Do you mean that Evernote should be valued at less than Instagram? I think the opposite is true. Evernote has demonstrated that it can monetize its user base,

Do you mean that Evernote should be valued at less than Instagram? I think the opposite is true. Evernote has demonstrated that it can monetize its user base, and it has a strong lock-in effect (I store all my stuff there so it's not worth leaving to a competitor). I happily pay for Premium just like many others. Instagram, on the other hand, has a fantastic free app, a giant user base...and no revenue.