THE MILLEGAN MEMO: MAY 2025
The US love-hate relationship with tariffs and market certainty, Abercrombie & Fitch is worth trying on (but it might not fit), and international trade (s)melt down. - Managing Partners Drew Millegan & Quinn Millegan
CAPITAL CALL #8: BOND YIELDS, NUCLEAR POWER, & THE FUTURAMA FINANCE PLAN
Tariffs are back, baby — this time with a 50% side of Europe and a 25% sprinkle on your smartphone. We break down what that means for your iPhone payments (spoiler: don’t). We also talk about Nippon Steel’s love letter to U.S. Steel, Tesla getting lapped by BYD, and why Deckers somehow still sells Uggs. Drew nerds out over Japanese bond yields and explains how hedge funds pick up nickels in front of steamrollers. Quinn reads a Garfield calendar, and we resurrect John D. Rockefeller to talk dimes, dirty ledgers, and daddy issues. Plus: the White House speeds up nuclear permitting, and we ask the real question—should you bank with Big Apple Bank for the next thousand years like Fry from Futurama?
CAPITAL CALL #7.5: CAN AI DIAGNOSE A SOUL? DR. WOO THINKS NOT
In this special episode #7.5 of The Capital Call, US Army resident Dr. Nicholas Woo returns for a deep (and occasionally unhinged) dive into AI’s role in modern medicine. We talk liability nightmares, tech bro delusions, machine malpractice, and why you still want a human with a pulse when your chest hurts. From payroll taxes for robots to cobblers and blacksmiths, this one’s a ride.
CAPITAL CALL #7: DR. WOO JOINS - MEDS & MISHAPS
From boot camp to Botox denials, Army Doctor Nicholas Woo joins the Millegan brothers to talk about military healthcare, financial literacy for new recruits (hint: don’t buy the Mustang), and how TRICARE might accidentally be the best health plan in America. We also dive into Boeing’s slow-motion implosion, crypto’s awkward adolescence as it tries to reinvent banking, and why the UnitedHealthcare CEO may or may not have been allegedly shot (you decide). Plus: Vegas, the nickel, the NFL cartel, and Canada’s politest insurrection. Stay for the history lesson, leave wondering if we’ve learned anything at all.
CAPITAL CALL #6: SPOILER: THIS EPISODE INCLUDES BEER. JUST… NOT THE WAY YOU HOPE.
This week on Capital Call: with The Millegan Brothers, we cover light topics like international trade breakdowns, militarized drone swarms, 110-hour workweeks that literally kill, and Warren Buffett casually handing off the keys to a $1 trillion empire. Also: Netflix finds a way to make more money when you're broke, Disney opens a theme park somewhere dry and oil-rich, and Portland might get a baseball team if Salt Lake forgets to show up.
CAPITAL CALL #5: EMPIRES DIE, CARTELS CHEAT, AND OREGON TAXES EVERYTHING
What do falling oil prices, orbital battleships, and lab-grown mammoth meat have in common? Apparently, this episode. Brothers Drew and Quinn Millegan spiral through the economics of tariffs, why OPEC is the worst group project in history, and how the U.S. frackers might get kneecapped (again) by Saudi spite. We learn about Norway’s shockingly low-cost oil production, Russia planting flags on the Arctic seafloor, Greenland's prime real estate, and why you can't get your Temu order delivered. Then it’s on to teleportation ethics, hydrogen as a leaky disaster, and the future of synthetic meat.