* Scott Austin: Back to the future for venture capital funds?
* Goldman’s Jim O’Neill: Long live BRIC, but make room for MIST
* In case you missed it: Text of Obama’s State of the Union address
* The Financial Crisis Inquiry Commission report is leaked to the NY Times. Says that the financial crisis was “avoidable.” In related groundbreaking discoveries, my decision to eat that third slice of pizza yesterday was avoidable, but it happened anyway.
* Morning Call: U.S. futures point higher ahead of Fed announcement, London rises early, European shares climb and the Nikkei slips.
* Megan McArdle: President Obama as a micromanager
* The biggest short: Subprime student loans?
* Ho vs Ho: Minority investors don’t matter
* Anthony Ha: Did Facebook just hint at its answer to Groupon?
* Today in secondaries: Citigroup may sell a $500 million stake in CVC Capital Partners
* Nielsen raises more than expected in its IPO. So which debt-laden, PE-backed companies are next?
* Jo-Ann Stores CEO Darrell Webb stands to make more than $30 million from the company’s takeover by Leonard Green
* Bryce Roberts on mobile in Egypt: “We’re not talking about some Stanford dropouts who’ve developed a hot new iPhone app. We’re seeing something much more fundamental. Not just a shift from the PC to handsets, but a shift from disconnected and isolated members of developing nations to connected global citizens. Many of whom skipped the PC altogether.”