What other metric do you use? A warm fuzzy feelings index? The problem is "shareholder value" is defined using a measure of TODAY's stock price, which is highl

What other metric do you use? A warm fuzzy feelings index? The problem is "shareholder value" is defined using a measure of TODAY's stock price, which is highly volatile and subject to really minor changes in quarterly reports. So companies tend to spend an inordinate amount of resources trying to level out the volatility of their short term stock price by doing whatever they can to meet quarterly expectations, which leads to misallocation of capital. A better measure might be the potential value of a stock some number of years out, which can be roughly measured using stock options trading if the options markets have access to enough data. That type of data would include things like customer satisfaction metrics, R&D spending, etc. (ie the types of things Steve Jobs optimized for).