The Fed’s Confused, the Market’s Delusional, and We’re Buying

In this episode of The Capital Call, we unpack the fallout from the “Big & Beautiful Bill”: surprise taxes on gambling, tips, and a deficit-busting combo of corporate cuts and entitlement trims. We break down the return of Trump-era tariffs, copper duties, and the strange case of disappearing cable lines.Nvidia hits a $4 trillion valuation, sparking a comparison to entire national economies, while the Fed remains split on rate cuts. The U.S. dollar has its worst start since 1973, and we debate whether market highs mean anything when they’re driven by a handful of mega-caps.We discuss reshoring, rare earths, Bitcoin’s run past $116K, and the case for doing nothing in a noisy market. Plus: bank earnings are coming, and in This Day in Economic History, we revisit Death Valley’s hottest day, the Scopes Monkey Trial, and Andrew Jackson’s war on the central bank.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) Welcome Back: Beers, Burgers, and Big Bills  (03:09) Gambling Tax Glitch (06:13) Copper Tariffs & Cable Theft Allegations  (09:20) Photon Time Travel & Feynman's Weird Thought Experiment  (12:23) Nvidia vs. France: The $4 Trillion Showdown  (15:27) Fed Meeting Drama & The Myth of the All-Powerful Chair  (18:07) Dollar Decline: What It Means for Real Market Returns  (20:00) Reshoring, Rare Earths, and Massachusetts’ Bet  (23:04) Stock Market's Thin Highs & Survivorship Bias Explained  (25:15) Tariff Theater and the “Just Kidding” Trade Strategy  (27:03) Bitcoin Mania: $116K and Still Just Gambling?  (29:09) Long-Term Holding and Crypto FOMO Regrets  (31:11) Bank Earnings Preview & Boring Slide Decks Matter  (32:13) This Day in Econ History: Death Valley & Monkey Trials  (43:12) Jackson vs. The Bank: The Original Fed Fight  Topics include:gambling tax loophole, tip tax repeal, Big Beautiful Bill, Trump tariffs, China trade war, copper tariff, Nvidia $4 trillion valuation, U.S. dollar decline, Federal Reserve rate cuts, stagflation, rare earths reshoring, Bitcoin $116K, crypto vs gold, stock market highs, mega-cap tech rally, Fed dual mandate, Q2 bank earnings, Wells Fargo, Scopes Monkey Trial, Death Valley record heat, Andrew Jackson central bank veto, economic history July 10thQuinn Millegan:⁠ ⁠⁠⁠⁠⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠⁠Drew Millegan:⁠ ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠⁠The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠⁠www.Woodworth.Fund⁠⁠⁠⁠Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠⁠Inquiries: [email protected] Call #14 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.Post market close 7/10/25 - Coming straight to you every Monday morning at 2 AM PT / 5 AM ET.