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.

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 Bradley

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 #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 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)