> Tech M&A is often detached from that traditional process. A $19 billion valuation for WhatsApp didn't fall out of some Morgan Stanley analyst's spreadsheet. I

> Tech M&A is often detached from that traditional process. A $19 billion valuation for WhatsApp didn't fall out of some Morgan Stanley analyst's spreadsheet. It's CEO-driven. It's a result of what Mark Zuckerberg thought it would take to buy the company. Really? I'd think it's a result of what the post-Morgan Stanley analysts who are now working at FB thought it would take to buy the company, not Zuck's whims. And it's a price that is unique to FB. You can't take a private equity price and assume it has anything to do with the publicly traded value of a company at all.