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-millegan⁠⁠⁠⁠

The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠

Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠⁠www.Woodworth.Fund⁠⁠⁠⁠Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠⁠Inquiries: info@woodworth.fund

Capital 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.