This month we revisit the original oil panic, the whiskey glut nobody noticed, homebuilders’ disappearing margins, the new WORM index for Oregon companies, and the only friend AI data centers really have - natural gas. In other words: 1970s stagflation, a hangover in a bourbon warehouse, housing builders racing each other to the bottom, and an energy transition that still quietly runs on methane. If you like panic, mispricing, and real assets that don’t care about your factor model, you’re in the right place. As a final note, the recent S&P rebalancing saw thirteen companies removed from the S&P 600 small cap index - three of them are current holdings. We like being part of the cast offs. This was even a signal to review each of the others as possible investment targets.

— Managing Partners Drew Millegan & Quinn Millegan

MGPI looks like another dead whiskey stock — down 75% in two years, trading at a “liquidation” multiple, and tossed in the penalty box for an inventory glut the market assumes will never clear. Under the hood, it’s the opposite story: cash flow is up, the balance sheet is a fortress, competitors are going bankrupt, and MGPI has nearly $470M in liquidity to buy stills, barrels, and brands at fire-sale prices. This deep dive walks through why the brown-goods crash is a textbook inventory cycle, how three growth engines (Penelope, El Mayor, and Ingredients) are being valued at roughly zero, and why our conservative work points to 50–200%+ upside with limited downside if things go wrong. If you like capital-cycle setups where sentiment has totally detached from math, this is one of them.

As an Oregon-based hedge fund, we often get the opportunity to more closely investigate local companies that are otherwise too small to register on most firms’ radars.  Willamette Valley Vineyards (WVVI) is one of those companies.  As one of the largest corporate vineyards in the state and a big player in a currently-ailing industry (the kids just don’t drink how they used to), it has shown up on our equity value screen programs more than a few times.

Unfortunately, just appearing in a value search does not make a value company.  It is as much our job as managers to identify value traps as it is to pick out the potential true bargains.  The low valuation of current trading seems to be justified.  Let’s dig into why.

This month’s Millegan Memo runs from Oregon dirt to Old Europe’s bond markets. On the company side, we walk through Helen of Troy’s “take your medicine” quarter, a local vineyard flagship that looks more like a capital structure problem than a bargain, and Stellantis, a misunderstood cash generator still priced like a restructuring project. On the macro and history side, we introduce the Woodworth Oregon Index and revisit the Peace of Westphalia to explain why the plumbing of institutions matters more to investors than whatever story is trending on financial TV.

- Managing Partners Drew Millegan & Quinn Millegan

We at the Woodworth Contrarian Fund specialize in finding buying opportunities when the market is selling. This means buying early and selling early - if you wait for the last drop of blood, they’re already dead, so to speak.  Now with Q2 2026 Earnings in the rear view mirror, we think that this company is a classic contrarian value opportunity.

Helen of Troy (HELE) is cheap, wheat commodity corners collapse in 1871, the Woodworth Fund releases its Q3 Newsletter, and the yield curve flips back. Different centuries, same story: the market always humbles someone.

- Managing Partners Drew Millegan & Quinn Millegan

We are pleased to bring you our latest quarterly newsletter for Q3 2025.

The current U.S. Treasury yield curve presents a complex picture that, while sharing some similarities with the 2007 pre-recession environment, occurs within a markedly different economic context. Check out today’s analysis.

Kohl’s keeps cashing checks while analysts call it a meme, Nvidia finds out it’s not the only chip in town, and the jobs market cools just enough to make everyone equally nervous. This issue sees earnings beats, $10B mystery orders, and tariffs that hit everyone—unless you’re big enough to dodge them.

- Managing Partners Drew Millegan & Quinn Millegan

Exclusively republished report from our archives - relevant today.

It seems that time and time again - the Trump administration proposes removing the requirement for public companies to report quarterly, instead favoring the European/Chinese standard of reports every 6 months.

Pfizer might be a good deal even if Bobby Kennedy bans child vaccines, PPI is heating up despite its cousin CPI, and with enough influence you too can be exempt from Tariffs! A little delayed for July, but worth it all the same.

- Managing Partners Drew Millegan & Quinn Millegan

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.

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.”

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.

Your pockets are inflating (a little bit more than expected), Nike bounces on bad news, and the US Dollar made records (not necessarily good ones).

- Managing Partners Drew Millegan & Quinn Millegan

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.

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.

Hear from Drew Millegan and Quinn Millegan live as they share their research-driven approach to uncovering overlooked opportunities in the market.

Register now, while seats are available: https://cornell.zoom.us/meeting/register/zAb14tFnTOeUIn4XnDzENg#/registration

Quinn Millegan, Co-Founder and Managing Partner of Woodworth Fund, will be a featured speaker tomorrow at the Oregon Startup Conference at George Fox University in Newberg, Oregon tomorrow on June 20th, 2025.

He’ll be joining the 11:00 a.m. “Success” panel. Quinn will share how Woodworth-backed companies—and the fund itself—have leaned on clarity of narrative and differentiated positioning to cut through noise, attract capital, and build staying power in volatile markets.

Tariffs are back, inflation is confused, and ICE is raiding your salad. In this week’s episode, we break down why oil prices spiked (hint: Middle East and fund managers panicking), how minimum wage still isn’t the job-killer people tweet about, and why Smoot-Hawley remains undefeated in the “worst economic idea ever” competition.

We also discuss the ICE labor crackdown threatening U.S. agriculture, the ongoing AI comedown (sorry, Adobe), inflation expectations vs reality, and why you can now trade Fartcoin on Coinbase. Plus: This Day in Economic History, featuring child-mailing, ticker tape parades, and government agencies born out of chaos.