One assumption is that the Huntsman just wrested the power of the Miracles from the Ringmaster, somehow. But the Bird had started talking about life and death -- not a sudden power to wield fire and ice, or light and dark, the Rose's and the Mirror's domain. Which means Lambert can follow Strange's implication easily enough, since the story they'd found in the Athenaeum had been pretty straightforward about which elements each Miracle were composed of.

"In other words, how we got this shit is a long fucking story!" He shouts back, finally raising his voice to actually address the Bird. "But the power the Huntsman's holding -- you're talking about the Red Beast, aren't you? The wood and its rot, birth and decay. The stories make it sound like it disappeared into the Wyldlands. The Huntsman must have found it."

And made it his own creature -- somehow. After all, if it's got a mind, it can be corrupted. Lambert blanches a little just thinking about the thought. A non-sentient Miracle is bad enough, but one that can hunt after whatever the Huntsman chooses? No thanks. Though that now raises the question of why he didn't just use that power against the Carnival before...

"How long has he had the power you're talking about?" he calls, knowing time is hugely meaningless to beings that live for centuries, but it'd sure be nice to have a ballpark estimate of whether they're up against a few thousand years of corrupting influence or not to know just how screwed they are.