The Grant Williams Podcast · Tuesday, September 15, 2026
Mike Green detailed a significant breakthrough in his understanding of financial markets, realizing that academic literature often misses the concept of a 'fund' as a crucial intermediary and liquidity concentration vehicle. He contrasted traditional fundamental analysis with his new approach, which focuses on how investors react to liquidity flows rather than their individual financial characteristics.
“But our big breakthrough was understanding that the academic literature, which I've spent a lot of time studying, really doesn't have any concept of a fund. It doesn't understand the modern world in which the vast majority of allocated capital is not going to a single security. It's going into an intermediary called a fund.”
“So, what we've done at Tier One is we've effectively built a high-resolution camera that is taking a snapshot of the crowd before liquidity hits.”