CAPITAL CALL #16: Chip Tariffs at 100%? Hold My Foundry.
Brought to you by The Woodworth Contrarian Fund
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: info@woodworth.fund
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.
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.
