peHUB First Read

* Why private equity returns are misleading* Fred Destin: The arrogant venture capitalist* Joshua Brown: The rally apologista's handbook* Preqin finds that 60% of private equity firms have either frozen salaries or are considering such a move. Moreover, 14% have cut staffers with another 12% mulling future layoffs.* Morning Call: U.S. futures signal mixed open, European shares extend losses, the Nikkei rally falls short and both China and Hong Kong shares drop on supply woes.* Get ready for Twoddler (i.e. Twitter for toddlers)* As the Supremes reconsider SOX, take a listen to the Sarbanes-Oxley Blues.* Original TARP overseer Neel Kashkari has taken a job with PIMCO. Felix Salmon wonders where else he could have gone.