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Confession: I have a thing for moats. Economic moats, not the crocodile kind (though honestly, both are equally compelling from an investing standpoint). And Intuitive Surgical (ISRG)? They’re the castle, the moat, and probably the village idiot who’s trying to work out how to swim across.

They’ve been selling the da Vinci system since the late 90s—back before robots in the medical field were more than sci-fi fodder and everyone still thought Clippy was helpful. Now, they’re in bladder, womb, abdominal cavity, and sometimes the hearts of patients who probably didn’t expect to meet a robot on the way to the hospital.

Intuitive doesn’t just sell hardware; no, that would be too basic. They play the classic “razor-and-blades” game. Buy the dazzling system (the “razor”), then spend eternity buying its accessories (the “blades”), which, frankly, should come with a warning: “Side effects may include recurring revenue and mild feelings of helpless addiction.” Even their service contracts are irresistible. As a trader, I see “recurring revenue” and my heart flutters—because consistency, however illusory, is sexier than spontaneity in this business.

Their Q2? $2.4 billion up 21%—not bad for a company that already dominates its niche. Instruments and accessories are the real cash cows ($1.47 billion), with the systems and services content to play supporting roles. Ten thousand da Vinci systems installed worldwide—tell me they’re not setting up world domination in the least villainous way possible.

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Still, if you’re anxious about buying in right now, what with a price-to-earnings ratio hovering at 70—well, welcome to the club. I lose sleep over valuation, too. But surgical robots aren’t exactly household appliances yet, so there’s runway. Would I buy at this price? Perhaps with one eye open and the other on the “Sell” button, but five years is a long time, and history’s on their side (119% earnings growth over five years is enough to make my therapist nod encouragingly).

At roughly $118,000, Bitcoin stands at a crossroads, where fresh liquidity and a faltering dollar might converge into a gale. To the value investor, this is no mere speculation but a test of patience, a moment where history whispers of opportunity to those who listen.

Will there be another split before 2025 ends? Let’s find out. Or don’t. The future is a mystery wrapped in a spreadsheet.

Imagine a storied old chef deciding to split his kitchen into two—each specializing in its own cuisine—hoping that one can flourish without the other dragging it down. That’s what Medtronic is doing with its diabetes care unit. This division, announced recently, is set to become a standalone, publicly traded entity. The logic? Well, while diabetes devices have been nudging forward faster than the rest of Medtronic’s platter, they’ve also held margins hostage, much like an overenthusiastic guest who hogs the last slice of cake. During 2025, this segment contributed 8% to total revenue but only 4% to operating profits—meaning it’s a good revenue source but not quite the cash cow management wants. The rest of Medtronic’s business isn’t exactly sprinting ahead either, but it’s more profitable. So, by shedding the slower-growing, more expensive-to-manufacture bits, and focusing on higher-margin opportunities, the company hopes to better navigate the tightrope of tariffs and macroeconomic upheavals. Plus, it’s relaxing the grip on its consumer-facing side, perhaps acknowledging that the healthcare world is more complicated than simply selling to hospitals—think of it as moving from a busy train station to a more manageable boutique.