What are the shortcomings of using shareholder value as our only measure of competitive advantage?
1) This measure only reflects the companies past performance rather than their future prospects.
2) This measure takes more guesswork and estimation than any other measure.
3) Since these are private companies, their value is only based on a small group of investors rather than the whole stock market.
4) This measure could change wildly based on the next round of funding for these companies.