Pre-Marketing: Google paying $12.5 billion for Motorola Mobility

August 15, 2011, 3:35 PM UTC

* Biting the Apple: Google buying Motorola Mobility for $12.5 billion

* David Swensen: The mutual fund merry-go-round

* Morning Call: U.S. futures point higher, London rises on commodities, European shares extend gains and the Nikkei rebounds.

* No joke: The “Twitter hedge fund” is in the black

* Paul Kengor: Reagan stimulus vs. Obama stimulus

* Market meltdown: E*Trade baby loses everything

* Spooky: How Tom Selleck predicted the future of tech

* Bigger boxes: Time Warner paying $3 billion for cable operator Insight

* Sign up for Term Sheet’s daily email on deals and deal-makers:

* Warren Buffett says to stop coddling the super rich. Two pullouts: (1) He paid lower federal income tax “percentage” than anyone else in his office; (2) “I have yet to see anyone shy away from a sensible investment because of the tax rate on the potential gain.”

* Jay Jordan on Dodd-Frank: “People in Congress just don’t get it. All they had to do is two things: Re-install Glass-Steagall, and then you deal with leverage. And then you go have lunch.”

* Matt Levine: If we’re not supposed to care about what S&P said, why do we care when they said it? (good piece, but ignores possibility that the insiders were shorting S&P owner McGraw-Hill, whose shares got crushed following the downgrade).

* Tweet of the Day: @WSJIdeasMarket Michelle Bachmann, Mitt Romney, Tim Pawlenty and Rand Paul combined have fewer followers than @BronxZoosCobra