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

Exclusively republished report from our archives - relevant today.

It seems that time and time again - the Trump administration proposes removing the requirement for public companies to report quarterly, instead favoring the European/Chinese standard of reports every 6 months.

Tesla’s still pretending it’s a tech company, Stellantis is still pretending it’s a cool name, and Elon’s reality show got picked up by the White House. We break down whether SpaceX could survive a government “upgrade,” how tariffs are the financial version of playing chicken with yourself, and why Stellantis might just be the least-loved bargain in autos (with Maserati-sized baggage).

Also on deck: the S&P crosses the big 6-handle, oil prices yawn their way higher, and Circle’s IPO drops — because what the stablecoin market needed was more hype. Plus, a surprisingly intelligent discussion on IPO timing, salespeople, and the Bureau of Labor Statistics’ slow-motion hiring freeze.