peHUB First Read

* The Year in Photos * Bill Burnham: Why VCs don't invest in early-stage consumer companies, and the consequences of this great abdication. * Latest investor letter from Howard Marks * Morning Call: U.S. futures point higher, London rises early, European shares rebound, the Nikkei hits 8-week closing high and China shares jump on property. * Philanthropic dealmakers * Survey Says: M&A to increase 20%-30% in 2010 * Michael Corkery: It's a great time to buy a Saab * Sara Lacy: Not all entrepreneurs consider a billion dollar M&A exit to be a success. Some find it to be a "character flaw."