Capital Call #16: Chip Tariffs at 100%? Hold My Foundry.
After the July jobs miss and giant BLS revisions, we dig into how fast-moving tariffs are warping prices, margins, and small-biz decisions—and why narrow leadership isn’t “the market.” We debate politicians trading, timing tops (don’t), and when technicals help vs. hurt.
Stocks: FreightCar America (RAIL), railcar demand, and why micro/mid liquidity cuts both ways. Tariff watch now includes talk of 100% chip levies and sector-by-sector fallout (pharma, glass, autos). “This Day in Economic History” runs from Britain’s 1914 bank holiday and Bradbury notes to Agnew’s scandal, Barry Bonds’ 756th, Napoleon & the Bank of France, and the 2007 quant quake. Stay liquid.
Welcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund with a new episode released Monday mornings at 2 AM Eastern / 5 AM Pacific.
DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.
Episode Breakdown:
(00:00) “Tariff Podcast” & the Venezuelan bolívar bit
(00:06) July jobs miss & the big BLS revisions
(00:12) Tariff whiplash, data revisions, and trust in stats
(00:14) MAG-7 vs “the market” (breadth & exemptions)
(00:17) Politicians trading, “is that insider info?”
(00:21) Don’t time tops/bottoms: our 3–5 yr playbook
(00:23) Technicals vs fundamentals (and when charts mislead)
(00:24) Narrow leadership: ex-Mag7 the market’s flat
(00:25) Tariffs hit small biz supply chains (import reality check)
(00:29) PPI watch & talk of 100% chip tariffs
(00:29:48) Stock segment: FreightCar America (RAIL) & rail demand
(00:33:20) Micro/mid liquidity, risk, and “buying dips” the sane way
(00:34:10) Recession chatter: alcohol, glass, and defensives
(00:35:40) Pharma tariffs, domestic capacity (AZN, MRNA)
(00:41:12) This Day in Economic History: 1914 bank holiday → 2007 quant quake
Topics include:
tariffs, BLS revisions, PPI, Magnificent Seven breadth, insider trading ethics, long-horizon investing, FreightCar America (RAIL), rail demand, pharma capacity, 1914 bank holiday, Agnew probe, Barry Bonds 756, 2007 quant meltdown, This Day in Economic History.
Quinn Millegan: www.linkedin.com/in/quinnmillegan
Drew Millegan: www.linkedin.com/in/drew-millegan
The Millegan Memo (monthly newsletter): www.woodworth.fund/news/tag/The+Millegan+Memo
Woodworth Contrarian Fund: www.Woodworth.Fund
Capital Call: CapitalCall.Stream
Inquiries: info@woodworth.fund
Capital Call #16 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.
Post market close 8/7/25 - Coming straight to you (almost) every Monday morning at 2 AM PT / 5 AM ET.
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