ISRG · investment memo
HEADLINE FIGURE, AND THE MEMO DISCLOSES IT AS DEFECTIVE. It is not a derived terminal margin at all: reports/scan/ISRG_analysis.json has no terminal_margin key, and the published required_cagr_pct inverts exactly to a FLAT 20.0% applied to EVERY name in the universe - the hardcoded 0.20 that coverage_scan.py's own comments record as a defect fixed after these scan files were written. It is used as the headline only because the update spec instructs use of the pre-computed inputs. ISRG's OWN current operating margin is 29.3%. See terminal_margin_pct_own and the flag below.
Four distinct questions, one field each. A price is not a thesis: the trigger below forces a re-underwrite and freezes further purchases — it is never an automatic sell.
A daily close below $308.81 triggers a mandatory re-underwrite and freezes further purchases. It is not an automatic sell unless a separate fundamental invalidation condition has been breached.
Not stated. This name has no falsifiable invalidation conditions on file, so it cannot be risk-monitored. That is a gap in the research, not a clean bill of health — recorded rather than hidden.
Not stated. No permanent-loss case with a named cause is on file. A valuation bear case is not an impairment case.