Capital Call: with The Millegan Brothers

Capital Call #16: Chip Tariffs at 100%? Hold My Foundry.After the July jobs miss and giant BLS revisions, we dig into how fast-moving tariffs are warping prices, margins, and small-biz decisions—and why narrow leadership isn’t “the market.” We debate politicians trading, timing tops (don’t), and when technicals help vs. hurt. Stocks: FreightCar America (RAIL), railcar demand, and why micro/mid liquidity cuts both ways. Tariff watch now includes talk of 100% chip levies and sector-by-sector fallout (pharma, glass, autos). “This Day in Economic History” runs from Britain’s 1914 bank holiday and Bradbury notes to Agnew’s scandal, Barry Bonds’ 756th, Napoleon & the Bank of France, and the 2007 quant quake. Stay liquid.Welcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund with a new episode released Monday mornings at 2 AM Eastern / 5 AM Pacific.DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.Episode Breakdown:(00:00) “Tariff Podcast” & the Venezuelan bolívar bit(00:06) July jobs miss & the big BLS revisions(00:12) Tariff whiplash, data revisions, and trust in stats(00:14) MAG-7 vs “the market” (breadth & exemptions)(00:17) Politicians trading, “is that insider info?”(00:21) Don’t time tops/bottoms: our 3–5 yr playbook(00:23) Technicals vs fundamentals (and when charts mislead)(00:24) Narrow leadership: ex-Mag7 the market’s flat(00:25) Tariffs hit small biz supply chains (import reality check)(00:29) PPI watch & talk of 100% chip tariffs(00:29:48) Stock segment: FreightCar America (RAIL) & rail demand(00:33:20) Micro/mid liquidity, risk, and “buying dips” the sane way(00:34:10) Recession chatter: alcohol, glass, and defensives(00:35:40) Pharma tariffs, domestic capacity (AZN, MRNA)(00:41:12) This Day in Economic History: 1914 bank holiday → 2007 quant quakeTopics include:tariffs, BLS revisions, PPI, Magnificent Seven breadth, insider trading ethics, long-horizon investing, FreightCar America (RAIL), rail demand, pharma capacity, 1914 bank holiday, Agnew probe, Barry Bonds 756, 2007 quant meltdown, This Day in Economic History.Quinn Millegan:⁠ ⁠⁠⁠⁠⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠⁠Drew Millegan:⁠ ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠⁠The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠⁠www.Woodworth.Fund⁠⁠⁠⁠Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠⁠Inquiries: info@woodworth.fundCapital Call #16 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.Post market close 8/7/25 - Coming straight to you (almost) every Monday morning at 2 AM PT / 5 AM ET.

The Millegan brothers are back and caffeinated—because nothing says “financial insight” like Celsius-fueled rants about Japanese mini trucks and tariff math that would make an IRS auditor throw their 10-key out the window. We cover everything from Powell’s hostage tour of the Fed building to why Kohl’s is apparently the new GameStop (but with real estate and fewer Reddit jokes).We unpack why small caps are lagging, how inventories are running on borrowed time, and why tariffs are just taxes in a trench coat. Helen of Troy (HELE) makes a surprise appearance as a boring beauty brand with surprisingly sharp moves—and an undervaluation that shampoo alone can’t explain. Plus: dividends get dissected, bankruptcies are booming, and we deliver a short-selling masterclass that ends with... “please stop shorting companies that own $8 billion in property.”We close with This Day in Economic History, featuring the First Bank of the United States, an early case of Reconstruction-era financial flexing, and a presidential radio debut that changed economic messaging forever—along with a handful of oddly specific surprises we didn’t see coming either.Welcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund with a new episode released Monday mornings at 2 AM Eastern / 5 AM Pacific.DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.Episode Breakdown:(00:00) Intro, Car Trouble, and Classic Cars  (02:08) Summer Markets & 'Sell in May' Seasonality  (05:05) Index Rundown & Small Cap Rebounds  (06:38) Trump vs Powell at the Fed Building  (09:10) Tariffs, Japan Deal & Trade Deficit Myths  (12:12) Importing Kei Trucks & Registration Loopholes  (15:00) Consumer Sentiment and Political Bias in Markets  (17:00) Dollar Weakness and Manufacturing Implications  (19:08) Tariff Inventory Burnoff and Price Hikes  (21:34) Record Bankruptcies and Stock Market ≠ Economy  (24:00) Helen of Troy, Dividends, and Insider Ownership  (27:06) Kohl’s Meme-ification and Short Squeeze Mechanics  (33:40) Market Efficiency vs. Mispricing Opportunities  (38:00) Kraft Heinz Breakup & Food Sector Competition  (44:56) This Day in Economic History Topics include:tariffs, trade deficits, Powell vs Trump, Fed independence, small cap stocks, Russell 2000, meme stocks, Kohl’s short squeeze, dividend investing, dollar weakness, inflation, supply chains, Helen of Troy, Japanese Kei trucks, Kraft Heinz breakup, rail mergers, antitrust law, economic indicators, market inefficiency, This Day in Economic History.Quinn Millegan:⁠ ⁠⁠⁠⁠⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠⁠Drew Millegan:⁠ ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠⁠The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠⁠www.Woodworth.Fund⁠⁠⁠⁠Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠⁠Inquiries: info@woodworth.fundCapital Call #15 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.Post market close 7/24/25 - Coming straight to you (almost) every Monday morning at 2 AM PT / 5 AM ET.

In this episode of The Capital Call, we unpack the fallout from the “Big & Beautiful Bill”: surprise taxes on gambling, tips, and a deficit-busting combo of corporate cuts and entitlement trims. We break down the return of Trump-era tariffs, copper duties, and the strange case of disappearing cable lines.Nvidia hits a $4 trillion valuation, sparking a comparison to entire national economies, while the Fed remains split on rate cuts. The U.S. dollar has its worst start since 1973, and we debate whether market highs mean anything when they’re driven by a handful of mega-caps.We discuss reshoring, rare earths, Bitcoin’s run past $116K, and the case for doing nothing in a noisy market. Plus: bank earnings are coming, and in This Day in Economic History, we revisit Death Valley’s hottest day, the Scopes Monkey Trial, and Andrew Jackson’s war on the central bank.Welcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund with a new episode released every Monday morning at 2 AM Eastern / 5 AM Pacific.DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.Episode Breakdown:(00:26) Welcome Back: Beers, Burgers, and Big Bills  (03:09) Gambling Tax Glitch (06:13) Copper Tariffs & Cable Theft Allegations  (09:20) Photon Time Travel & Feynman's Weird Thought Experiment  (12:23) Nvidia vs. France: The $4 Trillion Showdown  (15:27) Fed Meeting Drama & The Myth of the All-Powerful Chair  (18:07) Dollar Decline: What It Means for Real Market Returns  (20:00) Reshoring, Rare Earths, and Massachusetts’ Bet  (23:04) Stock Market's Thin Highs & Survivorship Bias Explained  (25:15) Tariff Theater and the “Just Kidding” Trade Strategy  (27:03) Bitcoin Mania: $116K and Still Just Gambling?  (29:09) Long-Term Holding and Crypto FOMO Regrets  (31:11) Bank Earnings Preview & Boring Slide Decks Matter  (32:13) This Day in Econ History: Death Valley & Monkey Trials  (43:12) Jackson vs. The Bank: The Original Fed Fight  Topics include:gambling tax loophole, tip tax repeal, Big Beautiful Bill, Trump tariffs, China trade war, copper tariff, Nvidia $4 trillion valuation, U.S. dollar decline, Federal Reserve rate cuts, stagflation, rare earths reshoring, Bitcoin $116K, crypto vs gold, stock market highs, mega-cap tech rally, Fed dual mandate, Q2 bank earnings, Wells Fargo, Scopes Monkey Trial, Death Valley record heat, Andrew Jackson central bank veto, economic history July 10thQuinn Millegan:⁠ ⁠⁠⁠⁠⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠⁠Drew Millegan:⁠ ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠⁠The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠⁠www.Woodworth.Fund⁠⁠⁠⁠Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠⁠Inquiries: info@woodworth.fundCapital Call #14 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.Post market close 7/10/25 - Coming straight to you every Monday morning at 2 AM PT / 5 AM ET.

In Episode 13 of The Capital Call, Quinn and Drew dig into a market-moving mix of index reshuffles, trade spats, and monetary lunacy. First up: the Russell 2000 reconstitution, where 28 new names are getting added and billions in capital are about to blindly shift—all because someone updated a spreadsheet.Then it’s on to Canada’s new digital services tax, which has Trump furious because, let’s be honest, it’s mostly aimed at U.S. tech giants. What follows? Vague threats, tariff teasers, and a surprisingly teachable moment about trade deficits, VAT systems, and why retaliating against your neighbor with electricity leverage is a bad idea.Meanwhile, Nike jumps 16% despite falling margins—because Wall Street now celebrates “less bad than feared.” Turns out, offshoring production to places other than China costs money. Who knew?On the macro side, the Q1 GDP revision goes from bad to worse (now -0.5%), but don’t worry—most of the damage is from companies panic-buying inventory ahead of tariffs. Expect that sugar crash in Q3. Russia, for its part, is holding bond auctions where the banks buying the debt can’t afford it, and sometimes just ghost the trade entirely. Makes you miss First Republic, huh?And in This Day in Economic History: the U.S. narrowly avoids a Depression-era banking supernova when a real estate speculator turned banker creates a circular lending disaster, Chicago loses its mind (and parking meters), and LBJ physically assaults the Fed Chair to get lower interest rates. Oh, and the Japanese yen was born… in San Francisco.Markets may be irrational, but at least they’re never boring.Welcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund with a new episode released every Monday morning at 2 AM Eastern / 5 AM Pacific.DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.Episode Breakdown:(00:00) Welcome to Episode 13: One Mic, No Regrets (00:46) Buffett’s Big Bet & Our Contrarian Webinar Recap (02:00) Russell 2000 Rebalance: $200B of Passive Panic (03:51) Canada’s Digital Tax: Trudeau Body-Slams Big Tech (05:49) Trump’s Trade Tantrum: Retaliation in 7 Business Days (07:43) Congress Hacks the Emissions Rule With a Single Zero (08:34) USMCA Drama: Canada Powers the Grid, and the Beef (10:19) GDP Revised Downward: Panic Not Yet Priced In (12:59) Nike’s Meh Earnings = Stock Moonshot? Wall Street Math (16:24) LBJ vs. the Fed: When Fiscal Policy Gets Physical (18:28) Turkey’s 42% Bond Yields: Now With Extra Inflation (20:31) Russia’s Bonds Are a Lie (And Banks Can’t Afford Them) (27:46) Russia Won’t Declare War Because That Triggers Conscription (30:28) Canada Trade War: Hopefully Not Nuclear, Eh? (31:05) This Day in Econ History: Bank Fraud, Silver Crashes & Nuclear PoetryTopics include:Russell 2000 reconstitution, passive fund flows, index reshuffling, Canada digital services tax, U.S.-Canada trade dispute, Trump tariffs, NAFTA tension, Q1 GDP revision, import-export imbalance, Nike earnings, supply chain shift, China manufacturing, tariff impact, margin compression, Turkey bond yields, inflation tax, variable-rate bonds, Russian debt crisis, central bank manipulation, LBJ Fed pressure, interest rate politics, fiat currency, Chicago bank collapse, silver crash, Great Depression panic, postal savings, FDIC origins, Route 66, nuclear power, first ATM, Atari founding, Korean War economics.Quinn Millegan:⁠ ⁠⁠⁠⁠⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠⁠Drew Millegan:⁠ ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠⁠The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠⁠www.Woodworth.Fund⁠⁠⁠⁠Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠⁠Inquiries: info@woodworth.fundCapital Call #13 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.Post market close 6/27/25 - Coming straight to you every Monday morning at 2 AM PT / 5 AM ET.

David Deming, Pegasus Equestrian Director, joins the Millegan Brothers to discuss why the market’s at all-time highs despite war drums in Iran, sticky tariffs, and the Fed doing literally nothing. We unpack why interest rates aren’t going down anytime soon, how Turkey accidentally became a macroeconomics horror story, and whether oil at $130 is still just a vibe check away.Also on deck: Google might be the cheapest trillion-dollar company in the Mag7, Waymo is quietly eating Tesla’s RoboTaxi lunch, and Quinn dismantles the Rothschild-Waterloo myth like it’s a bad Reddit conspiracy. Plus: Garfield’s billion-dollar lasagna empire and the USDA once paying farmers to burn cotton on purpose. Markets are weird — but at least the Baja Blast was cold.REGISTER FOR OUR "CONTRARIAN & VALUE INVESTING" WEBINAR ON FRIDAY JUNE 27TH @ 12 PM ET / 9 AM PT HERE:https://cornell.zoom.us/meeting/register/zAb14tFnTOeUIn4XnDzENg#/registrationTopics include: oil markets, tariffs, investing, economic history, Federal Reserve, market trends, technology, geopolitical impacts, Pegasus Equestrian, stock market, economic insightsWelcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund with a new episode released every Monday morning at 2 AM Eastern / 5 AM Pacific.DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.Episode Breakdown:(00:26) David Deming Joins the Show(03:45) The Fed Holds Rates: Why It Matters Less Than It Should(08:01) Middle East Tensions and Oil Prices(12:10) Turkey’s Economic Weirdness(16:18) BRICS Isn’t a Real Thing (Sorry)(18:53) Waymo vs. Tesla: The RoboTaxi Face-Off(24:05) Alphabet’s Valuation & YouTube’s Hidden Growth(45:15) This Day in Economic History: Cotton Fires, Garfield Merch & Rothschild Myths(54:19) Wrap-Up and Farewell with David DemingSpecial Guest, David Deming: https://www.linkedin.com/in/david-demingQuinn Millegan:⁠ ⁠⁠⁠⁠⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠⁠Drew Millegan:⁠ ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠⁠The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠⁠www.Woodworth.Fund⁠⁠⁠⁠Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠⁠Inquiries: info@woodworth.fundCapital Call #12 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.Post market close 6/19/25 - Coming straight to you every Monday morning at 2 AM PT / 5 AM ET.

Tariffs are back, inflation is confused, and ICE is raiding your salad. In this week’s episode, we break down why oil prices spiked (hint: Middle East and fund managers panicking), how minimum wage still isn’t the job-killer people tweet about, and why Smoot-Hawley remains undefeated in the “worst economic idea ever” competition.**Apologies for the audio quality on this one**We also discuss the ICE labor crackdown threatening U.S. agriculture, the ongoing AI comedown (sorry, Adobe), inflation expectations vs reality, and why you can now trade Fartcoin on Coinbase. Plus: This Day in Economic History, featuring child-mailing, ticker tape parades, and government agencies born out of chaos.Topics include: oil markets, tariffs, minimum wage myths, deflation risks, immigration economics, Smoot-Hawley, AI layoffs, Coinbase tokens, inflation data, economic history, and—somehow—Nathan Fielder.If you enjoy economic policy with a side of sarcasm and a dash of doom, you’re in the right place.Welcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund with a new episode released every Monday morning at 2 AM Eastern / 5 AM Pacific.DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.Episode Breakdown:(00:00) Panic Trading & Cramer’s One Good Quote(01:58) Tariffs, Tanks, and the Straits of Hormuz(04:41) The Houthis Miss & Global Oil Math Gets Weirder(08:18) ICE Raids vs. Salad Prices: Who Ya Got?(10:35) Minimum Wage: Still Not Ruining the Economy(13:47) Slave Labor Was Bad... Economically Too(16:12) Capitalism vs. The Strawman You Yell At Online(20:08) Inflation’s Chill, But Consumers Still Grumpy(26:28) Tariff Lag, Inventory Games & Economic Time Bombs(27:47) AI Bubble Hangover & Adobe's Earnings Reality(31:54) Coinbase Now Trades... Fartcoin(32:24) This Day in Economic History: June 13 Edition(39:41) Smoot-Hawley: The Tariff That Tanked the WorldQuinn Millegan:⁠ ⁠⁠⁠⁠⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠⁠Drew Millegan:⁠ ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠⁠The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠⁠www.Woodworth.Fund⁠⁠⁠⁠Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠⁠Inquiries: info@woodworth.fundCapital Call #11 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.Post market close 6/13/25 - Coming straight to you every Monday morning at 2 AM PT / 5 AM ET.

Tesla’s still pretending it’s a tech company, Stellantis is still pretending it’s a cool name, and Elon’s reality show got picked up by the White House. We break down whether SpaceX could survive a government “upgrade,” how tariffs are the financial version of playing chicken with yourself, and why Stellantis might just be the least-loved bargain in autos (with Maserati-sized baggage).Also on deck: the S&P crosses the big 6-handle, oil prices yawn their way higher, and Circle’s IPO drops — because what the stablecoin market needed was more hype. Plus, a surprisingly intelligent discussion on IPO timing, salespeople, and the Bureau of Labor Statistics’ slow-motion hiring freeze.Stick around for our favorite segment: This Day in Economic History, featuring digestion-through-gunshot, Seattle on fire, and a celebration of the SEC’s birthday (because nothing says party like mandatory quarterly disclosures).Welcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund with a new episode released every Monday morning at 2 AM Eastern / 5 AM Pacific.DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.Episode Breakdown:(00:26) Intro & Format Return(01:30) SpaceX, Subsidies, and Nationalization Talk(02:32) Tesla's Valuation vs Automakers  (06:32) The Stellantis Thesis  (09:32) Tariffs and Made-in-America Cars  (11:13) Quarterly Reporting and Transparency  (15:19) Trade War Drama and S&P Update  (16:55) Oil Prices and Energy Diversification  (19:17) Jobs Data and Labor Market Resilience  (21:53) Tariff Timing and Inflation Lag  (24:21) Circle IPO and Stablecoin Hype  (29:59) This Day in Economic History(37:39) SEC Act of 1934 & Market Trust  Quinn Millegan:⁠ ⁠⁠⁠⁠⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠⁠Drew Millegan:⁠ ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠⁠The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠⁠www.Woodworth.Fund⁠⁠⁠⁠Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠⁠Inquiries: info@woodworth.fundCapital Call #10 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.Post market close 6/6/25 - Coming straight to you every Monday morning at 2 AM PT / 5 AM ET.

Kohl’s explodes upward, tariffs implode in court, and crypto takes a turn for the medieval as a self-styled “Bitcoin king” decides kidnapping is a viable portfolio strategy. We break down the chaos in U.S.–China trade talks, including China’s demand for AI chips and America’s new favorite acronym: TACO (Trump Always Chickens Out).Jamie Dimon goes full gloom-and-doom in a live interview, warning of bond market carnage just weeks after saying everything looked fine, which either means he’s hedging or auditioning for Treasury Secretary. Meanwhile, we explore the math behind steel tariffs (spoiler: you lose 75 jobs for every one saved), why the most American-made car still isn’t really American, and how free trade continues to confuse people with microphones.Plus: Andrew Jackson kills a guy, Milton Bradley loses everything over Lincoln’s beard, and stagecoach robbery goes out in a blaze of Canadian feminist glory. Economics has never been this weird or this violent.Welcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund with a new episode released every Monday morning at 2 AM Eastern / 5 AM Pacific.DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.Episode Breakdown:(00:00) Intro & Value Quote(01:30) Bias in Investing(04:00) China, Chips & TACOs(06:30) Oregon’s Tariff Lawsuit(08:30) Kohl’s Pop & Short Squeeze(10:00) Steel Tariffs Fallout(14:50) The U.S. Can’t Build Alone(20:00) Bitcoin Torture Case(25:00) Jamie Dimon Goes Doom Mode(31:30) Duels, Stagecoaches & Milton BradleyQuinn Millegan:⁠ ⁠⁠⁠⁠⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠⁠Drew Millegan:⁠ ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠⁠The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠⁠www.Woodworth.Fund⁠⁠⁠⁠Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠⁠Inquiries: info@woodworth.fundCapital Call #9 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.Post market close 5/30/25 - Coming straight to you every Monday morning at 2 AM PT / 5 AM ET.

Tariffs are back, baby — this time with a 50% side of Europe and a 25% sprinkle on your smartphone. We break down what that means for your iPhone payments (spoiler: don’t). We also talk about Nippon Steel’s love letter to U.S. Steel, Tesla getting lapped by BYD, and why Deckers somehow still sells Uggs. Drew nerds out over Japanese bond yields and explains how hedge funds pick up nickels in front of steamrollers. Quinn reads a Garfield calendar, and we resurrect John D. Rockefeller to talk dimes, dirty ledgers, and daddy issues. Plus: the White House speeds up nuclear permitting, and we ask the real question—should you bank with Big Apple Bank for the next thousand years like Fry from Futurama?Welcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund with a new episode released every Monday morning at 2 AM Eastern / 5 AM Pacific (except when there’s a market holiday like Memorial Day).DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.Episode Breakdown:(0:26) Intro & Market Recap(0:57) Tariffs on Smartphones & Steel Drama(5:24) US Manufacturing & McMinnville Steel(7:29) Texas Stock Exchange & Trading Culture(11:14) Moderna, Value Picks & Market Sentiment(13:43) Boeing, Tesla & BYD vs. US Innovation(17:00) Wages, Jobs & the Role of Manufacturing(22:23) Japan Bonds, Stagflation Fears(30:35) Nuclear Policy Shake-Up & SMRs(37:15) Rockefeller Deep Dive & This Day in Econ History(44:23) Hedge Fund Trades & Steamroller Risks(51:33) Rockefeller’s Legacy, Dimes & Compound InterestQuinn Millegan:⁠ ⁠⁠⁠⁠⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠⁠Drew Millegan:⁠ ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠⁠The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠⁠www.Woodworth.Fund⁠⁠⁠⁠Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠⁠Inquiries: info@woodworth.fundCapital Call #8 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.Post market close 5/23/25 - Coming straight to you every Monday morning at 2 AM PT / 5 AM ET (except when there’s a market holiday like Memorial Day)

In this special episode #7.5 of The Capital Call, US Army resident Dr. Nicholas Woo returns for a deep (and occasionally unhinged) dive into AI’s role in modern medicine. We talk liability nightmares, tech bro delusions, machine malpractice, and why you still want a human with a pulse when your chest hurts. From payroll taxes for robots to cobblers and blacksmiths, this one’s a ride.Welcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund with a new episode released every Monday morning at 2 AM Eastern / 5 AM Pacific.DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.PLEASE NOTE: The views and opinions expressed by Dr. Nicholas Woo in this interview do not reflect the views and opinions of the Department of Defense, Defense health Agency, Veterans Affairs, or the government of the United States of America.  He also wants to clarify that he's just a resident who hasn't been deployed and everything regarding deployment and infectious disease is ultimately secondhand not meant to be taken as expert opinion or experienceEpisode Breakdown:(00:00) Will AI really replace doctors?(01:06) Who’s liable when AI screws up?(03:41) Data royalties and AI ownership(06:35) Tech bros, hubris, and healthcare(08:28) Should AI pay a payroll tax?(10:14) Why touch still matters in medicine(13:36) “Just hire the doctor” argument(16:11) The nurse-led AI future?(22:44) AI as the new insurance company?(23:58) Cobblers, blacksmiths, and job securitySpecial Guest Dr. Nicholas Woo: https://www.linkedin.com/in/nicholas-woo-a97aa9a2 Quinn Millegan:⁠ ⁠⁠⁠⁠⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠⁠Drew Millegan:⁠ ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠⁠The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠⁠www.Woodworth.Fund⁠⁠⁠⁠Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠Inquiries: info@woodworth.fundSPECIAL EPISODE Capital Call #7.5 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.Post market close 5/15/25 - Coming straight to you every Monday morning at 2 AM PT / 5 AM ET

From boot camp to Botox denials, Army Doctor Nicholas Woo joins the Millegan brothers to talk about military healthcare, financial literacy for new recruits (hint: don’t buy the Mustang), and how TRICARE might accidentally be the best health plan in America. We also dive into Boeing’s slow-motion implosion, crypto’s awkward adolescence as it tries to reinvent banking, and why the UnitedHealthcare CEO may or may not have been allegedly shot (you decide). Plus: Vegas, the nickel, the NFL cartel, and Canada’s politest insurrection. Stay for the history lesson, leave wondering if we’ve learned anything at all.Welcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund with a new episode released every Monday morning at 2 AM Eastern / 5 AM Pacific.DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.PLEASE NOTE: The views and opinions expressed by Dr. Nicholas Woo in this interview do not reflect the views and opinions of the Department of Defense, Defense health Agency, Veterans Affairs, or the government of the United States of America.  He also wants to clarify that he's just a resident who hasn't been deployed and everything regarding deployment and infectious disease is ultimately secondhand not meant to be taken as expert opinion or experienceEpisode Breakdown:(0:00) Dr. Nicholas Woo joins the call(0:51) Army rank and residency explained(3:26) Foot Locker merges with Dick’s(4:53) Army boots aren’t free(8:01) Saudi deals and Boeing’s soap(10:54) The Millegans short Boeing(15:10) Tariffs paused, market unsure(18:05) Investing on Army pay(25:40) UHC fraud and Botox denial(30:19) Public vs private healthcare(38:51) Coinbase hacked after S&P bump(45:39) Crypto, banking, and manufacturing(50:48) Domestic production & economic strategy(1:03:56) This Day in Economic HistorySpecial Guest Dr. Nicholas Woo: https://www.linkedin.com/in/nicholas-woo-a97aa9a2 Quinn Millegan:⁠ ⁠⁠⁠⁠⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠⁠Drew Millegan:⁠ ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠⁠The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠⁠www.Woodworth.Fund⁠⁠⁠⁠Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠⁠Inquiries: info@woodworth.fundCapital Call #7 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.Post market close 5/15/25 - Coming straight to you every Monday morning at 2 AM PT / 5 AM ET

This week on Capital Call: with The Millegan Brothers, we cover light topics like international trade breakdowns, militarized drone swarms, 110-hour workweeks that literally kill, and Warren Buffett casually handing off the keys to a $1 trillion empire. Also: Netflix finds a way to make more money when you're broke, Disney opens a theme park somewhere dry and oil-rich, and Portland might get a baseball team if Salt Lake forgets to show up.Oh - and in our "This Day in Economic History" segment, we unpack a short squeeze so brutal it nearly broke the market and left one unlucky investor... extremely overcooked. Stay tuned. Stay liquid.Welcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund with a new episode released every Monday morning at 2 AM Eastern / 5 AM Pacific.DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.Episode Breakdown:(00:25) Congrats to Logan & Nova / $454 Million Spain blackout(02:00) India-Pakistan tensions and weak UK-US trade deal(03:45) Tariff chaos and July 8th deadline prediction(06:10) Corruption, Starlink, and national champions(09:00) Trade philosophy, war readiness, and drone supremacy(14:10) Netflix, Skype’s death, and Disney’s new theme park(18:00) Why Hollywood plays it safe (nostalgia vs. innovation(22:30) American equity vs. European debt culture(24:00) 110-hour work weeks and banker burnout(29:00) Buffett succession and Berkshire's Japan plays(34:00) Taxi medallions, unions, and economic gatekeeping(39:45) Free markets, licensing bottlenecks, and longshoremen(43:00) Portland baseball dreams vs. Salt Lake City(44:10) This Day in Economic History – 2020 unemployment spike(45:08) The 1901 Northern Pacific short squeeze(57:26) Lessons from shorts, beer vats, and market risk(59:45) Wrap-up and dark humor outroMore on the Northern Pacific short squeeze: https://novelinvestor.com/the-biggest-short-squeeze-of-the-last-centuryQuinn Millegan: ⁠⁠⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠Drew Millegan: ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠The Millegan Memo (monthly newsletter): ⁠⁠⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠Woodworth Contrarian Fund: ⁠⁠⁠www.Woodworth.Fund⁠⁠⁠Capital Call: ⁠⁠⁠CapitalCall.Stream⁠⁠⁠Inquiries: info@woodworth.fundCapital Call #6 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.Post market close 5/9/25 - Coming straight to you every Monday morning at 2 AM PT / 5 AM ET

What do falling oil prices, orbital battleships, and lab-grown mammoth meat have in common? Apparently, this episode. Brothers Drew and Quinn Millegan spiral through the economics of tariffs, why OPEC is the worst group project in history, and how the U.S. frackers might get kneecapped (again) by Saudi spite. We learn about Norway’s shockingly low-cost oil production, Russia planting flags on the Arctic seafloor, Greenland's prime real estate, and why you can't get your Temu order delivered. Then it’s on to teleportation ethics, hydrogen as a leaky disaster, and the future of synthetic meat.And in this week’s “This Day in Economic History,” Quinn digs into a corporation so powerful it once ran courts, levied taxes, and governed land larger than most nations—until it stumbled, centuries later, into the arms of bankruptcy court just this year.Welcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund with a new episode released every Monday morning at 2 AM Eastern / 5 AM Pacific.DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.Episode Breakdown:(00:00) Tequila and Tariffs: A Cinco de Mayo Kickoff(01:35) S&P Rebounds, But Value’s Still Gone(04:55) Temu Trouble & The End of De Minimis(06:00) Apple’s Great Escape: From China to Vietnam(07:45) OPEC’s Dysfunction and Oil’s Price War Rumors(13:20) Frackers, Cheating Cartels, and the Cost of Crude(18:00) Hydrogen, Oil, and the Renewable Transition Race(23:30) Teleportation is Suicide (and Other Space Thoughts)(32:00) Space Force Wants a Star Destroyer (Seriously)(46:50) This Day in Economic History: A Corporate Empire Rises (and falls)Quinn Millegan: ⁠⁠⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠Drew Millegan: ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠The Millegan Memo (monthly newsletter): ⁠⁠⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠Woodworth Contrarian Fund: ⁠⁠⁠www.Woodworth.Fund⁠⁠⁠Capital Call: ⁠⁠⁠CapitalCall.Stream⁠⁠⁠Inquiries: info@woodworth.fundCapital Call #5 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.Post market close 5/2/25 - Coming straight to you every Monday morning at 2 AM PT / 5 AM ET

This week, Quinn and Drew tackle trade wars, why tariffs age worse than milk, the hidden stupidity behind sales taxes, and the booming business of shipping empty containers across oceans. They dig into SpaceX's money machine, explain why manufacturing didn’t really "die," and marvel at a new $20K EV truck that's basically a grown-up Lego set. Plus: the guy who missed the Titanic because he hated fancy typewriters, Greece’s 1930s currency chaos, and why we're all secretly working for the IRS.Welcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund. After testing various times, for consistency, starting next week you will see a new episode released every Monday morning at 2 AM Eastern / 5 AM Pacific.DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.Episode Breakdown:(00:00:00) - Welcome Back: Celsius, Consistency, and the Surprise Ending(00:01:05) - Keynes, LBJ, and Why Politics Was Always Crazy(00:03:08) - Tariffs Gone Wild: 3,000% Solar Panels and the Buyer’s Strike(00:06:12) - Corporate Earnings Dodgeball: United Airlines and Contingency Everything(00:08:24) - Manufacturing Isn't Dead: Why the U.S. Is Still a Giant(00:10:47) - Is the U.S. a Tax Haven in Disguise? (Yes, Sort Of.)(00:13:40) - Portland Taxes vs. Common Sense: A Cautionary Tale(00:19:00) - China’s Growth Ponzi, Collapsing Ports, and What Comes Next(00:35:34) - Slate EV: A $20K Truck to Save the Car Market?(00:48:45) - This Day in Economic History: Greece Defaults, America Gets Named, and a Titanic Near-MissQuinn Millegan: ⁠⁠www.linkedin.com/in/quinnmillegan⁠⁠Drew Millegan: ⁠⁠www.linkedin.com/in/drew-millegan⁠⁠The Millegan Memo (monthly newsletter): ⁠⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠Woodworth Contrarian Fund: ⁠⁠www.Woodworth.Fund⁠⁠Capital Call: ⁠⁠CapitalCall.Stream⁠⁠Inquiries: info@woodworth.fundCapital Call #4 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.Post market close 4/25/25 - Coming straight to you every Monday morning at 2 AM PT / 5 AM ET

Elon’s busy building the Roman Empire in his nursery, Jerome's deadlifting instead of cutting rates, and brokers in 1925 Italy responded to regulation by going full WWE. Markets are wild - but they always have been. Plus: the ill-fated Jones Act, Chinese shipping, RuneScape-driven economics, Peter Navarro's alter-ego as a sack of bricks, and Quinn breaks the market with his metaphor.Welcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund.DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.Episode Breakdown:(00:00) New Intro (Shoutout Noah McGraw) & Good Friday Vibes(00:42) Elon vs. Navarro: Tesla, Twitter, and Trump(02:55) Volatility and the Death of Fundamentals(06:00) Gaming Economics: Diablo, WoW, and RuneScape(10:18) Tariff Panic and the Market’s Fragile Confidence(14:58) Railcars, Trade Loopholes, and Undervalued Winners(18:52) The Jones Act and U.S. Shipping Dysfunction(24:18) Powell’s Personality, Fed Independence, and Rate Drama(30:45) Fed Politics, Firing Powell, and Hawk vs. Dove(36:18) Interest Rates, Yield Curves, and Recession Signals(47:48) Population Decline, Elon’s Baby Crusade, and Demographic Economics(56:08) Mussolini’s Broker Riot: Margin Calls and Market Chaos(1:03:40) Final Thoughts & Capital Call Sign-OffQuinn Millegan: ⁠www.linkedin.com/in/quinnmillegan⁠Drew Millegan: ⁠www.linkedin.com/in/drew-millegan⁠The Millegan Memo (monthly newsletter): ⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠Woodworth Contrarian Fund: ⁠www.Woodworth.Fund⁠Capital Call: ⁠CapitalCall.Stream⁠Inquiries: info@woodworth.fundCapital Call #3 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.April 18th 2025

First came the fake tweet. Then the denial. Then the real news. In between? Trillions moved, short sellers panicked, and the market posted one of its most dramatic rebounds since the Second World War. We walk through the tariff mess, what it means for inflation and reshoring, and whether the market just got gaslit by its own optimism. Also on deck: why warrants beat options, how fiat currency really works, and why Drew is bullish on boat anchors—again.DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.Episode Breakdown:(00:00) Intro & Bearer Bonds (01:38) Tariff Whiplash & Rumor Rally (05:05) Insider Trading Signals (07:18) Global Trade Gets Weird (20:17) Currency Power & The Balboa (28:04) Short Selling & GameStop PTSD (40:14) Warrants vs. Options (42:11) Liquidity & Value in 2025 (44:03) Oregon Capital Deserts (51:41) Shipping Chaos & Starbulk (53:13) Fiat, Boat Anchors & Economics (1:04:00) Earnings & Tariff Mispricing (1:07:30) Closing & Contrarian EdgeBrought to you by The Millegan Brothers & The Woodworth Contrarian Fund.Quinn Millegan: www.linkedin.com/in/quinnmilleganDrew Millegan: www.linkedin.com/in/drew-milleganThe Millegan Memo (monthly newsletter): www.woodworth.fund/news/tag/The+Millegan+MemoWoodworth Contrarian Fund: www.Woodworth.FundCapital Call: CapitalCall.StreamInquiries: info@woodworth.fund

Tariffs, tantrums, and $6 trillion in vanishing value—what better time for the first-ever Capital Call? On this so-called “Liberation Day,” investors were liberated mostly from their gains. Quinn and Drew, managers of the Woodworth Contrarian Fund, unpack policy chaos, circuit breakers, and why Kohl’s might just be the thrift store Picasso—buried under junk, but worth a second look.www.Woodworth.Fund⁠Capital Call #1 with Quinn Millegan & Drew Millegan , managers of the Woodworth Contrarian Fund.April 4th 2025 Post-market-close