CAPITAL CALL #15: Caffeinated Finance: Shorting Kohl’s Was a Mistake. So Was Touring the Fed with Trump.
Brought to you by The Woodworth Contrarian Fund
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, Helena Troy, Japanese Kei trucks, Kraft Heinz breakup, rail mergers, antitrust law, economic indicators, market inefficiency, 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: 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.
DEEP ROOTS. STUBBORN GROWTH. OREGON-BASED.
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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.
