Tesla’s Overpriced, Stellantis Is Cheap, & the SEC has a Birthday.

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. Stick around for our favorite segment: This Day in Economic History, featuring digestion-through-gunshot, Seattle on fire, and a celebration of the SEC’s birthday (because nothing says party like mandatory quarterly disclosures). 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 every Monday morning at 2 AM Eastern / 5 AM Pacific. DEEP ROOTS. STUBBORN GROWTH. OREGON BASED. Episode Breakdown: (00:26) Intro & Format Return (01:30) SpaceX, Subsidies, and Nationalization Talk (02:32) Tesla's Valuation vs Automakers (06:32) The Stellantis Thesis (09:32) Tariffs and Made-in-America Cars (11:13) Quarterly Reporting and Transparency (15:19) Trade War Drama and S&P Update (16:55) Oil Prices and Energy Diversification (19:17) Jobs Data and Labor Market Resilience (21:53) Tariff Timing and Inflation Lag (24:21) Circle IPO and Stablecoin Hype (29:59) This Day in Economic History (37:39) SEC Act of 1934 & Market Trust Quinn Millegan:⁠ ⁠⁠⁠⁠⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠⁠Drew 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.Fund⁠⁠⁠⁠Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠⁠Inquiries: [email protected] Capital Call #10 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund. Post market close 6/6/25 - Coming straight to you every Monday morning at 2 AM PT / 5 AM ET.