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Cognex sells the eyes. Revenue up 4% last quarter, stock 11% under our cost, so we added 30 shares. Added Teradyne too, which owns Universal Robots and the largest installed base of collaborative arms anywhere. Both are down on semi-cap sentiment, not on robot orders. Meanwhile Zebra is up 42% and Medtronic 18% since June. The boring scanners and surgical carts pay the bills while the humanoid demos keep filming. Fifteen names, 70% invested, no exits.

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