YouSaid · the spoken record

Jeff Park

lines on the record: 42
first: 2025-10-15
most recent: 2025-10-15
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Yeah, but he's also just like angry in this whole documentary. Like, oh, he's like, you know, like I just, and then he's driving. And he's complaining, Oh, life is hard”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“But they also show this movie, and like my wife and I watched it kind of as a way to just get into the museum. And it's like a 40-minute documentary about this guy who basically is confessing his moral guilt of basically being Norwegian because he like He just like has so much angst about not having to do anything. And it's kind of funny society.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“Oh my god. And it's like the funniest guys. Have you guys ever been to Norway? Have you been to Stavinger, their oil museum? Oh my gosh, dude, it's a kick. So you go there and it's like where they also house a display for their sovereign wealth fund? Coexists in the same museum. Which is hilarious.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“You need the boomers out of power to actually effectuate that though. Because right now it's the one side where every time NVIDIA's stock price falls 20%, we step in, print, benefit the shareholder. Right. And then the economy higher.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“But if you look at kind of other models, especially like in Asia and China, definitely, but also in Korea, where the private enterprises can play more of a public role as well to support society, you find different ways to bastardize the concept of a market cap of a company. Now it's not just the fact that it's four trillions of any revenue multiple, anything like that. It's actually just like, what is the value of the thing that distributes its goods to its people and becomes almost like a public account?”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“I mean, one way, and this is a little bit fantastic to imagine, that this will all play out, is if you believe that general human productivity is going to be kind of less proprietary with the rise of AI and everyone's kind of becoming a little bit more flatlined in their ability to contribute, then The national champions of your countries like the NVIDIA World becoming so big where they're kind of like also not just a private company but a public government that can subsidize the population for different dividends.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“And that's what throws people off because they're like, how can you be so structurally bullish, gold or bitcoin? I even argue with. Older market participants who shit on gold, and they're like, dude, that's a wartime safe haven. Everything's going to hell type. And I'm like, or guides the best performing asset for three years straight with no volatility. It's like breaking down decades and still. Market mon”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“Are almost below two in the US. And I mean, that just fundamentally is a problem for population. He can't sustain the economic. That's what breaks it down. I talked about it at the monetaryum. You have household formation falling below two people per house. And then you have the AI technocrats that are like, oh, robots. And then you're like, okay, what world are we living in It's funky. I just, I try to stress to our investors and people I talked about markets how weird this time is because it truly is, and you can always say that, and macro people are particularly prone to always say that. And it doesn't need to be a doomer thing, although it's sort of the I'm so bearish and bullish thing, but these nuances of it's truly something you have to approach from not previous 10 years, 20 years.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“So, if there's one reason why we might not be able to call it a purification tree, is because then we're not going to have people left.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“No, there's a huge social cost. I think it was actually Michael Howell who posted one of the most interesting stats I had never seen before, which was the correlation with gold price to...”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“What frustrates me about the discussion about you have one side of Jazeelon being like the U.S. government is going to go bankrupt. And it's like, well, no, they can't go bankrupt. But then you have the MMT side of things, which is just like, well, you know, we can print as much currency as we want because we are the sole monopoly issuer of it. It's like, yeah, but the cost is inflation. The cost is social inequality. There is cost. So, yes, we're not going to have a treasury auction failure, but we're going to have people in the streets rioting if this continues.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, the thing that I find most interesting that, of course, no one really thinks about it too much because it's a once every couple 50, 7, 80 years thing is the long-term chart correlation of US equity multiple premiums to rest of world is effectively one-to-one correlated with the dollar strength relative to other currencies. And that's the crux here where Like you said, it's an extreme benefit privilege of the dollar, but it's also somewhat a curse because you can't let that down slowly. And that's why it's written in the stone. Because you can't let that down slowly, therefore you have to let it down in real negative and not nominal negative and paves the way for this trade, the purification trade, to run for years because this is a years and years long. It took 20 years to blow this bubble.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“The debasement is unstoppable because if you know the greatest surplus holder is your enemy, then you're just going to debase the crap out of it. It's a race to who's going to debase as quickly as possible to inflict the most amount of damage. And so I think it's kind of written in, like, this is the path of how they're engaging in warfare at this point.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“But now they do. They want foreign capital in because they know that's part of how they're going to counterbalance the NVIDIA problem. And then on top of that, you add how these eminent domain type activities are happening with foreign companies across the world. Just today, the Netherlands announced that the Chinese ship company is being seized. No longer a Chinese ship company. And Hague was like, great. And Hague stands for a peace, but that was definitely not a peace move. That's definitely a wartime move. And so I think all of this is basically showing like...”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, yeah, no, and I'd also say it's part of the grand bargain where you actually then have foreign investors come buy US equities, right? And that's kind of the full completion of the circle, which is actually kind of, I think how the whole trap exists for America's benefits. But I think what we're all seeing here is what's changed really is definitely a war that's happening that we're not calling it a war. And war just has taken on a different form of things that isn't related to like human loss or deaths. It's actually just being done at a much more strategic level. So even when you think about China, not only does buying all the gold, but they just opened up their stock options market for the first time for foreign investors to come in. They didn't do that out of charity. They've never wanted investors.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“Supplemented to enforce that outcome is massive. And then when you look at gold and 80% of it is locked or illiquid or held by non-sellers, et cetera, that's why you can see parabolas in gold. And then you look at Bitcoin and it's one tenth the size. And is this just baton handoff because these numbers are astronomical? Like four and a half trillion in one company. That's one. And you have three and a half at Apple. Three at Meta. These numbers don't make sense. And it's a factor of we just can't comprehend the size of this debasement problem.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“I just don't think we comprehend it. And I literally write about this every day to try and cement it in my head every week about these numbers. NVIDIA is four and a half trillion market cap. That's two Bitcoin market caps. That thing cannot fall more than 20% in a multimode stretch without carnage in the US economy because they all know the economy is the market. 4.5 trillion of market cap for one company that has 34,000 employees needs to be supported in perpetuity. On a nominal basis, so real returns are probably going to be shit, but you're not going to see 4.5 go to 2. It's going to be 4.5 stays at 4 or goes to 3 and 3.5 or 4 for 10 years Effectively wiggles, but the amount of liquidity that needs to be”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“No, it was pretty hilarious because that's the headline, and you're just reading it like, wait, Tell me you don't know anything by telling me you don't know anything.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“There was this Financial Times, or I don't know if I saw it, it was an op-ed piece by a former ECB director slash city head of banking policy or whatever. And the headline was basically gold bubbles should be monetized by central banks by selling.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, nah, it's true. Before I got here, chatting with one of my son's classmates' parents, and they were telling me they actually have tons of physical gold in their apartment. And it was kind of amazing to hear like a non-crypto person talk about actually that being a part of their wealth preservation strategy. And I don't know if that story would have come up unless it was so topical to find yourself reading the Wall Street Journal The Financial Times and people are normalizing the discussion. And I think that's generally a pretty healthy thing. That being said, like... Still, probably a lot of education to be done on kind of what the long term reflexive effects of all those things can be and whether that's good or bad ultimately for society and kind of wealth distribution.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“One in a handful That is what people are trying to explain and describe by the debate in trade, where it's just not something that really has. Decades I think We, as a crypto experienced. Group have a propensity to Underestimate the time it takes for these to play out. I know for me, anyways, fighting biases. Earlier in the crypto years Constant Feel like you're late, but.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“It's really a purification of the cancer of our financial system as it exists. And in a way, it's shifty overton window maybe a little bit to help people understand that this is a positive outcome because sometimes I think the debasement and kind of crypto and anarchy and all this stuff feels so negative and it's hard to truly get people to be invested and interested in something when you're talking about the world's going to end tomorrow. But really, maybe this is all for a good thing, which is we're actually really trying to understand what money is, how to store value, and rediscover first principles, basis of what that should be and moving away from a fiat-based understanding of the financialized world as it is today.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean, I think it's a little cheeky in essence, but the basement trade itself makes it feel as if the unfolding is negative because we're eroding value in something that people expect it otherwise to be durable, and there's some sense of loss associated with the word debasement, whether it's a moral one or whether it's a financial one. And the way I see it is when you see gold and Bitcoin being the top two performing assets year to date,”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“Alpha Cruel because they're just not nearly as big to consume the entire ecosystem and actually deliver that opportunity to their shareholder. Much more efficiently. In other words, there's really not Conduit to institutionalize Bitcoin risk, but it's not the only way. And I think there is a lane for treasury companies to operate in a different fashion where the idea is actually to just get more network activity, garner more interest, and build ecosystem partnerships to help people understand what the actual network that you're purchasing in addition to the actual spot asset that you're holding.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“From now, maybe it's 10 years from now, but we all know deep down inside, there has to be a way to advance this conversation. And so I see the role of a Bitcoin treasury to be a steward in the space and being able to have these conversations intelligently and share the possibilities of capturing some of that value accrual in a professional way. In that sense, The reason strategy is successful is not only because it's first, but also because it's the biggest. And those benefits that come from being the biggest, which is coming from its volume, but also the ability to diversify the capital structure with different types of instruments. But we also know crypto is very scarce when it comes to alpha opportunity itself. And I think there's room for debts that are like smaller or more nimbler that can therefore capture that.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think that Bitcoin is such a fascinating network because you truly get so many personalities involved. And even though we're all in the same cause, at times it really feels like we're not. And you see that with like the spam filter debate on Operturn. You see that with how people have division around core versus not. These things that are not part of the institutional conversations that are happening behind the scenes for when Vanguard, for instance, is adopting Bitcoin as a possible solution for Walth Advisory. And so I think these things are important, though, because in the end, I think most Bitcoiners understand the terminal sustainability, at least for Bitcoin, has to come from some fee generation outside of block subsidy in the long run. I don't think people agree what that timeline is. Maybe it's two years.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“One single spot asset, and that divergence of outcomes will help people understand what is possible and what is not possible, what is value accrualing, what is value destroying, and those kinds of things are all pretty helpful for investors to get their heads around.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“From just hearing the ETF pitch. It's part of it, but it's not really holistic. I think that six months from now, a year from now, when you have dats that are being led by executives who are actually touching the plumbing to earn these value accrual mechanisms, they're going to find ways to share these stories in a way that everyone can understand. So I think on a net, like that's good for crypto because so much of it is onboarding new investors to touch and feel and smell all the different things that are available without necessarily being kind of unaware of what you're doing. And in that sense, it's a little bit more proactive than an ETF because ETF is a passive holding vehicle. And with that, you get to experience a little bit of that in greater detail. So I think that's pretty exciting. I think beyond that, people will start to just realize what the different outcomes that can happen even amongst like”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, yeah, for sure. I believe year to day, now there's close to $90 billion that have been raised to DATS, and that's across close to 200 vehicles, globally speaking. So there's a great amount of attention and coverage now in this space. On one hand, what I am excited about as a meta is that because it's led by operators who are able to be more front-facing to tell the story of exactly what the digital asset play itself is, there's an education element here that I'm pretty excited about. So historically, these ETF issuers do go on an education campaign to help investors understand what Bitcoin is, Ethereum and Solana is, and all that, but it's a little bit restricting about just the asset because ultimately that's the pitch, right? You're going to buy Solana because you think Solana is interesting, but you don't get to really experience all the value accrual mechanisms around the ecosystem of Solana.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“Don't want to put you on this What you can share? No, yeah, I just think it's topco because you guys just did a panel with. DATs have become Sort of like everything in crypto is a derivative of a derivative. Product market fit is reached and then a million derivatives pop off. Most of them fail and then people are reminded why the original concept worked in the first place. And so I just think it's interesting. If you have a personal opinion outside of ProCap what the debt lands, maybe you guys covered this, but what the debt landscape looks like a year from now? Sure Sure, if it resembles your Versus Bitcoin framework, I'd be curious”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, yeah, so ProCap is a Bitcoin Treasury Co., and we are in the process of getting our S4 effective. And we are hoping that as soon as the government reopens, that we can re-begin that process in earnest and get it through. So right now we're in a bit of a waiting period. But in that timeline, we accomplished getting our team together and getting blocking and tackling readiness when we are able to go live. And so, yeah, it's been a lot of preparing and also just trying to share more education around what the opportunity set is for investors to understand what digital asset treasuries are relative to other crypto access vehicles that are available.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“On one hand, I am disappointed by the amount of wealth destruction that just happened for pro tail retail investors and because so much of crypto euphoria is built on the back of these capital, I am a little worried about that kind of scorched earth dynamic. At the same time, it probably means there will be consolidation towards hopefully higher quality assets. And in that sense, Bitcoin, I think, does finally now have the chance to maybe front run alts in the ways that is historically not usually how bull runs happen. And I will take that as a win because if more investors are able to kind of build well, That sense, maybe it's a blessing in disguise that I'm bullish for a Bitcoin.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, but the problem arises when you accept things to be that and ignore the There's margin of safety that's removed because they're not there. It's the same thing with the wallet address where if you send a wire to the wrong writing, you get refunded. Wallet address doesn't work that way. So you as a user of the product have to incorporate better margin of safety in times of high liquidity people like to forget about or ignore purposefully. Yeah, 100%. Jeff, where do you think we go from here? It feels like we just had a huge washout We bounced back a little bit here, but yeah, what's your high level of read”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“I love that word institutional because I've heard other folks kind of point this out too like oh hyperliquid was not institutional in primetime for institutional investors and what I think though they really mean and this is kind of I think what you're picking up on is like institution means guarantees like it means that you want to call somebody or you want to know there's a margin of safety or you want to be able to kind of have negotiating leverage and apply soft powers of like being a human and that quality of institution is exactly what sometimes crypto is trying to fight against and so I always find it kind of like a little bit ironic when crypto investors talk about things not being institutional in the exact definition of what they're supposed to be in the way that it's been defined.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“That it It was tumultuous. In Treadfeather Circuit Breakers, and it's something no one thinks about market structure, pretty unsexy topic, particularly when things are fine, and then exposed on a Friday night low liquidity, no one can get banking rails are shut down. So people forget that maybe these things aren't quite the institutional quality infrastructure that everybody likes to tout in the investment pitches.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“Auto liquidation works for these perps market, like happen the way I think people should have wanted it to happen. And I think some folks are maybe not as happy about that in itself for the effect.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“These purpose markets are generally useful for investors to make trading positions, but I'm always surprised by those who have their full net worth in a perfect portfolio. You should definitely not do that. And perps are not also, in my opinion, meant to be buy and hold positions by any definition. I think it's one of the reasons why most of the derivatives world that we know in TradFi either have kind of duration embedded into the way their instruments expire or they have kind of reset levels at the same time the idea of having financing that is so dynamic that is changing against you like every four hours is like literally showing you that you're not in control of your own destiny so I think a lot of people learn their lessons hopefully it just means that everyone levels up and tries to do better next time but I think you know just looking down deeper like the way that”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“Assets are not vibrant enough to generally have a very well functioning cross margin experience. The traditional prime brokerage model works because you do expect there to be diversifications of different assets you own between equities and bonds and FX and rates and therefore you can create something a little bit more holistic on a var model. But in crypto, we all know when things blow up, it blows up spectacularly in unison in the same direction. And so there really isn't a great way to kind of model for that. And then spread trading is also really challenging in crypto, right? Because ability to kind of take different risks when the price work will themselves may not be actually communicating correctly in the way you expect spread tradings to work, that's like another room for disaster. So all to say, I think the”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“Sure. Ah, man, at a high level, I think it was as a headline on another data point for why DeFi has some superior qualities relative to its centralized counterparts. But those higher qualities also come with certain trade-offs, and those trade-offs are happening at maybe the social level too as to what their expectations should be to the user experience that investors and traders are hoping for. So taking a step back, I think it's really important for people to understand that the futures market, especially when you apply leverage to it, is a professional environment. It's not really one for, I think, you're just kind of casual investor to knowingly come in without understanding all the nuances of how the margin engines work. And in particular to crypto, it has always been the problem as to why it's different from traditional prime brokerage is that the intra-dispersion of crypto”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“I think generally it was pretty civil if there was a spicy moment, I would say I try to hear for the virtues of Bitcoin relative to altcoins as a way to imagine what the treasury landscape should be like.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“I kind of felt like that scene in Gladiator when Russell Crowe is like fighting for his life in the Coliseum and he goes, are you not entertained?”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT
“I am disappointed by the amount of wealth destruction that just happened for Pro Tale retail investors. And it probably means there will be consolidation towards hopefully higher quality assets. And I will take that as a win because if more investors are able to kind of build wealth through the Bitcoin lane first and then diversify into alternative exposures, I think that's the right path rather than the reverse. So hopefully this also just means that we'll see more consolidated flows into what I think is the most topical asset today being Bitcoin because it's at the center of global macro. When you see gold and Bitcoin being the top two performing assets year to date, it's really a purification of the cancer of our financial system as it exists.”
2025-10-15 · Forward Guidance · Crypto's Biggest Liquidation, DAT Strategies, & The Purification Trade | Jeff Park · IDENTIFIED FROM THE TRANSCRIPT