At Woodworth, we like value because it usually survives the sort of adversity that exposes everything else. This month’s Memo is about exactly that: puncturing market delusions when hype gets stupid, defending the radical act of owning boring cash-flow businesses like Kraft Heinz, and looking back to June 1775, when America tried to finance a revolution with paper promises, confidence, and the fiscal discipline of a tavern dare. From SpaceX mania to Continentals that became “not worth a Continental,” the lesson is the same: a good story can move money for a while, but reality eventually sends the invoice.

— Managing Partners Drew Millegan & Quinn Millegan

This month reads like three versions of the same story: whoever controls the bottleneck controls the scoreboard. In 1609, Isaac Le Maire tried to smack the Dutch East India Company back into its lane because monopolies eventually stop competing and start rewriting the rules. In 2026, Pinterest proved you can add users and print real GAAP profits, miss a revenue expectation by a hair, and still get publicly executed because ad buyers are spooked and the market is allergic to “maybe.” And the AI boom is taking that same logic into the physical world, turning electricity-linked land into a premium asset that can outbid housing—exactly why Oregon’s land-use system now looks less like a political quirk and more like a financial firewall.

— Managing Partners Drew Millegan & Quinn Millegan