peHUB First Read

* The SEC sets up a fund investigation unit. * Heidi Moore: The myth of the "sophisticated" investor * James Mawson: Ups and downs at Candover reflect the broader buyout market * Morning Call: U.S. futures point higher, London hits 2-month low, European shares slip, the Nikkei climbs and Hong Kong shares retreat. * DealBreaker covers Buffett-palooza 2010 * British VC funding rises, while the rest of Europe falls * Microsoft builds open-source tool for biologists drowning in data. * Josh Kosman: "After years of being the little guy who used Washington to fend off Goliaths like Microsoft, Apple CEO Steve Jobs is about to learn what life is like when the shoe's on the other foot." * BusinessWeek lists its Top 10 cities to launch a new startup. And it is absurd. Well, unless you'd really prefer to launch your generic startup in Franklin, Tennessee instead of in San Francisco. Or in Boca Raton instead of Cambridge, Mass. Or in any of the "Top 10" instead of in New York City.