Twilio rocketed out of the blocks post IPO, the stock was recommended by Cramer on CNBC, which we presume sent retail investors scurrying into the stock, the shares broke as the lock ups came off, and then, Kaboom, Twilio announced that Uber, a 12% customer in Q1, was dual sourcing, and perhaps taking part of its communications tools effort in house. We were decisively on the wrong side of this trade, at least with regard to Uber. While we knew and fully acknowledged customer concentration risk, we did not expect Uber to disrupt Twilio's trajectory.