Elon’s busy building the Roman Empire in his nursery, Jerome's deadlifting instead of cutting rates, and brokers in 1925 Italy responded to regulation by going full WWE. Markets are wild - but they always have been.

Plus: the ill-fated Jones Act, Chinese shipping, RuneScape-driven economics, Peter Navarro's alter-ego as a sack of bricks, and Quinn breaks the market with his metaphor.

Welcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund.

DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.

Episode Breakdown:

(00:00) New Intro (Shoutout Noah McGraw) & Good Friday Vibes

(00:42) Elon vs. Navarro: Tesla, Twitter, and Trump

(02:55) Volatility and the Death of Fundamentals

(06:00) Gaming Economics: Diablo, WoW, and RuneScape

(10:18) Tariff Panic and the Market’s Fragile Confidence

(14:58) Railcars, Trade Loopholes, and Undervalued Winners

(18:52) The Jones Act and U.S. Shipping Dysfunction

(24:18) Powell’s Personality, Fed Independence, and Rate Drama

(30:45) Fed Politics, Firing Powell, and Hawk vs. Dove

(36:18) Interest Rates, Yield Curves, and Recession Signals

(47:48) Population Decline, Elon’s Baby Crusade, and Demographic Economics

(56:08) Mussolini’s Broker Riot: Margin Calls and Market Chaos

(1:03:40) Final Thoughts & Capital Call Sign-Off

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: [email protected]

Capital Call #3 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.

April 18th 2025