Opening Comments
My last note was about moose musk. The most opened links were the 5 questions to ask your physician about your lab results and the Joe Rogan excerpts about Muslims overtaking the UK.
My time in Park City, Utah is coming to a close. I am leaving Wednesday the 29th to head back to the Hamptons. I will be in the Northeast for almost two weeks, then back to Florida to pack up the kids. Julia checks into her dorm at Wake Forest on August 18th and Jack on August 21st. Now that we don’t need to be in Florida, the remainder of the summer through October will include a lot of time between NYC, Hamptons, Marion (MA) and Saucon Valley (PA). Given the lack of use, I will be dropping Saucon Valley Country Club this year. I will be down from five clubs to two in the past three years given I just don’t play enough golf to justify them anymore. Padel anyone?
I have written about Kevin Lang as an amazing option for your personal property and casualty insurance needs in all 50 states. Countless Rosen Report readers have switched to Lang Insurance and saved money, while maintaining coverage from the top insurers in the world. I switched because he saved me 20% and is stunningly responsive. I sent him a new client after hiking in Utah and promised the woman Kevin would respond by the time we got down the chairlift (15 minutes). Of course, he did. I received the text below after another reader recommended Lang to his friend. Reach out at 1 (866) 964-4434. The number of hedge fund, private equity, venture, and real estate investors who has switched to Lang is remarkable.
Markets
Parents Paying for Adult Children
Secret Service Warning on Threats
Caitlin Clark is a Hero NOT a Villain
Congress Passed Insider Trading Restrictions
Mortgage Rates Approaching 7%/Foreclosures
South Florida High-End Transactions Continue
South Florida School Issue and the Rise of Charter Schools
An 8-year-old boy named Ronnie was attacked and his mother and sister were killed during the crime. Detective Blair visited the boy in the hospital and came back later in the evening to check on Ronnie. The boy did not want the detective to leave. The detective continued to check on Ronnie and was part of his life. Sadly, the boy was placed with various foster families but none of them worked out. What did Detective Blair do? He took Ronnie in and after a rough start, the Blair family adopted Ronnie, and he is now part of the family and thriving. What an amazing story! Stop telling me all cops are bad and we should defund the police.
I take pride in my work and need to thank my mother, Pauline, for instilling such a work ethic. She hounded me on the importance of hard work and maintaining a good reputation. After all, she did not want the Rosen name to be “mud” due to a lack of effort. Trust me, she used the “mud” line at least 500 times as a warning to show up early and give 110%. She made it clear that as long as you put in the effort, the results would come. In this link, I outlined her expectations of punctuality, which was a funny story and a life lesson.
Regardless of what I am doing, I want to exceed expectations. I take so much time to write the Rosen Report (NO AI), as I want to give my readers a product they enjoy, despite it being free of charge. The amount of research, editing, reading, email traffic, and writing to get one of these out is mind-numbing. I just don’t have it in me to half-ass the newsletter or anything else. My readers have contributed greatly to helping me improve the quality and content. THANK YOU. These are much better with your help.
It started with my first job at 11 years old. I was washing dishes for $2/hr at the Pembroke Lakes Golf Course restaurant. I always cleaned up my station to perfection, and if I spotted a dirty dish or piece of cutlery, I threw it back into the dishwasher to be sure my job was done right. My boss noticed it and paid me extra for my efforts.
It was the same with my paper route. I made sure my papers were delivered and took the extra care if it was raining to double wrap the papers, and the theme continued through my professional career.
I wrote about my first securities exam, the Series-7. I was nervous about passing and asked my boss what would happen if I didn’t pass. Pete Vaky, put his arm around my shoulder and said, “It is not the end of the world, but you can see it from there.” I passed with flying colors, as I over-studied. The same was true of the Series 63, 24, 55, and whatever other securities exams I took.
I vividly recall a bet I made with the head of Chase’s Investment Bank, Steve Black. My business had been doing well, and he questioned my budget for the following year. It must have been 2003, and Steve suggested my budget for 2004 was too low. I argued with him about it, and he made a bet with me. If I surpassed the budget by more than 20%, I had to take him to dinner at any restaurant he picked, and I personally had to pick up the tab. If I did not exceed 20% over budget, Steve took me to the restaurant of my choice. Of course, I crushed my budget that year by over 50%, and it resulted in a steak dinner at Patroon with Steve picking the wine and liquor. The substantial bill came, and he laughed at my face. According to him, it was easy money. He knew I would outperform. That dinner made a dent, and Steve made a point! He was not shy about ordering wine either.
I had to take the real estate exam for Florida and vowed not to make the same mistake as I had in prior tests by over-studying. Guess what? For the 100-question test, there is no way I missed more than 2 questions (they do not disclose results, just if you passed). My nature would not allow me to underperform despite despising studying for the test. The result was I wasted too much time studying and would have passed with 10 less hours reviewing the material.
Recently, I had to take the real estate exam for New York State and yet again vowed not to over study. Out of the approximately 50 people who sat for the test, I was done first despite doing every one of the 75 problems TWICE. When I walked up to the proctor, he said, “Are you sure you are done?” Although they do not tell you your final score, I would be shocked if I missed two of the questions and I only needed a 70% to pass. I over studied again.
It is just in my nature to go above and beyond and give 110%. I blame my mother for hammering me as a child and young adult. Thanks Pauline.
Oil rallied due to more Mideast turmoil with Iran-backed Houthis striking two tankers in the Red Sea pushing oil +7% on Thursday, with WTI hitting $92.5 and Brent at $100.5/barrel. This Houthi action a big deal as this could be the start of a new front in the Iran war. Higher oil prices drove up bond yields, while Alphabet fell 7% and Tesla dropped 15%. The Nasdaq was -2.2% and underperformed the S&P -1.2%. There are mounting concerns about AI spending overshading growth, after both Alphabet and Tesla reported negative free cash flow and told investors to prepare for higher capex (see charts below). Tesla had its worst week since 2022 (-18%) and SpaceX was -7%, closing at $115, well below the $135 IPO and high of $225/share. Musk lost $650bn in 5 weeks due to the weakness in his stocks. The 10-year is out of control and hit 4.71%, a recent high, given crude hit $100 again spiking inflation fears. The 10-year started 2026 at 4.15% and is now up 100bps since the Fed started cutting rates in September of 2024. The higher rates are pushing the likelihood of a fall rate hike to 82%. The next Fed meeting is July 28-29th. This WSJ article outlines how oil prices threaten the economy and the midterms for the GOP. On Friday, oil fell 2%+, as Pakistan is pushing for new talks, while the S&P was unchanged and Nasdaq-.6%. On the week, the S&P was -.6% and Nasdaq -2.1%. Despite weaker oil on Friday, it was +9.5% on the week and now +32% in three weeks. Treasury yields were -2bps, but the 10-year remains at 4.68%.
I have written a great deal about the “K” shaped economy where the top incomes are thriving and lower incomes are struggling. JPM CFO Jeremy Barnum suggested they are not seeing stress in the lower incomes during the earnings report last week. Although that may be true, I am questioning how it is possible. The only way the lower incomes are able to get by is with credit, Buy Now, Pay Later, or parent’s assistance. Additionally, many people are working multiple jobs to survive. This CNN article, “The new American dream: Having parents who can help pay for it,” outlines some of my concerns. For generations, the formula for getting ahead in America seemed straightforward: Go to college, work hard, save your money, buy a home and climb the economic ladder. Today, that formula increasingly depends on something many Americans can’t control: whether their family has the financial means to help along the way. Without that support, many Americans face mounting debt and an increasingly difficult – if not impossible – path to homeownership and wealth accumulation. The dependence is especially pronounced among young adults, who are entering an economy that has become less forgiving. Nearly half of adults ages 18 to 29 received assistance from someone they don’t live with to cover recurring expenses. Sorry folks, we have a problem despite what the experts suggest. Check out the percent of young adults living with parents. It is not a sign of financial health. Albertsons stock fell 22% on Thursday after it downwardly revised earnings due to softer demand and a more cautious consumer. Note the 2nd chart outlining inflation in recent years. Of note, gasoline is averaging $4.10/gallon, which is up almost $1 in the past year.
We live in scary times, and this CNBC article is concerning. A senior U.S. Secret Service official said the “threat environment” for the agency’s protectees, who include President Donald Trump, “is the highest we’ve ever seen.” There have been about 10,000 cases involving threats to government officials, including Supreme Court justices, so far in 2026, the official said. That represents a 40% increase in such cases over the same period last year.
I am not a fan of the WNBA, and there is a reason the league had been a disaster financially. Then, Caitlin Clark came along and brought much needed attention to the league. A straight white woman is an anomaly in a league that is approximately 70% Black and a large portion are lesbian. One Black player suggested 98% of the WNBA is lesbian and she was bullied for being straight. Although the actual data suggests around 40% lesbian, Candice Parker’s commentary is telling. Before Clark, the WNBA games had poor attendance, weak TV ratings, and teams lost money. Since her arrival team values have sky-rocketed, players now fly privately to games, and they have even moved games to larger arenas to accommodate the increasing fan base. Despite all that Clark has done for the WNBA she has been targeted, hit, and abused by countless players. Recently, she was punched in the throat, yet this moron from the USA Today claims Clark has put Black and queer WNBA players “in danger,” evoking Emmitt Till (lynched in 1955). What is even more concerning is that too many people side with this view. What Tiger Woods did for the PGA Tour, Catlin is doing for the WNBA, yet she is being vilified. Mrs. Clark, quit the league which does not support you and start your own. Show them that you are the difference maker. Clark is a star and draws attention. She was omitted from the Olympic Team (slap in the face) and is viewed by many as an instigator for getting her ass kicked by jealous WNBA players. Salaries are higher, players are getting more perks, ratings are higher, media rights deals are far improved, ticket sales are better, merchandise sales are through the roof, and team valuations exploded all because of the “Caitlin Clark Effect,” yet players are awful to her. If I were in the WNBA, I would be treating Clark like a queen and buying her dinner and a Rolex to thank her. For perspective, Clark’s Indiana team valuation went from $90mm to $560mm since she joined. That is the sound of a mic drop. Clark’s impact on the league is undeniable and now every player in the WNBA is better off. Just say thanks and stop trying to kill the golden goose. The USA Today reporter has since apologized for invoking Emmitt Till in the Caitlin Clark column. Sorry, damage done and the reporter should be fired.
US Military Says It Completed 13th Consecutive Night of Strikes on Iran
Houthis claim Red Sea attacks, threatening new chokepoint in conflict
The US conducted more strikes on Iran as both sides traded threats. Meanwhile Iran’s revolutionary guards claimed that an oil tanker caught fire near Strait of Hormuz. Houthis also claimed attacks on Saudi oil refineries.
Iran said to threaten Israel, reject US ceasefire proposal passed along by Iraqi PM
As a result, Trump is considering a ‘massive attack.”
US military says it fired on tanker trying to evade Iran port blockade
Trump’s foul-mouthed Iran meltdown leaked as president in ‘revenge mode’ as he runs out of options
Donald Trump unleashed a series of expletives in an explosive rant about his war in Iran during a recent Oval Office meeting, according to those who overheard the tirade. Ironic that Iran had this war won and Trump was desperate for a deal a few weeks ago. Iran overplayed their hand and now are paying the price. Finally.
Trump says Saudi nuclear deal contingent on relations with Israel, does not include enrichment
Here is Trump supporting Israel again.
Congress splits on war powers resolutions to force Trump to abandon Iran war
US oil refineries run at breakneck speeds as wars choke fuel supplies
Cops fume as Mamdani urges New Yorkers to take to streets to protest Netanyahu after arrest fail
Mamdani hates Jews and Israel and every action supports my thesis.
Suspect arrested after allegedly yelling ‘Allahu Akbar,’ stabbing 2 men in NYC attack
The incident happened near Central Park West, home to one of New York City’s largest Jewish communities. How often do you see a Jew attacking a Muslim on the streets of NYC? Jewish leaders are blaming Mamdani for fanning the flames of hatred. I could not have been clearer on my views on this clown, yet Jews actually voted him into office. Karl Marx books were found in the attacker’s apartment.
Anti-Zionism still ravages UCLA. Some non-Jewish students seek answers in Israel
I have been incredibly critical of the rules that allowed Congress to trade on inside information with respect to BOTH parties. The House passed a bill banning members of Congress from trading individual stocks 232-198. All Republicans voted in favor of it and 13 Democrats crossed over for it. The bill would allow members of Congress, their spouses and dependent children to hold onto stocks they already own but prevent them from buying new ones. It also requires them to file a public notice with the clerk of the House at least seven days before they sell an existing stock. I would like the same rules imposed on the Executive Branch, plus their staff and political appointees. The bill also included voter ID rules which is why a lot of Democrats voted “No.” To be clear, I support a ban on Congress and the Executive Branch trading individual stocks. I support Voter ID, as do 80% of registered voters. Now, will the bill be taken to the Senate floor?
Americans Lead World in Viewing Politics as Risk to Safety
One in 10 say politics is the biggest risk in their daily life
Prediction market odds of Democratic sweep have moved with gas prices, while surveys point to inflation as a key voter concern
Trump to slap ‘sweeping’ new tariffs on 60 trade partners as global duties expire
Trump attended the Correspondents’ dinner which was rescheduled due to the lunatic who fired shots at it a few month ago. Trump apparently fell asleep at one point. Although he made some funny jokes, he crushed CNN’s Kaitlin Collins and I feel it crossed the line.
Van Jones warns far-left socialist agenda is ‘regressive’ threat to Democratic Party
“But some people in groups like the DSA are pushing an agenda FAR outside those ideals. Supporting Hamas is not progressive. ‘No police, no prisons, no borders’ is not progressive. Celebrating the murder of Israeli civilians is not progressive. These ideas are REGRESSIVE,” Jones said.
This 'journalist' tries to paint me as 'far-right' and racist.
Elon shuts her, and the entire mainstream media, down in the most glorious way.
"Today, we sent notification letters to property owners, letting them know that our new pied-à-terre tax is coming soon," Mamdani continued. "The best city in the world deserves the best parks, libraries, and schools in the world. That's only possible when we all pay our fair share." Wealthy NYC residents who are able to relocate should. Come to Florida. You will be welcome with open arms. No income tax or estate tax. Why own a 2nd home in NYC? Stay in a hotel.
Omar once steered a $2 million earmark to her sister's health center. In May, Democrats blocked a subpoena for Omar's records.
Holy smokes. That is quite the campaign ad. Steve Hilton on fire.
I felt despite Spencer Pratt’s failed campaign, his ads were FANTASTIC. The same company made an ad for gubernatorial candidate Steve Hilton.
Ukraine strikes Iranian vessels in Caspian Sea, Tehran accuses Kyiv of ‘hostile and criminal act’
China’s schemes are poisoning every facet of American life — and could bend us to its will
President Donald Trump’s headline-grabbing revelation that China has stolen 220 million Americans’ voter records is only the tip of the iceberg. But what a tip: Chinese Communist Party servers now contain detailed dossiers — names, addresses, phone numbers, party affiliation and more — on you and me and most registered voters in the entire country. Let’s not forget China steals our intellectual property and started the pandemic while lying about it. Oh yeah, they told us it was nothing and bought up all the PPE. China is no friend to the USA.
Major step forward’: French lawmakers approve social media ban for children under 15
Shocking 105 million Americans are not working
The number of adults who are “not in the labor force” (NILF) surged to an all-time high in June to 105.8 million, according to figures from the Federal Reserve Bank of St. Louis. The record comes after a massive surge of 832,000 workers dropping out of the labor force in June alone. The overall number of NILFs is higher than at the height of the Great Recession or the COVID pandemic.
Nearly half of Canadian manufacturers are moving production to America.
Three-quarters are moving in the next 2 years. Crazy stats in the video.
IPOs Have Been a Losing Bet Since 2019
The chart below shows that IPOs since 2019 have underperformed the broader market over the following three years: 1) Peak valuations, 2) Hostile rate regime, 3) Low quality, high bar.
Supply Chains Under Pressure: Adding Nine Days
When Bab el-Mandeb adds nine days to ocean routes, shippers pay premium rates for trucking to compensate, pushing costs higher for global trade.
These cascading transportation costs put some upward pressure on consumer prices, keeping inflation sticky and limiting the Fed’s ability to cut rates, see charts below.
Five tech giants are hiding $1.65tn in AI debt, using the trick that toppled Enro
Five of the biggest US tech giants are carrying $1.65 trillion in debt that does not show up on their balance sheets, more than the debt that does. It is bankrolling the AI data-center boom, it is perfectly legal, and it uses the same accounting trick that brought down Enron.
Intel’s stock jumps as chipmaker rides AI boom to fastest revenue growth in almost 15 years
Google Cloud CEO Kurian says customers are spending 50% more as segment blows away expectations
Tesla misses on earnings, as free cash flow turns negative and margins slide
Savvy ice cream shop owner makes 43% of monthly rent betting on weather: ‘If it rains, we still win’
Vacation hot spot tells tourists in skimpy beachwear to cover up or face steep fines
Officials say new rules are aimed at addressing effects of ‘mass tourism’ in Varenna, Italy on Lake Como.
A person is killed and several are injured at Berlin’s LGBTQ+ event when a van drives into the crowd
Killer Whales Launch Dolphins 20ft Into the Air in Brutal NorCal Hunt (Video)
Amazing video in the link
Baltimore Ravens cut Heisman Trophy runner-up Diego Pavia before training camp even begins
Good. I never liked Pavia and his antics. I had written about how poorly he behaved and his undersized frame suggesting he would not make it in the NFL despite his college success.
Microplastics detected in most heart attack patients’ blood in startling new study
Researchers found detectable micro- and nanoplastics in nearly 84% of patients who suffered active heart attacks
I’m a doctor — the super viral ‘healthy’ trend that’s working against your body
No, You Shouldn’t Avoid Fruits and Vegetables Due to Cyclospora
Consumer Reports’ experts explain what you need to know about the infections occurring across the U.S. and how to protect yourself from getting sick
Pharmacists Warn About Diet on Weight Loss Drugs – Here’s What To Eat
I am all for being healthier and losing weight. I would prefer to see more people do it naturally between diet and exercise, but I get that it is challenging. I do see people transform their bodies with these drugs but would be concerned about the long-term impacts and what happens when you stop taking them.
Given increased rates, the mortgage rates are jumping, and it looks like 7% will be back in play for 30-year mortgages. Since affordability issues persist, between high prices and insurance costs, this move will only put more people out of reach for their dream home. The last data I have shows a 6.85% 30-year mortgage rate from Mortgage News Daily as seen below. Remember, in 2021, it was 2.92%. The rate was 5.99% in February of 2026. This article suggests that foreclosures are rising nationwide. Good interactive chart in the link.
This Real Deal article outlines a bunch of high-end residential transactions in South Florida from recent weeks. South Florida’s luxury real estate market is seeing an unseasonably busy summer, with agents reporting record-breaking sales and strong demand in the $1 million-plus sector, driven by a steady influx of wealth. A growing trend dubbed “landmaxxing” is taking hold among the ultra-wealthy, who are purchasing neighboring properties to expand their waterfront compounds, often to gain space for private amenities like sports courts or to protect their investment from future development. Although the summer tends to be slower, it appears that a fair number of big deals are taking place.
I have often written that the influx of wealth to South Florida has led to major challenges in getting kids into private schools. I lost a $12mm sale as the family went ZERO for four in getting kids into Pine Crest. Private school enrollment is up 48% since the 2020-2021 academic year. According to the article, communities with charter schools are becoming more attractive. Interestingly, while private school enrollment is booming, Broward County saw a 17% decline in public school enrollment since 2017. It seems as though a handful of Miami-Dade public schools that are closing may be taken over by charter school operators. If you are moving to South Florida and have kids in school, reach out to discuss options. I can compare the schools in Florida to the ones in NYC with ease.
© 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™ #910 ©Copyright 2026 Written By Eric Rosen.
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