* Felix Salmon: The problem with investing in hedge funds

* Boyd Erman: Running the numbers of a management buyout at Potash

* Morning Call: U.S. futures point higher, London opens with a rally, European shares climb and the Nikkei hits a 6-week closing high.

* Goldman’s future hip-hop star

* China Inc. is based in…. Texas

* Elizabeth Warren on Elizabeth Warren

* America’s wealthiest (and poorest) states

* How Third Rock Ventures became the Andreessen Horowitz of life sciences

* Carl Icahn buys around one-third of Blockbuster’s debt, as the video rental company keeps spiraling toward bankruptcy.

* Go here to sign up for The Term Sheet’s new morning newsletter

* Tim Wright: The 727 that vanished (h/t Kedrosky)

* Best Buy CEO: iPad cannibalizing up to 50% of laptop sales

* The guy who got the whole carried interest tax debate started is now on Twitter (and teaching this semester at NYU). So #ff @vicfleischer