Want "surgical robotics" in your portfolio? Most reach for ISRG — dominant, but pricey (forward P/E 40x+). The hidden assumption: you think surgical robotics is one market. It's three: soft-tissue (ISRG monopoly), orthopedic (SYK/GMED oligopoly), specialty growth (PRCT). The ortho secret: the robot isn't the profit — it's the account-control "hook" that pulls high-margin implants, at nearly half the multiple. For exposure + a fair price, the answer is SYK/GMED, not ISRG.