Back When Mussolini's Brokers Beat Each Other Instead of the Market

Elon’s busy building the Roman Empire in his nursery, Jerome's deadlifting instead of cutting rates, and brokers in 1925 Italy responded to regulation by going full WWE. Markets are wild - but they always have been. Plus: the ill-fated Jones Act, Chinese shipping, RuneScape-driven economics, Peter Navarro's alter-ego as a sack of bricks, and Quinn breaks the market with his metaphor. Welcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund. DEEP ROOTS. STUBBORN GROWTH. OREGON BASED. Episode Breakdown: (00:00) New Intro (Shoutout Noah McGraw) & Good Friday Vibes (00:42) Elon vs. Navarro: Tesla, Twitter, and Trump (02:55) Volatility and the Death of Fundamentals (06:00) Gaming Economics: Diablo, WoW, and RuneScape (10:18) Tariff Panic and the Market’s Fragile Confidence (14:58) Railcars, Trade Loopholes, and Undervalued Winners (18:52) The Jones Act and U.S. Shipping Dysfunction (24:18) Powell’s Personality, Fed Independence, and Rate Drama (30:45) Fed Politics, Firing Powell, and Hawk vs. Dove (36:18) Interest Rates, Yield Curves, and Recession Signals (47:48) Population Decline, Elon’s Baby Crusade, and Demographic Economics (56:08) Mussolini’s Broker Riot: Margin Calls and Market Chaos (1:03:40) Final Thoughts & Capital Call Sign-Off 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: [email protected] Capital Call #3 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund. April 18th 2025