{
  "docId": "019dd923-622c-750b-8b98-491cf8c853e8",
  "docSlug": "3b36a8e60d92",
  "documentTitle": "Pure Storage, Inc. (PSTG)",
  "authorId": "53_Kerrisdale_Capital",
  "authorName": "Kerrisdale Capital",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-09-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 6,
  "pageCount": 35,
  "prevPage": 5,
  "nextPage": 7,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "This is a text-heavy research note page from Kerrisdale Capital criticizing Pure Storage.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-491cf8c853e8/6",
  "deckHref": "/decks/019dd923-622c-750b-8b98-491cf8c853e8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-491cf8c853e8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-491cf8c853e8#slide-6",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Pure's premium valuation is undeserved.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb90-708a-868f-b33c313b9ce6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.78,
        "x": 0.11,
        "y": 0.21
      },
      "kind": "paragraph",
      "text": "We anticipate declining revenue growth and increasing margin pressures. 2024 and 2025 represented two of Pure's three lowest revenue growth fiscal years... we suspect Pure has done its best to minimize the income statement impact of costs related to its subscription services.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "149c33d7-c09a-41e6-90c9-0c4e78fc9a74",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.78,
        "x": 0.11,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "traditional focus on structured data has resulted in a narrower perceived breadth of application expertise... Pure is not well positioned for either cloud migration or high performance AI applications.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5b813de6-537a-4f2c-867a-5a2076af2552",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.78,
        "x": 0.11,
        "y": 0.51
      },
      "kind": "paragraph",
      "text": "Pure's premium valuation is undeserved. Pure's perception as a next-generation supplier... Pure trades at an obscene premium to NetApp.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "977d8f1a-fc9c-483e-a545-a4ef25317537",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.06,
        "y": 0.04
      },
      "kind": "title",
      "text": "KerrisdaleCapital",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "939a3ac2-a66e-449e-afa9-c5936005910b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 9,
      "from": 5,
      "beatId": "cff50efd-10a5-41cb-983b-0a7b44deb9da",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Villain Critique",
      "beatSlug": null,
      "evidence": "The document critiques Pure Storage's growth prospects and valuation",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 32,
      "from": 5,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "f175e9df-40bd-4f68-b964-eed15e12ff5a",
      "evidence": "The document highlights the risks of investing in Pure Storage",
      "position": 0,
      "objective": "To highlight the risks of investing in Pure Storage",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}