Can David Deming Fix Interest Rates and Self-Driving Cars in One Episode?

Chip Tariffs at 100%? Hold My Foundry.

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:⁠ ⁠⁠⁠⁠ [https://www.linkedin.com/in/quinnmillegan/]⁠www.linkedin.com/in/quinnmillegan [http://www.linkedin.com/in/quinnmillegan%E2%81%A0%E2%81%A0%E2%81%A0] ⁠⁠⁠⁠ [http://www.linkedin.com/in/quinnmillegan%E2%81%A0%E2%81%A0%E2%81%A0]Drew Millegan:⁠ ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠⁠ [https://www.linkedin.com/in/drew-millegan/] The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠ [https://www.woodworth.fund/news/tag/The+Millegan+Memo]⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠ [http://www.woodworth.fund/news/tag/The+Millegan+Memo%E2%81%A0%E2%81%A0%E2%81%A0] Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠ [https://www.woodworth.fund]⁠www.Woodworth.Fund⁠⁠⁠⁠ [about:blank] Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠⁠ [https://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.

Caffeinated Finance: Shorting Kohl’s Was a Mistake. So Was Touring the Fed with Trump.

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:⁠ ⁠⁠⁠⁠ [https://www.linkedin.com/in/quinnmillegan/]⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠⁠ [http://www.linkedin.com/in/quinnmillegan%E2%81%A0%E2%81%A0%E2%81%A0] Drew Millegan:⁠ ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠⁠ [https://www.linkedin.com/in/drew-millegan/] The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠ [https://www.woodworth.fund/news/tag/The+Millegan+Memo]⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠ [http://www.woodworth.fund/news/tag/The+Millegan+Memo%E2%81%A0%E2%81%A0%E2%81%A0] Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠ [https://www.woodworth.fund]⁠www.Woodworth.Fund⁠⁠⁠⁠ [about:blank] Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠⁠ [https://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.

The Fed’s Confused, the Market’s Delusional, and We’re Buying

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:⁠ ⁠⁠⁠⁠ [https://www.linkedin.com/in/quinnmillegan/]⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠⁠ [http://www.linkedin.com/in/quinnmillegan%E2%81%A0%E2%81%A0%E2%81%A0] Drew Millegan:⁠ ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠⁠ [https://www.linkedin.com/in/drew-millegan/] The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠ [https://www.woodworth.fund/news/tag/The+Millegan+Memo]⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠ [http://www.woodworth.fund/news/tag/The+Millegan+Memo%E2%81%A0%E2%81%A0%E2%81%A0] Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠ [https://www.woodworth.fund]⁠www.Woodworth.Fund⁠⁠⁠⁠ Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠⁠ [https://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.

Nike Ducks Tariffs, Canada Jabs U.S. Tech, and LBJ Punches the Fed Chair

In Episode 13 of The Capital Call, Quinn and Drew dig into a market-moving mix of index reshuffles, trade spats, and monetary lunacy. First up: the Russell 2000 reconstitution, where 28 new names are getting added and billions in capital are about to blindly shift—all because someone updated a spreadsheet. Then it’s on to Canada’s new digital services tax, which has Trump furious because, let’s be honest, it’s mostly aimed at U.S. tech giants. What follows? Vague threats, tariff teasers, and a surprisingly teachable moment about trade deficits, VAT systems, and why retaliating against your neighbor with electricity leverage is a bad idea. Meanwhile, Nike jumps 16% despite falling margins—because Wall Street now celebrates “less bad than feared.” Turns out, offshoring production to places other than China costs money. Who knew? On the macro side, the Q1 GDP revision goes from bad to worse (now -0.5%), but don’t worry—most of the damage is from companies panic-buying inventory ahead of tariffs. Expect that sugar crash in Q3. Russia, for its part, is holding bond auctions where the banks buying the debt can’t afford it, and sometimes just ghost the trade entirely. Makes you miss First Republic, huh? And in This Day in Economic History: the U.S. narrowly avoids a Depression-era banking supernova when a real estate speculator turned banker creates a circular lending disaster, Chicago loses its mind (and parking meters), and LBJ physically assaults the Fed Chair to get lower interest rates. Oh, and the Japanese yen was born… in San Francisco. Markets may be irrational, but at least they’re never boring. 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) Welcome to Episode 13: One Mic, No Regrets (00:46) Buffett’s Big Bet & Our Contrarian Webinar Recap (02:00) Russell 2000 Rebalance: $200B of Passive Panic (03:51) Canada’s Digital Tax: Trudeau Body-Slams Big Tech (05:49) Trump’s Trade Tantrum: Retaliation in 7 Business Days (07:43) Congress Hacks the Emissions Rule With a Single Zero (08:34) USMCA Drama: Canada Powers the Grid, and the Beef (10:19) GDP Revised Downward: Panic Not Yet Priced In (12:59) Nike’s Meh Earnings = Stock Moonshot? Wall Street Math (16:24) LBJ vs. the Fed: When Fiscal Policy Gets Physical (18:28) Turkey’s 42% Bond Yields: Now With Extra Inflation (20:31) Russia’s Bonds Are a Lie (And Banks Can’t Afford Them) (27:46) Russia Won’t Declare War Because That Triggers Conscription (30:28) Canada Trade War: Hopefully Not Nuclear, Eh? (31:05) This Day in Econ History: Bank Fraud, Silver Crashes & Nuclear Poetry Topics include: Russell 2000 reconstitution, passive fund flows, index reshuffling, Canada digital services tax, U.S.-Canada trade dispute, Trump tariffs, NAFTA tension, Q1 GDP revision, import-export imbalance, Nike earnings, supply chain shift, China manufacturing, tariff impact, margin compression, Turkey bond yields, inflation tax, variable-rate bonds, Russian debt crisis, central bank manipulation, LBJ Fed pressure, interest rate politics, fiat currency, Chicago bank collapse, silver crash, Great Depression panic, postal savings, FDIC origins, Route 66, nuclear power, first ATM, Atari founding, Korean War economics. Quinn Millegan:⁠ ⁠⁠⁠⁠ [https://www.linkedin.com/in/quinnmillegan/]⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠⁠ [http://www.linkedin.com/in/quinnmillegan%E2%81%A0%E2%81%A0%E2%81%A0] Drew Millegan:⁠ ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠⁠ [https://www.linkedin.com/in/drew-millegan/] The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠ [https://www.woodworth.fund/news/tag/The+Millegan+Memo]⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠ [http://www.woodworth.fund/news/tag/The+Millegan+Memo%E2%81%A0%E2%81%A0%E2%81%A0] Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠ [https://www.woodworth.fund]⁠www.Woodworth.Fund [about:blank] ⁠⁠⁠⁠ [about:blank]Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream [https://capitalcall.stream] ⁠⁠⁠⁠ [https://capitalcall.stream]Inquiries: info@woodworth.fund Capital Call #13 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund. Post market close 6/27/25 - Coming straight to you every Monday morning at 2 AM PT / 5 AM ET.

Can David Deming Fix Interest Rates and Self-Driving Cars in One Episode?

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. REGISTER FOR OUR "CONTRARIAN & VALUE INVESTING" WEBINAR ON FRIDAY JUNE 27TH @ 12 PM ET / 9 AM PT HERE: https://cornell.zoom.us/meeting/register/zAb14tFnTOeUIn4XnDzENg#/registration 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. DEEP ROOTS. STUBBORN GROWTH. OREGON BASED. 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 [https://www.linkedin.com/in/david-deming] Quinn Millegan:⁠ ⁠⁠⁠⁠ [https://www.linkedin.com/in/quinnmillegan/]⁠www.linkedin.com/in/quinnmillegan [http://www.linkedin.com/in/quinnmillegan%E2%81%A0%E2%81%A0%E2%81%A0] ⁠⁠⁠⁠ [http://www.linkedin.com/in/quinnmillegan%E2%81%A0%E2%81%A0%E2%81%A0]Drew Millegan:⁠ ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠⁠ [https://www.linkedin.com/in/drew-millegan/] The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠ [https://www.woodworth.fund/news/tag/The+Millegan+Memo]⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠ [http://www.woodworth.fund/news/tag/The+Millegan+Memo%E2%81%A0%E2%81%A0%E2%81%A0] Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠ [https://www.woodworth.fund]⁠www.Woodworth.Fund⁠⁠⁠⁠ Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠⁠ [https://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.