THE MILLEGAN MEMO: POST-OCTOBER 2025

This month’s Millegan Memo runs from Oregon dirt to Old Europe’s bond markets. On the company side, we walk through Helen of Troy’s “take your medicine” quarter, a local vineyard flagship that looks more like a capital structure problem than a bargain, and Stellantis, a misunderstood cash generator still priced like a restructuring project. On the macro and history side, we introduce the Woodworth Oregon Index and revisit the Peace of Westphalia to explain why the plumbing of institutions matters more to investors than whatever story is trending on financial TV.

- Managing Partners Drew Millegan & Quinn Millegan