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 Interest

Quinn Millegan:⁠ ⁠⁠⁠⁠⁠www.linkedin.com/in/quinnmillegan

⁠⁠⁠⁠Drew 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.Fund

⁠⁠⁠⁠Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream

⁠⁠⁠⁠Inquiries: info@woodworth.fund

Capital 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)