President, Vision Research

Robert C Prather Jr

Vision Research LLC (founded in 2011) is an independent equity research firm using fundamental analysis to help investors avoid risk & profit from structurally challenged equities. The research is focused on US & European equities. Primary sectors include consumer, TMT and industrials.  Team background includes 3 CFA Charter holders, 2 Certified Public Accountants, global L/S experience, TMT credit experience, management consulting, software engineer, and long biased international equities.

President

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

Equity Bottom-Up

<ul>
<li>Enterprise storage hardware market faces numerous headwinds and increasing commoditization</li>
<li>STaaS is cannibalistic, facing increasing competition, and decelerated in the MRQ</li>
<li>Each of the last 2 quarters have seen some meaningful, non-recurring revenues lead to PSTG beating estimates</li>
</ul>


Enterprise storage hardware market faces numerous headwinds and increasing commoditization
STaaS is cannibalistic, facing increasing competition, and decelerated in the MRQ
Each of the last 2 quarters have seen some meaningful, non-recurring revenues lead to PSTG beating estimates


Pure Storage (PSTG): Market Leader Facing Commoditization of Its Products

Pure Storage Inc

Pure Storage (PSTG): Market Leader Facing Commoditization of Its Products