What the LinkedIn Deal Reveals About Bubbles

Worry about corporate bonds, not tech stocks.

Not always easy to recognize.

Photographer: Matthew Lewis/Getty Images

Microsoft’s move to purchase LinkedIn for $26.2 billion -- the largest company-for-company acquisition in the technology industry since Hewlett-Packard’s 2002 purchase of Compaq -- is bringing out the predictable talk of irrational exuberance. But if the deal does indicate a bubble, it’s not necessarily in tech or in stocks.

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