In this issue:

• Twilio’s Second Act

• News and Views

• Transaction Costs and News

• Selling the Stack

• Evergrande Flails

Twilio’s Second Act

Today's post is a joint effort with Napkin Math. It's a newsletter I've cited before, and one that Diff readers will enjoy. (The piece I come back to a lot is this one on the economics of Costco's house brands, which was a very h…