THE MILLEGAN MEMO: FEB-JUNE

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