Index: src/wp-includes/js/mce-view.js
===================================================================
--- src/wp-includes/js/mce-view.js	(revision 39901)
+++ src/wp-includes/js/mce-view.js	(working copy)
@@ -428,6 +428,7 @@
 		 */
 		replaceMarkers: function() {
 			this.getMarkers( function( editor, node ) {
+				var selected = node === editor.selection.getNode();
 				var $viewNode;
 
 				if ( ! this.loader && $( node ).text() !== this.text ) {
@@ -440,6 +441,14 @@
 				);
 
 				editor.$( node ).replaceWith( $viewNode );
+
+				if ( selected ) {
+					editor.selection.select( $viewNode[0] );
+
+					setTimeout( function() {
+						editor.selection.collapse();
+					} );
+				}
 			} );
 		},