anlak storytelling
All kinds
Document kinds
Loading document kinds...

Primary corpus lens for browsing and insights. Selection lives in the URL.

All formats
Orientation
Loading formats...

Landscape, portrait, square, or unknown document geometry.

Unlock
Kerrisdale Capital · research-note

Pure Storage, Inc. (PSTG)

35 pages · 5 arc beats · 2 loops

Research-Note Download JSON
Unlock

Pure Storage, Inc. (PSTG)

Kerrisdale Capital · 2025-09
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 2
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
—

Deck intelligence map

5
coverage by narrative range · generated from this deck JSON
Narrative range 27 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Villain Critique 5 slides 100% 5/5 slides 100% 5/5 slides · 30 hits
— 0/5 slides
— 0/5 slides
20% 1/5 slides 100% 5/5 slides 100% 5/5 slides Expose Contradiction 2 slides 100% 2/2 slides 100% 2/2 slides · 16 hits
— 0/2 slides
— 0/2 slides
100% 2/2 slides 100% 2/2 slides · 3 hits 100% 2/2 slides · 4 hits Preempt Rebuttal 13 slides 100% 13/13 slides 100% 13/13 slides · 77 hits
— 0/13 slides
— 0/13 slides
61.5% 8/13 slides 100% 13/13 slides · 14 hits 100% 13/13 slides · 26 hits Research Note 6 slides 100% 6/6 slides 100% 6/6 slides · 48 hits
— 0/6 slides
50% 3/6 slides · 4 hits 33.3% 2/6 slides 100% 6/6 slides 100% 6/6 slides Closing Ask 1 slides 100% 1/1 slides 100% 1/1 slides · 6 hits
— 0/1 slides
100% 1/1 slides 100% 1/1 slides 100% 1/1 slides 100% 1/1 slides

Slide inventory

35
every slide · same image gating as the playbook
01
Slide 1
The slide serves as the cover/introductory summary for a short research report.summarize
Open slide detail
02
front_matter
Open slide detail
03
The slide uses a strong argumentative tone to expose perceived dishonesty in competitor marketing claims regarding TCO.diagnose_problem
Open slide detail
04
The slide uses a table to contrast TCO models and then provides a narrative argument against the 'pro-flash' camp's claims regarding HDD performance limitationscompare_peers
Open slide detail
05
This is a research note page from Kerrisdale Capital criticizing Pure Storage (PSTG).name_villain
Open slide detailBeat · Villain CritiqueLoop · Cost Of Inaction
06
This is a text-heavy research note page from Kerrisdale Capital criticizing Pure Storage.name_villain
Open slide detailBeat · Villain CritiqueLoop · Cost Of Inaction
07
The slide uses a short-thesis framework, contrasting Pure's performance with NetApp's.show_valuation_bridge
Open slide detailBeat · Villain CritiqueLoop · Cost Of Inaction
08
Includes a financial table and a narrative summary of the company's history and architectural advantages.establish_context
Open slide detailBeat · Villain CritiqueLoop · Cost Of Inaction
09
The slide uses a quote from a former AWS architect to undermine the company's strategic narrative.name_villain
Open slide detailBeat · Villain CritiqueLoop · Cost Of Inaction
10
Includes two testimonial quotes from industry participants criticizing Pure Storage's TCO analysis.expose_contradiction
Open slide detailBeat · Expose ContradictionLoop · Cost Of Inaction
11
The slide uses a visual comparison chart to illustrate Pure's TCO argument, which the author then proceeds to debunk.preempt_rebuttal
Open slide detailBeat · Expose ContradictionLoop · Cost Of Inaction
12
The slide serves as a critical review of competitor research, specifically targeting TCO models for storage hardware.preempt_rebuttal
Open slide detailBeat · Preempt RebuttalLoop · Cost Of Inaction
13
This slide details the specific technical assumptions (erasure coding ratios, data reduction ratios, power duty cycles) used to challenge Solidigm and Pure Stordiagnose_problem
Open slide detailBeat · Preempt RebuttalLoop · Cost Of Inaction
14
This slide serves as a rebuttal to Solidigm's analysis, specifically challenging their assumptions on HDD/SSD reliability and cost-per-TB.diagnose_problem
Open slide detailBeat · Preempt RebuttalLoop · Cost Of Inaction
15
This slide serves as a detailed rebuttal of specific financial assumptions made by a competitor or target company.preempt_rebuttal
Open slide detailBeat · Preempt RebuttalLoop · Cost Of Inaction
16
The table compares three storage configurations across technical and financial dimensions to derive a cost multiple relative to HDDs.analyze_data
Open slide detailBeat · Preempt RebuttalLoop · Cost Of Inaction
17
Includes a testimonial from an AI Architect at a leading hyperscaler.preempt_rebuttal
Open slide detailBeat · Preempt RebuttalLoop · Cost Of Inaction
18
Includes a testimonial from a data storage product manager at a leading hyperscaler to support the argument.preempt_rebuttal
Open slide detailBeat · Preempt RebuttalLoop · Cost Of Inaction
19
Contains multiple expert testimonials and references to specific industry studies (Microsoft, Alibaba, Meta).preempt_rebuttal
Open slide detailBeat · Preempt RebuttalLoop · Cost Of Inaction
20
Includes a quote from a Solidigm marketing executive to support the skepticism regarding flash adoption.name_villain
Open slide detailBeat · Preempt RebuttalLoop · Cost Of Inaction
21
The slide uses a SanDisk chart to critique Pure Storage's reliance on Moore's Law as a guarantee for future cost reductions.name_villain
Open slide detailBeat · Preempt RebuttalLoop · Cost Of Inaction
22
The slide uses a skeptical tone to dismantle the 'hyperscaler software' narrative, highlighting the lack of transparency in the Meta deal and questioning the loexpose_gap
Open slide detailBeat · Preempt RebuttalLoop · Cost Of Inaction
23
Includes transcript excerpt and multiple expert quotes to undermine the bull case for Pure Storage.preempt_rebuttal
Open slide detailBeat · Preempt RebuttalLoop · Cost Of Inaction
24
The slide uses a series of quotes from industry executives to build a bearish case against Pure Storage's competitive moat.expose_gap
Open slide detailLoop · Cost Of Inaction
25
Includes a quote from a competitor CTO and two charts comparing enterprise storage market share vs. AFA market share.name_villain
Open slide detailLoop · Cost Of Inaction
26
Contains multiple expert testimonials/quotes used to support the investment thesis.analyze_data
Open slide detailBeat · Research NoteLoop · Cost Of Inaction
27
The slide uses a series of quotes from industry executives to build a bearish case against Pure Storage, followed by a brief summary of financial concerns.name_villain
Open slide detailBeat · Research NoteLoop · Cost Of Inaction
28
Includes a direct quote from the CEO regarding the subscription model transition.expose_contradiction
Open slide detailBeat · Research NoteLoop · Cost Of Inaction
29
The slide uses a quote from a CTO to frame a discussion on accounting transparency and profitability metrics.expose_contradiction
Open slide detailBeat · Research NoteLoop · Cost Of Inaction
30
The slide argues that Pure Storage is overvalued compared to its true peers (NetApp) and does not deserve SaaS-like multiples.analyze_data
Open slide detailBeat · Research NoteLoop · Cost Of Inaction
31
Includes a peer comparison table and a specific price target derivation table.show_valuation_bridge
Open slide detailBeat · Research NoteLoop · Cost Of Inaction
32
Includes a screenshot of a Pure Storage blog post used to expose a contradiction in their messaging.summarize
Open slide detailBeat · Closing AskLoop · Cost Of Inaction
33
other
Open slide detail
34
other
Open slide detail
35
other
Open slide detail