Anyone been looking at Intuitive Surgical (ISRG) lately? Stock is down like a third from its January highs and I'm trying to figure out if this is finally a decent entry or a value trap in the making. The bear case seems to be all about competition - Medtronic's Hugo got FDA clearance in Dec and J&J just launched Ottava, so the 20-year monopoly story is technically over. But when I look at the actual numbers, placements and procedures are still growing high teens, recurring revenue is like 86% of sales, and the forward multiple compressed from 60x to mid 30s. Feels like the market priced in share losses that haven't shown up anywhere yet. On the other hand 35x isn't exactly cheap for a value sub, I know. Curious what people here think - is the moat (surgeon training, installed base) as sticky as bulls claim, or is this Cisco 2000 where the business stays great but the stock goes nowhere for a decade?