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

Kraft Heinz is not a glamour story - and that may be the point. The latest quarter showed a business still generating strong free cash flow, protecting a 6%+ dividend, improving share trends, and redirecting energy away from corporate breakup theatrics and back toward brand investment. With the split paused, Berkshire’s exit largely digested, and management focused on discipline, productivity, and long-term brand building, KHC remains a quietly compelling contrarian value case hiding in plain sight.