Here is my MWE:

```
\documentclass{beamer}
\newenvironment{myitem}[1][]{%
  \setbeamertemplate{itemize items}[circle]
  \addtolength{\leftmargini}{-0.7cm}
  \beamerdefaultoverlayspecification{<+-|gray@+>}
  \setbeamercolor{item}{fg=black!15}
  \begin{itemize}[#1]
  \setlength\itemsep{5pt plus 1fill}
}{
  \end{itemize}
}

\makeatletter
\newenvironment{grayenv}{\only{\setbeamercolor{item}{fg=beamer@blendedblue}}}{}
\makeatother

\begin{document}
\begin{frame}{Title}
\begin{myitem}
\item line one
\item line two
\item \begin{align*}
\mathbb{E}(X\mid Y=y) &= \sum_x x\Pr(X=x\mid Y=y)\\
&= \sum_x x\frac{\Pr(X=x, Y=y)}{\Pr(Y=y)}
\end{align*}
\end{myitem}
\end{frame}
\end{document}
```

The math from align* starts below the bullet point marker when I would like it to be on the same line.