The LinkedIn (NYSE:LNKD.DL) story so far has been characterized by remarkable growth across all areas of the business. Some of the numbers, in fact, may astound you.

The company currently has more than 225 million registered members, and it's been able to grow sales at an annualized rate of 95% over the past two years. Investors who were lucky enough to buy shares at the IPO price of $45 have now seen gains of 306%. And the stock is up 59% already in 2013. Clearly, LinkedIn is on fire.

All that glitters may not be gold, however. Growth rates for LinkedIn are slowing, and there are legitimate concerns about the online engagement of all those members. Even the company itself admits that a substantial majority of its members do not visit its website on a monthly basis.

Most observers agree, however, that LinkedIn is a fine business. The key issue for investors is whether this company can continue to deliver outstanding returns over the long term.

We think there are good arguments on both sides of the debate over LinkedIn. In the presentation below, we've laid out both the bull and the bear case for the company.

To see the presentation in its entirety, just click the arrows within the embedded slideshow below. Alternatively, you can view each of the slides by clicking the link below the slideshow.

The Bull and Bear Case for LinkedIn from The Motley Fool.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.