CAPITAL CALL #14: The Fed’s Confused, the Market’s Delusional, and We’re Buying
Brought to you by The Woodworth Contrarian Fund
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.
DEEP ROOTS. STUBBORN GROWTH. OREGON-BASED.
Now is a great time to diversify your portfolio with an investment into an award-winning fund. Call us or visit our website to inquire on an investment today in the Woodworth Contrarian Fund as an accredited investor.
(800) 651-1996 - info@woodworth.fund - www.Woodworth.Fund
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Drew Millegan (left) & Quinn Millegan (right) in front of the Charging Bull in New York City.
About the Managers: Brothers Drew Millegan and Quinn Millegan manage the Woodworth Contrarian Stock & Bond Fund, a hedge fund based in McMinnville, Oregon. They grew up in the finance world, and specialize in contrarian investment strategies in the US Public and Private markets.
Something missing from your portfolio may be a diversification into the Woodworth Contrarian Fund for accredited investors. Now is a great time to diversify your portfolio with an investment into a multi-award-winning fund. An exposure to a value-based contrarian strategy is a unique opportunity for your long term capital that you’re seeking aggressive returns for. With eight years of the Woodworth Fund under management, the Millegan Brothers are trained stock-pickers and experienced venture capital investors with a proven track record. Give us a call today to discuss a liquid investment with independent administration and independently audited monthly statements and a personal relationship.
