5 minutes where I strung together a Guinness Book of World Records of consecutive curse words. Some you know, others were made up on the spot given my elite level of swearing sophistication. Although people may have been staring at me, I did not notice.
When you are elite at something, you find your zone and don’t even realize what is happening. When Michael Jordan was scoring 60 in a playoff game, he was locked in and did not notice the crowds. When I am at a clearance sale, I see nothing other than the biggest discounts of designer attire. I am so laser focused I don’t hear anyone. This was the case during my meltdown over my backpack. The beauty of my cursing tirade at the National Car Rental was akin to watching Mikhal Baryshnikov performing his finest grand jeté.
I realized that I might induce a heart attack as my blood pressure was boiling over the backpack fiasco and got the young manager, Logan, to assist. After 5 minutes, he concluded we needed to cut the strap, and I was fine with that. He went to get a pair of scissors and tried one last time, freeing my snagged strap and saving the day. I thanked him profusely and wrote a lovely note to management about Logan taking the time to get a grumpy old man’s backpack loose.
The backpack fiasco was a 10 minute setback that resulted in an historic meltdown of elite level cursing. I am proud of my skill and available to be hired to teach young traders how to swear with the best of them.
However, what I clearly do not have a core competency in is anything with the words “Some Assembly Required.” My wife, in her infinite wisdom, knows I lack the patience to put cheap crap from China with 100 screws together. Despite this, she bought all kinds of storage units for the dorm that required wrenches, drills, screwdrivers… I worked on one for 30 minutes and quit. There are three-year-olds who have a better chance of success on assembling these items. Let me stick to my good looks, newsletters, cooking, swearing, and storytelling. Just don’t make me screw in a lightbulb.
Oil rallied on Monday, with Brent above $90 after Iran ruled out an interim deal extension and threatened to escalate. Trump, time to bring out the big guns and end this. Stocks were weaker Monday due to the continued turmoil in the Middle East, as bond yields climbed. The 30-year Treasury hit 5.33% on Tuesday (19-year high), after being 4.83% on 12/31/25. Stocks rose on Wednesday helped by lower Treasury yields due to a government buy back program (see below). However, the Middle East news continues to deteriorate and oil is rallying again. WTI is +4.2% in the past 5 days due to no deal in site and no ceasefire extension. The big positive remains strong earnings.
I have written a great deal about rising Treasury yields in recent months. On Tuesday, the 30 year Treasury hit 5.33%, the highest in 19 years. Clearly, inflation concerns, rising budget deficits, large corporate issuance, and uncertainty about Warsh’s policies are all playing a role. The impact of rising rates for the consumer, real estate, and corporates is notable. This Axios article, “What Rising Treasury Yields are Telling Us,” is worth a look. Also of note is the fact that foreign holdings of Treasuries is down, led by Japan, UK and China. This CNBC article outlines what higher rates mean for mortgages and consumer borrowing. Of note, on Wednesday, the Treasury Department said it will double the government debt repurchase size. This pushed yields down sharply with the 30-year falling 10bps and the 10-year -6bps. Replacing low-cost debt buying it at a discount while issuing debt with a higher coupon, is going to raise the interest expense. I felt the market over reacted to the government buy back news after a healthy sell-off. It is clear to me that Bessent is concerned about longer dated Treasury yields and the impact on the economy. To me, this is a derivative of Operation Twist in 2011/12 under Bernanke.
With all the major IPO action this year, most notably SpaceX, I thought I would do a little research on data. I like Renaissance Capital for IPO-related information. YTD, the IPO index is significantly outperforming the S&P 500. To be clear, many of these IPOs are volatile in terms of stock performance. Look at SpaceX which went public at $135, first trade at $150, traded to $226 and then to $104/share all within two months. Check out Cerebras Systems stock which had its IPO at $185 in May 2026. It traded to $385/share and as low at $160 and is now at $219. Numerous large IPOs are likely coming including OpenAI, Anthropic, Databricks, Anduril Industries, and others.
I have been critical of colleges and universities for their teachings and the cost of entry for the best schools. I believe that many students in traditional four-year schools should be in a vocational school instead and feel that many colleges and universities will be in trouble in coming decades. This WSJ story, “How Colleges Produce Socialists,” is worth a read. I mentor literally dozens of college students each year from the best schools, and a consistent theme is around the incredibly woke teachings and professors. What’s behind the craze for socialism among young people? The New York Times, focusing on the Democratic Socialists of America’s New York membership surge, offers the conventional view: that it is fueled predominantly by “frustration with the economy” and the desire for a social safety net. The same report notes that the DSA member base has become younger and more white-collar, with its greatest appeal to college-educated urban dwellers. Why college students? The usual assumption is that professors are indoctrinating students, but that’s too simple. The campus itself is a powerful factor. On a related note, this article questions the economics of a college degree. Confidence in higher education slipped among both parties and all levels of educational attainment this year, according to June Gallup polling. Job market fears are also surging: Gallup found just 19% of those with a college degree or more said it was a good time to find a quality job at the end of 2025, compared to 35% of those without one. This report shows that 27 of the 43 Yale departments have ZERO republican faculty. Overall, the facility at Yale is 82.3% democrat and 2.3% republican. So much for diverse views from the school ranked #4 by US News & World Reports. Why not add diversity of staff to the ranking? I would say the same thing if it were 82.2% republican and 2.3% democrat. Here is another example: UC Berkely math professor has to teach fractions to calculus students because standards have fallen so far. UC Berkeley is ranked #15 by US News and World Reports.
It appears El Niño may be historically intense this year, and that has impacts on the likelihood of a potentially historic event in coming months. NOAA’s latest forecast says that between October and December, there is a 69% chance of a historic event that would exceed the strength of all previous El Niño events on record, dating back to 1950. The current event ranks as the second strongest on record for this time of the year, behind 1997. “There is a greater than 90% chance of a ‘very strong’ El Niño. El Niño refers to the warmer-than-average phase of the El Nino--Southern Oscillation (ENSO), a natural cycle where sea surface temperatures across the central and eastern equatorial Pacific Ocean rise and fall. The cooler-than-average phase is called La Nina, while near-average conditions are known as ENSO-neutral. NOAA ranks the strength of El Niño events by measuring the sea surface temperature departure from average (anomaly) across this region, classifying events as weak, moderate, strong or very strong. The article goes into detail about the impact in the various regions of the country.
Trump won’t extend Iran ceasefire, threatens to ‘bomb’ Oman if it ‘gets in the way’
Iranian military chief places $30,000 bounty on killed, captured US soldiers
Trump has told us dozens of times the end of the war is “imminent,” yet traffic in the Straight remains at a fraction of pre-war levels, the rhetoric remains high, ships are being fired at in the Strait and Red Sea, Iran has a list of insane demands… I believed Trump the first few times. Now, he has ZERO credibility with me on Iran deals. Trump has flipped and is now suggesting Americans accept higher gas prices. Does not sound as though Iran will be solved anytime soon.
Iran’s Secret Plan to Escalate the War
Intercepted communications and other intelligence suggest a strategic shift by hard-line leaders to raise the costs for the U.S. and its regional allies
Israel confirms striking Syrian air base, saying Turkey was planning to deploy forces
Depleted strategic oil reserve nears level that raises concerns about damage to caverns, operations
Israel seizes vast Iran terror axis arsenal with surprising foreign origins
One of the weapons seized from Hezbollah was a Nazi-era MG 34 machine gun
Russia shipping drones, explosives to rebuild Iran’s supply after US, Israeli strikes
Arab allies join Trump in calling for Israel to drop opposition to US-backed Gaza peace plan
California high school students given Qurans, encouraged to wear hijabs during class trip to mosque
I would never speak with anyone who would support this woman’s business. Disgusting.
The rise of the DSA is notable. A startling CBS News poll finds 58% of Democrats have a positive view of socialism, and just 32% have a positive view of capitalism. I continue to believe that capitalism is the only economic system which has worked and taken millions out of poverty. There is a reason that the US has 23 out of the top 30 largest companies by market capitalization globally. China and Taiwan each have two and are the closest to the US in terms of numbers to the US. Free markets unleash innovation, investment, and prosperity. Never forget when Boris Yeltsin came to America in 1989 and toured a grocery store. He thought it was staged given Russians had nothing like it. Anyone who believes otherwise is sadly mistaken. Rather than trying to change America’s economic system, move to a socialist country and see your quality of life. I have no problem with people not liking capitalism. I have a problem if you are trying to force America to change its system due to your beliefs. I left NYC because I felt the quality of life was deteriorating. I voted with my feet. Please feel free to leave the country and head to your paradise that hates wealth, innovation, choice, and protection of private property. Listen to this articulate young economist (Dr. Daniel Di Martino) from Venezuela outline the fallacy of democratic socialism in this 3-minute speech. Mic dropping. There are numerous speeches and interviews from Di Martino online and I suggest all those lovers of socialism should take a listen. Note that the US has nearly 24 million millionaires, or 4.5 times more than any other country despite a population of 23% of China. That is thanks to capitalism and the opportunities it provides.
Most US voters say they are worse off under Trump — FT poll
The FT poll found 55 per cent of registered voters disapproved of the job Trump was doing as president, including nearly 20 per cent of Republicans. Nearly two-thirds of registered voters said they thought the economy was going in the wrong direction.
Fauci was privately informed about questions over COVID-19 vaccines and miscarriages, new texts show
I crushed Fauci in numerous pieces during the pandemic. The more I read today, the more I believe I was right in my views.
Super Squad! Radical House group could double in size — and influence — come November
In upset, Florida democratic socialist Nixon wins Democratic Senate primary
Just like the environmentalists who fly private.
Joe Rogan hits at Trump’s crypto billions, says ‘shady’ family deals could trigger arrests
I was critical of Biden and his brother and son for their ridiculous dealings and am critical of Trump. I find it repulsive.
Harvard professor slammed for using AI to write to write anti-Trump op-ed
The professors don’t want you to use AI, but they do it to publish? Disgusting.
‘Damning’ new Epstein evidence could be coming as trove of case docs to be unsealed
The only map you need to see as California’s billionaire tax fight heats up
Cuban warned startup founders would be ‘idiots’ to stay in the state if the 5% billionaire tax measure moves forward
CEO says doing business in state ‘sucks’ as company heads to Texas amid California exodus
Putin loses 43K soldiers on Ukraine battlefield in one of bloodiest months since start of war
Data suggests Russia lost 1.5mm. The nature of war has changed forever, and a cheap drone can cause a great deal of damage. I cannot believe Ukraine is still battling nearly five years into the war. Russia’s military has been depleted.
NATO fighter jet opens fire as warplanes scramble to intercept ‘Russian’ drone
New report says Chinese cameras used in naval assets secretly sent data to communist country
Shocker
Meta faces ‘astronomical’ consequences as legal fight reaches critical moment in California
Less than two weeks after a loss in New Mexico, Meta faces a much bigger legal test in a case being co-led by California’s attorney general over alleged harms to children and teens.
Stanley Druckenmiller loaded up on Amazon and chip stocks before July rout
He is my favorite investor of all time but clearly missed on this one.
Why male Gen Zers are dropping out of the US job market in droves
Home Depot reaffirms guidance amid ‘frozen housing market conditions’
Target says its turnaround is picking up steam, with help from a big tariff refund
John Rich warns Nashville’s famed Broadway could go dark as businesses face tax ‘death nail’
The country star says a 2025 reappraisal and 26% tax rate hike above the revenue-neutral level are pushing venues out
China’s backflipping robot maker Unitree pops 542% in Shanghai debut
Has your car been recorded or license plate searched? ‘Have I Been Flocked’ site lets you check
College can cost $100,000 a year. Here’s how families are covering the tab
Jack’s freshman year was $125k including all costs. College is not worth the price.
For the life of me, I do not understand why anyone would want to allow Sanctuary Cities to exist. A Sanctuary City is a municipality that limits its local law enforcement and agencies from cooperating with federal immigration authorities.
Lindsey Clancy admitted to killing her 3 kids. Her fans already raised $715k in donations.
What is wrong with people? The women kills her own kids and people want to give her money? This ass clown murderer Luigi Mangione who murdered a CEO has raised nearly $2mm. What kind of people donate money to murderers. America is heading down an awful path to hell. I want the death penalty for both.
700 NYPD officers deployed this weekend to stop possible Dyckman Street ‘teen takeover’
Penn State cocaine bust nets 14 arrests over alleged pledge coke-cutting ‘indoctrination’ rituals
Cutting and packaging cocaine was allegedly part of fraternity pledge indoctrination at Delta Upsilon and Sigma Chi
High school soccer player kicks, punches opponent in head in horrifying scene: ‘Ban that kid’
Watch the video. I would press charges and the kid should be banned for life from sports. Who are the parents? How did he learn this behavior?
Is Miami really costlier than New York City? Why
I take South Florida over NYC all day, and cost of living is just one of many reasons why.
Sultan of Brunei strips daughter-in-law of royal titles over ‘unbecoming’ behavior
The article does not say what she was accused of doing but thought I would share some interesting background for the man worth a reported $30bn. He owns 7,000 luxury cars, paid Michael Jackson $27mm for a private concert, lives in a 1,788-room palace with gold plated domes, and flies his hairdresser in from London. The Sultan appears to have been married three times but never divorced his first wife. The Sultan’s brother keeps a harem of women for himself and friends. What did the daughter-in-law do that was unbecoming?
Tungsten mine that surges at times of major global wars is ominously opening again
Iconic New York bakery famed for its cookies set to open first OC outpost
Levain Bakery is opening in Orange County. Best cookie in NYC.
“…it is with great regret that I must inform you I am unable to accept your rejection at this time.”
Birth order linked to 150 health conditions in study of 10 million American siblings
Second-born children were more prone to migraines, shingles, gastrointestinal issues and substance use disorders
3 minutes of this activity may cut the risk of 13 cancers, study finds
The research offers a new look at how simply sitting less and moving more may affect cancer risk. I am counting my steps now. This summer, on good days, I was over 20,000. On bad days, 7,500, but many of those (4,000) were playing padel for hours.
Everyday habit linked to dramatically lower risk of dying from heart disease
Researchers analyzed data from more than 480,000 people and found even small changes had a measurable impact
Beloved drink linked to less body fat and more muscle
The coffee study suggested it helps with a leaner body composition and less body fat. I have never tried coffee and never will despite the promising benefits.
South Florida had a strong summer of high-end sales. In my community in Royal Palm in Boca Raton, inventory is drying up. Early in 2026, there were 44 homes for sale, and now we are down to 23 active listings. Year to Date, there has been $541mm of sales in Royal Palm alone including a record-breaking sale of $75mm. When I moved down in 2017, the most expensive sale was $12.4mm. I paid $6.3mm for my golf course home and it was a record at the time. People told me I was crazy. Well, a new golf home just sold for $21.5mm last month. Although many buyers in my community tend to be existing owners up sizing or downsizing, we are seeing more from the NY area and California. Check out the progression in the chart below. When I moved 9 years ago, the average house was $3.6mm and median $3.2mm and today they are $12.5mm and $10.5mm respectively. I took my house off the market for the summer, but it will be coming back on in season. With the ridiculous sales prices happening in the community, my house is a steal with brand new AC, generator, water filtration…
I have written extensively about the challenges of getting into clubs in South Florida post the pandemic. Jeff Bezos bought three homes in famed Indian Creek and is trying to get into the club and is yet to be invited. This WSJ article outlines the process and despite being special guests for party there, no dice as of yet for membership. Think about how hard is for a “normal” person to get in. Indian Creek is arguably the most fortified community in America. I have played the course and been there for meals. It is beautiful with 41 home sites and an impressive list of residents (Tom Brady, Zuckerberg, Bezos, Icahn, Ivanka Trump, David Guetta, Julio Iglesias, Jaime Gilinski, Norman Braman, and others. There are quite a few Rosen Report readers who are members of Indian Creek. Jared Kushner and Ivanka Trump live there and are yet to get in, and Dr. Rollins sold his house after not getting in after four years.
Wealthy homebuyers are increasingly looking to lower-tax, business-friendly states such as Texas as taxes and regulation play a bigger role in where affluent Americans choose to live and invest according to Mauricio Umansky, founder and CEO of global brokerage The Agency. “The pied-à-terre tax is really hurtful,” Umansky said. “In Los Angeles, we have the ULA tax, which is very hurtful.” “You are seeing a lot of the wealth go, and they’re going to places like Dallas, Texas,” Umansky said. “You’re seeing a lot of growth there. So there’s a shift.” We have definitely seen a major influx into South Florida, and I am seeing some that are unable to get kids into schools head to Dallas.
© 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™ #919 ©Copyright 2026 Written by Eric Rosen.
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