Capital Call #16: Chip Tariffs at 100%? Hold My Foundry.

After the July jobs miss and giant BLS revisions, we dig into how fast-moving tariffs are warping prices, margins, and small-biz decisions—and why narrow leadership isn’t “the market.” We debate politicians trading, timing tops (don’t), and when technicals help vs. hurt.

Stocks: FreightCar America (RAIL), railcar demand, and why micro/mid liquidity cuts both ways. Tariff watch now includes talk of 100% chip levies and sector-by-sector fallout (pharma, glass, autos). “This Day in Economic History” runs from Britain’s 1914 bank holiday and Bradbury notes to Agnew’s scandal, Barry Bonds’ 756th, Napoleon & the Bank of France, and the 2007 quant quake. 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 Monday mornings at 2 AM Eastern / 5 AM Pacific.

DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.

Episode Breakdown:

(00:00) “Tariff Podcast” & the Venezuelan bolívar bit

(00:06) July jobs miss & the big BLS revisions

(00:12) Tariff whiplash, data revisions, and trust in stats

(00:14) MAG-7 vs “the market” (breadth & exemptions)

(00:17) Politicians trading, “is that insider info?”

(00:21) Don’t time tops/bottoms: our 3–5 yr playbook

(00:23) Technicals vs fundamentals (and when charts mislead)

(00:24) Narrow leadership: ex-Mag7 the market’s flat

(00:25) Tariffs hit small biz supply chains (import reality check)

(00:29) PPI watch & talk of 100% chip tariffs

(00:29:48) Stock segment: FreightCar America (RAIL) & rail demand

(00:33:20) Micro/mid liquidity, risk, and “buying dips” the sane way

(00:34:10) Recession chatter: alcohol, glass, and defensives

(00:35:40) Pharma tariffs, domestic capacity (AZN, MRNA)

(00:41:12) This Day in Economic History: 1914 bank holiday → 2007 quant quake

Topics include:

tariffs, BLS revisions, PPI, Magnificent Seven breadth, insider trading ethics, long-horizon investing, FreightCar America (RAIL), rail demand, pharma capacity, 1914 bank holiday, Agnew probe, Barry Bonds 756, 2007 quant meltdown, This Day in Economic History.

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 #16 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.

Post market close 8/7/25 - Coming straight to you (almost) every Monday morning at 2 AM PT / 5 AM ET.

The Millegan brothers are back and caffeinated—because nothing says “financial insight” like Celsius-fueled rants about Japanese mini trucks and tariff math that would make an IRS auditor throw their 10-key out the window. We cover everything from Powell’s hostage tour of the Fed building to why Kohl’s is apparently the new GameStop (but with real estate and fewer Reddit jokes).

We unpack why small caps are lagging, how inventories are running on borrowed time, and why tariffs are just taxes in a trench coat. Helen of Troy (HELE) makes a surprise appearance as a boring beauty brand with surprisingly sharp moves—and an undervaluation that shampoo alone can’t explain. Plus: dividends get dissected, bankruptcies are booming, and we deliver a short-selling masterclass that ends with... “please stop shorting companies that own $8 billion in property.”

We close with This Day in Economic History, featuring the First Bank of the United States, an early case of Reconstruction-era financial flexing, and a presidential radio debut that changed economic messaging forever—along with a handful of oddly specific surprises we didn’t see coming either.

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 Monday mornings at 2 AM Eastern / 5 AM Pacific.

DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.

Episode Breakdown:

(00:00) Intro, Car Trouble, and Classic Cars

(02:08) Summer Markets & 'Sell in May' Seasonality

(05:05) Index Rundown & Small Cap Rebounds

(06:38) Trump vs Powell at the Fed Building

(09:10) Tariffs, Japan Deal & Trade Deficit Myths

(12:12) Importing Kei Trucks & Registration Loopholes

(15:00) Consumer Sentiment and Political Bias in Markets

(17:00) Dollar Weakness and Manufacturing Implications

(19:08) Tariff Inventory Burnoff and Price Hikes

(21:34) Record Bankruptcies and Stock Market ≠ Economy

(24:00) Helen of Troy, Dividends, and Insider Ownership

(27:06) Kohl’s Meme-ification and Short Squeeze Mechanics

(33:40) Market Efficiency vs. Mispricing Opportunities

(38:00) Kraft Heinz Breakup & Food Sector Competition

(44:56) This Day in Economic History

Topics include:

tariffs, trade deficits, Powell vs Trump, Fed independence, small cap stocks, Russell 2000, meme stocks, Kohl’s short squeeze, dividend investing, dollar weakness, inflation, supply chains, Helen of Troy, Japanese Kei trucks, Kraft Heinz breakup, rail mergers, antitrust law, economic indicators, market inefficiency, This Day in Economic History.

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 #15 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.

Post market close 7/24/25 - Coming straight to you (almost) every Monday morning at 2 AM PT / 5 AM ET.

In this episode of The Capital Call, we unpack the fallout from the “Big & Beautiful Bill”: surprise taxes on gambling, tips, and a deficit-busting combo of corporate cuts and entitlement trims. We break down the return of Trump-era tariffs, copper duties, and the strange case of disappearing cable lines.

Nvidia hits a $4 trillion valuation, sparking a comparison to entire national economies, while the Fed remains split on rate cuts. The U.S. dollar has its worst start since 1973, and we debate whether market highs mean anything when they’re driven by a handful of mega-caps.

We discuss reshoring, rare earths, Bitcoin’s run past $116K, and the case for doing nothing in a noisy market. Plus: bank earnings are coming, and in This Day in Economic History, we revisit Death Valley’s hottest day, the Scopes Monkey Trial, and Andrew Jackson’s war on the central bank.

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) Welcome Back: Beers, Burgers, and Big Bills

(03:09) Gambling Tax Glitch

(06:13) Copper Tariffs & Cable Theft Allegations

(09:20) Photon Time Travel & Feynman's Weird Thought Experiment

(12:23) Nvidia vs. France: The $4 Trillion Showdown

(15:27) Fed Meeting Drama & The Myth of the All-Powerful Chair

(18:07) Dollar Decline: What It Means for Real Market Returns

(20:00) Reshoring, Rare Earths, and Massachusetts’ Bet

(23:04) Stock Market's Thin Highs & Survivorship Bias Explained

(25:15) Tariff Theater and the “Just Kidding” Trade Strategy

(27:03) Bitcoin Mania: $116K and Still Just Gambling?

(29:09) Long-Term Holding and Crypto FOMO Regrets

(31:11) Bank Earnings Preview & Boring Slide Decks Matter

(32:13) This Day in Econ History: Death Valley & Monkey Trials

(43:12) Jackson vs. The Bank: The Original Fed Fight

Topics include:

gambling tax loophole, tip tax repeal, Big Beautiful Bill, Trump tariffs, China trade war, copper tariff, Nvidia $4 trillion valuation, U.S. dollar decline, Federal Reserve rate cuts, stagflation, rare earths reshoring, Bitcoin $116K, crypto vs gold, stock market highs, mega-cap tech rally, Fed dual mandate, Q2 bank earnings, Wells Fargo, Scopes Monkey Trial, Death Valley record heat, Andrew Jackson central bank veto, economic history July 10th

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 #14 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.

Post market close 7/10/25 - Coming straight to you every Monday morning at 2 AM PT / 5 AM ET.