THE MILLEGAN MEMO: POST-DECEMBER 2025

December served up the full Woodworth sampler platter: Oregon’s market “scoreboard” gave us a mid-month sugar high and a month-end reality check, a 90s peso hangover reminded everyone that “international outperformance” can just be FX doing cardio, and a dating app the market ghosted might be lining up the rebound trade. We also dig into housing policy that keeps blaming the wrong villain while missing the supply mismatch, a coastal port pitch that sells greenfield automation and rail efficiency (and gets attacked for dredging while the Columbia quietly gets dredged for 100+ miles), the latest push to replace quarterly facts with semiannual vibes, and why faith in the economic data plumbing matters more than ever—because when the scoreboard gets politicized, markets don’t get calmer, they get louder.

— Managing Partners Drew Millegan & Quinn Millegan