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.

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Topics include: oil markets, tariffs, investing, economic history, Federal Reserve, market trends, technology, geopolitical impacts, Pegasus Equestrian, stock market, economic insights

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.

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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 Deming

Special Guest, David Deming: https://www.linkedin.com/in/david-deming

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 #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.