The only social network to learn from and invest with professional investors.

Prometheus offers credible insights from professionals and streamlined access to invest in hedge funds, crypto funds, venture capital funds, and more.

Newsletters

The Rosen Report: Dad, WHO Sings That Song?

May 4, 2022
Eric Rosen

Opening Comments

Today’s piece is special for me. My daughter wrote a song last year, and we had it recorded in a studio. We then made a music video, and it is the Video of the Day today. I ask you to watch and listen and help get the word out. We have not shared this video with anyone yet. Rosen Report readers are the first to see it.

My last few days have been quite tumultuous. The result will be an abbreviated note and hope it gives you more time to look at my daughter’s video. My fancy pants new computer blew up as I was replacing the video card with the assistance of the builders. No access to a computer despite spending 7 hours with tech support. My readers know about my ADHD and my legendary lack of ability to fix things. One could see that there would be trouble when my computer looked like the pictures below. I am sending it back to them and will be piecing together things for a while until I get it back. Remember, my laptop screen cracked and am without that too.

Additionally, I had a meeting near Boston and flew up Sunday am. I had written about ticket prices which were lunacy. Round trip I spent 55,000 miles and $450. The cheapest round trip I could find was basically $1,000. On a positive note, I rented a car for a day for $81. All the taxes and fees were almost $30 of that amount. I got to see some of my close friends, Newcomb and Chili and their incredibly cool sons. In a crazy story, I met them through the Rosen Report at the beginning of the pandemic and now we are as thick as thieves and some of my favorite people on the planet. Due to travel today, I am sure I missed a few news events. Apologies.

  • Video of the Day-My Daughter, Julia’s First Music Video

  • Dad, WHO Sings That Song?

  • Quick Bites

    • Markets

    • Powell Comments/Rates

    • Technological Innovation/Growth

    • Trump/Republicans

    • NYC Crime

    • Lightfoot/Chicago

  • Other Headlines

  • Virus/Vaccine-Case Growth Accelerating

    • Data

    • New Zealand Data Deteriorating for Vaccinated

    • COVID 3rd Leading Cause of Death in US

  • Real Estate

    • General Comments

    • $363mm Miami Land Sale

    • Best Job Markets

Video of the Day-My Daughter, Julia’s First Music Video

My 14-year-old daughter, Julia, wrote a song, I’m Not Even Sorry, and I had my friends at Insight Productions shoot and edit her first music video. Hopefully, this is the start of something for Julia who enjoys singing, guitar, piano and writing music. Her voice is really getting stronger. I hope you like what you hear and if you do, please forward to friends. If you have kids, get them to listen and make a Tik-Tok to it or whatever the hell kids do to make things go viral. If you know anyone who has pull in the music game, don’t be shy. I am looking for assistance from readers to help Julia get a push in the right direction. I had not sent the video to anyone prior to hitting send today. Our families are just seeing it for the 1st time with you. The link to the video is here or if you hit the picture below.

Dad, WHO Sings That Song?

My close friend, Rich, invited me to the WHO concert on Friday night. The band formed in 1964 and Roger Daltrey is 78 and Pete Townsend is 76! Some of my favorite Who songs are Pinball Wizard, Baba O’Riley and Eminence Front, My Generation and Won’t Get Fooled Again. I had forgotten that Townsend’s brother also plays guitar with the band and Ringo Starr’s son is the long-time drummer. As a kid with two older sisters, I listened to great music growing up. Our house played Aerosmith, Bob Seger, The Stones, Billy Joel, Steely Dan, The Who and many other iconic bands. My love of music stayed with me and despite not playing any instruments as a kid, I had always wanted to learn. My wife bought me a guitar and 10 lessons when I was 40 years old, and I started playing and was hooked. The who over 40 years ago below.

I was excited to go to the concert as it has been a few years since I have been to one given the pandemic. My expectations were low given the ages of the band members and the fact that it was the first stop on the tour. I was startled by the crowd who looked more like one heading to the Early Bird Special in Boca Raton than the crowd I recalled when I was younger. It looked more like a Lawrence Welk fan base than groupies. At 52 years old, I was the baby in the room. Gray hairs, walkers and canes with people wearing Who shirts from 30 years ago which no longer fit properly was the best description of the motley crowd. The venue was the Hard Rock Hotel in Hollywood. I had never been, and it is beautiful as I believe they spent approximately $1.5bn on it. To make up for the build-out, they over charge you for drinks at the restaurants surrounding the casino.

We had great seats and the concert was better than I would have thought possible. No, Roger Daltrey’s voice was not as it was 40 years ago, and he surely did not move super well in his old man, New Balance sneakers. His full face suggested to me he was on some medication and he looks far different from the last concert I saw, but I guess I look a bit older too. Yes, he forgot the words to a “Won’t Get Fooled Again,” and Pete jumped in and had fun with it. However, Pete can still play guitar quite well, and I enjoyed singing along with some of my favorite Who tunes. The band had a 50 piece orchestra behind them for most of the songs to take the pressure off the aging rockers. The review here is fairly accurate about an aging band who has glimmers of their old ways, but a long-way from their peak. The first picture was the band in 1969 and let’s just say, the 2nd picture is them a few years ago. Clearly no leaping splits for Pete and the shirt thankfully stayed on for Roger.

Back to my guitar. It was 2016 and I was working on learning Pinball Wizard by the Who. I was sitting on my couch playing it and singing along. I did not know that my son, Jack, 11 at the time, was watching. He said, “Dad, who sings that song, it is good.”

I said, “The Who.”

Jack said, “No, dad, who sings the song?”

My reply, “The Who.”

Jack asked, “Dad, seriously?”

I said, “Dude, the band is called the WHO.”

He asked me to play it again for him and I did. He then asked to have me play the song from the band on Napster. The little bugger then said, “Dad, give me the words, I got the song.”

I had been teaching myself for two weeks watching YouTube videos and had just gotten it down, as I am not exactly musically inclined. I gave him the lyrics, he grabbed my guitar and crushed Pinball Wizard on his first try-despite the fact that his tiny hands could barely fit around the neck. I was excited and embarrassed at the same time, as Jack is indeed musically inclined. I wish I got that on video, instead, this is from when he was 13 playing it. He is much better now at both vocals and guitar.

When I was leaving yesterday, I told my daughter I was going to a concert. She asked excitedly, “Who are you seeing, anyone good?”

I said, “The Who.”

She looked at me puzzled and said, “Who?”

Jack chimed in and said, “Come on Julia; it is a band called the Who. They play Pinball Wizard.”

Quick Bites

  • A reporter asked Chicago Mayor Lori Lightfoot during a press conference Tuesday how she could even consider running for re-election after all the "harm" she's caused.  Chicago reporter William J. Kelly began by saying the mayor always starts her press conferences by saying that crime is down and the "economy is booming." Lightfoot said that this wasn't true and asked him to continue with his question. The reporter noted that a police officer was recently struck and injured in a hit-and-run and that Michigan Avenue "is now referred to as the mile of fear." Michigan Avenue is a popular stretch of the city with entertainment, attractions, restaurants, hotels and shopping.  Again, I was born in Chicago and started my career there and went to the University of Chicago for business school. NOTHING could ever get me to live there again. My 63-year-old sister has never lived anywhere but Chicago, and after being robbed last week, has thrown in the towel. She is planning to leave the state. Elections have consequences. Anyone dumb enough to vote for Lightfoot again deserves the ramifications.

Other Headlines

Virus/Vaccine

  • Case escalation continues with +52% over the prior two-week period. Cases averaged 46k/day, up from 27k/day on 4/3/22. Thankfully, we are still 95% below peak levels from mid-January. Hospitalizations remain around 15k and deaths fell 33% to 369/day.

Real Estate

  • Despite the fact that I believe housing price growth will continue to slow and start to drop in some areas and price points, I believe one trend will continue around the move to more favorable states from a quality of life perspective. I have hounded the theme of the migration from Blue to Red states long prior to the pandemic and was an early adopter myself (August 10th is my 5th anniversary). Literally, every day, I meet or am contacted by a family who wants to leave the tri-state, Chicago, SFO, LA, DC… Just Friday, I met two more families. One from DC moving to Texas and one from NYC. The family from Chelsea was in their 70s and never lived anywhere but NYC. The small, elderly woman said, “You just cannot live in NYC anymore. It is just not safe for me to walk around there, and I have never lived anywhere else.”

    Here is an example of what is going on in Miami.

    Carbone is charging $3,000 a person to attend its four-night dinner party celebrating the Miami Grand Prix in May. Major Food Group, the creative force behind the famous New York City eatery, has partnered with American Express to launch Carbone Beach, a pop-up dinner party on the sand as Formula 1 takes over the coastal Floridian city. I have been asked by many if I am going. Clearly, you don’t know me well. I am far too frugal to pay $3k for dinner.

    I will also note that as the wealth leaves the Blue states and heads to the Red ones, deficits will mount. When I think of the way CA was bailed out by the tech boom and massive IPOs and taxes which resulted in 2021, it is mind-boggling. What say you now that tech has crashed? IPO activity in the Americas region completed 37 deals in Q1 2022 raising US$2.4b in proceeds, a decline of 72% in the number of deals and a 95% fall in proceeds YOY. It is not only about the proceeds of the IPOs, it is the massive wealth and capital gains realized as original holders of the stock sell. When founders or early investors sell stock, it generates BILLIONS in taxable income. CA takes 13.3% for wealthy sellers regardless if it is short-term or long-term. Remember, there are proposals for ANNUAL wealth taxes of 1-1.5% starting at $50mm net worth in CA. Not to mention proposals raising the state income tax rate to 18.05%. Why anyone with means would reside there is absolutely beyond me and I love the weather and waves.

  • Devin Kay (Miami R/E Broker) sent me this Real Deal article entitled, Waterfront Brickell development site of planned supertalls sells for record $363M. The parking garage was 2.5 acres and sold for $3,340 per square foot, or about $145 million per acre. The site was long planned to be a major development with two supertall towers. Florida East Coast Realty, Corigin Real Estate Group and Frank McCourt’s McCourt Global Properties planned a 1,049-foot-tall two-building project designed by British architect Norman Foster’s Foster + Partners. The plot last sold 21 years ago for $15.5mm. I believe a large condo tower will be going up in the space. Also from the article: Development sites have been trading for record prices, as out-of-state developers flock to South Florida. In Miami’s urban core, which includes Brickell, 56 properties traded for over $1 billion in 2020 and 2021, according to Real Capital Analytics data previously provided by Colliers International South Florida.

  • This WSJ article chimes in nicely with my theme for the past 5 years on migration from Blue to Red states. The hottest job markets in America are in five different states, but they have a lot in common. They’re in midsize cities, all with a population under 2.3 million. They’re in states with fairly low income taxes, or none at all. And their climates allow for outdoor activities all year round. They are: Austin, Texas; Nashville, Tenn.; Raleigh, N.C.; Salt Lake City; and Jacksonville, Fla. To find the areas with the strongest job markets, The Wall Street Journal, working with Moody’s Analytics, assessed 300 metro areas. The rankings measured five factors: the unemployment rate, labor-force participation rate, job growth, labor-force growth and wage growth in 2021. An average of those rankings was used to determine the hottest labor market in the U.S. Larger areas, with more than one million residents, were ranked separately from smaller ones. Good charts in the link.

Eric Rosen
The Rosen Report