Warren Buffett encourages us to ask "If money were no object, would I want to own Company X?"

Twilio's return on assets is negative; its return on equity is negative. And, as you quite rightly point out, it does not own two of the key components of its business. These are negatives that are hard to overcome.

The party never ends until it does. (Yogi Berra never said this but he should have.). Hopefully, Tony will keep watching and let us know what happens.