Intuitive Surgical (ISRG) is an embodied-AI outlier: profitable for decades, a proven razor/blade model. Its ~40-45x forward P/E scares value investors, but it's not absurdly expensive — it's expensively justified: 11,395 systems, 60%+ share, 86% recurring, ~$1,880/procedure. You rarely get a quality compounder cheap, only "not so expensive" — and the 2026 drawdown is that window.