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: [email protected]

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.