Seems to me, that if you take a rational perspective, then if a company like SnapChat has a high valuation then it must have some competitive advantage and effe

Seems to me, that if you take a rational perspective, then if a company like SnapChat has a high valuation then it must have some competitive advantage and effective market plan. Of course, this might just be confirmation bias because I want to believe that such a high valuation could not be the effect of just poor estimation. A different situation could also be true. One might not want to believe that a four year old messaging app might be worth more than some of the most well known names in household products. It's confirmation bias all the way down.