Paul Greaves and Kunal Kamal speak with John Miller, Head and CIO of Municipal Credit at First Eagle Investments, on how heavy supply and repeated system shocks are driving credit dispersion in munis and reshaping risk. In the episode, Miller discusses how recent developments in project finance have reinforced a broader shift in municipal markets away from broad market moves and toward issuer‑specific credit outcomes. He explains how today’s opportunity set differs from a year ago and where dispersion between stronger and weaker credits has become most apparent.