In Episode 13 of The Capital Call, Quinn and Drew dig into a market-moving mix of index reshuffles, trade spats, and monetary lunacy. First up: the Russell 2000 reconstitution, where 28 new names are getting added and billions in capital are about to blindly shift—all because someone updated a spreadsheet.

Then it’s on to Canada’s new digital services tax, which has Trump furious because, let’s be honest, it’s mostly aimed at U.S. tech giants. What follows? Vague threats, tariff teasers, and a surprisingly teachable moment about trade deficits, VAT systems, and why retaliating against your neighbor with electricity leverage is a bad idea.

Kohl’s explodes upward, tariffs implode in court, and crypto takes a turn for the medieval as a self-styled “Bitcoin king” decides kidnapping is a viable portfolio strategy. We break down the chaos in U.S.–China trade talks, including China’s demand for AI chips and America’s new favorite acronym: TACO (Trump Always Chickens Out).

Jamie Dimon goes full gloom-and-doom in a live interview, warning of bond market carnage just weeks after saying everything looked fine, which either means he’s hedging or auditioning for Treasury Secretary. Meanwhile, we explore the math behind steel tariffs (spoiler: you lose 75 jobs for every one saved), why the most American-made car still isn’t really American, and how free trade continues to confuse people with microphones.

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