Bryce

All right.

Now, before you give the reason why you own it, just give us an overview of what the business does.

Their main business is building the DaVinci Robotics surgery system.

Yep.

It's like an octopus-style machine that surgeons use to do fine...

Crazy surgeries.

And so the model is build the robot and sell it, then sell all the parts that are reused every time a surgery happens.

And then there's like a servicing revenue model as well.

Yes.

I think they call it like the razor, like there's a, what do they call it?

Razor and blade or something.

Or like printer and ink business model where you don't make much money selling the printer, you make a heap of money selling the ink.

Exactly.

Yeah, exactly.

The way that the thesis cards are structured is I've got the big bet statement, like why do I own it?

Then I have the red flag, like what will I be watching?

And then I've got some key metrics that each time there's an earning season, I kind of have a look at these metrics and it kind of ties back to the thesis.

Yeah.

So it's very simple.

And then underneath that, it's like a summary of what happened in the earnings season and how it stacks up against our four-step checklist.