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Casually started looking at $TWLO. First observation: sell-side research really sucks at describing what any SaaS company actually does
Bizarrely, the best explanation I’ve found for Twilio’s business so far is this 2013 article from GigaOm (??) gigaom.com/2013/06/08/fro…
And there’s also the 2016 hype piece from Forbes: “developer-centric business strategy” ... “programmers often use it to test an idea or product” ... “six- or seven-figure account that required no traditional sales process” forbes.com/sites/miguelhe…
The strategy here optically reminds me of AWS / Slack, no wonder investors are clamoring over it
Fred Wilson’s original comments on Twilio from 2009; likely not core to the investment thesis, but would be curious to learn why Twilio ultimately beat TellMe, Ribbit, Angel, Telera (?)... avc.com/2009/03/lookin…
Okay, this concerns me: is $TWLO’s valuation (12x-ish sales) seriously implying a 30%+ revenue growth CAGR for the next decade?? I always take a DCF with a grain of salt, butttt that’s 6x revenue growth in the next 5 years... 
According to Credit Suisse, only 7 companies of Twilio’s size have ever achieved that kind of growth rate in the last half century... and that’s Twilio’s *base case*. How confident can I really be that Twilio will join those 7? @mjmauboussin
On the other hand, maybe Twilio will beat next quarter and the stock will go up regardless of valuation anyways, because who really knows anything ever ¯\_(ツ)_/¯
