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)

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 experience

Episode 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 security

Special Guest Dr. Nicholas Woo: https://www.linkedin.com/in/nicholas-woo-a97aa9a2

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

SPECIAL 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 experience

Episode 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 History

Special Guest Dr. Nicholas Woo: https://www.linkedin.com/in/nicholas-woo-a97aa9a2

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 #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 outro

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 #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/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 #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-Miss

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 #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