Ryan Miller
speaker
4,581 appearances
12 recordings
2 series
first heard Mar 2026
last heard 10 Aug
Ryan Miller’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 12 in all, peaking in Jul 2026 with 4.
Appearances
It is, quite literally, a fund manager buying time from the calendar.
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And here's the tell on how well known this is.
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Dedicated secondary capital hit record numbers, three hundred and twenty-seven billion dollars in twenty twenty five.
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Let me be honest with you, because I'd rather be right than to be loud.
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The LP led secondary trade is not a secret, but it is crowded.
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Three hundred and twenty seven billion dollars of dry powder is not a market inefficiency.
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If your entire pitch to investors is we'll buy LP stakes at a discount, you're now the eleventh person to say this this month.
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And you will get repriced.
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The edge is not in the trade, the edge is in specificity.
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It is in the corners of the calendar where the dedicated capital just isn't looking.
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It's small stakes, the odd structures, the single asset situations, the sectors those megaphones can't underwrite, the geographies they can't service, and the twenty twenty eight corporate maturities nobody is staging capital for yet.
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That's Burry's actual lesson.
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Well it is to me.
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He didn't short housing.
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Everybody could see housing.
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He found the one instrument on the one tranche with the one reset date that nobody bothered to read.
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And specificity is the alpha.
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It always was.
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Now the third mechanism, the instrument.
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Burry never took unlimited downside, ever.
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Showing 261–280 of 4,581 · page 14 of 230
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