peHUB First Read

* TCW has sued former star manager Jeff Gundlach, whose new asset management firm is backed by Oaktree Capital Management. It's the usual stuff: Stealing clients, misappropriating confidential data... oh, and keeping drugs, porn and sex toys in his office. * Mike Hischland: "A general frugality and focus on profitability does not mean that startups should, in all instances, focus on burning less and less capital each successive month. In fact, sometimes... it is just the opposite: the wise thing to do is to increase burn at a certain point." * On Tuesday, I referred to the NYC pension system structure as a "cluster$&*$." Imagine my surprise/amazement/amusement to be quoted, verbatim, by the City's new comptroller John Liu. * Morning Call: U.S. futures point higher ahead of payroll data, London rises early, European shares climb on banks, the Nikkei hits 15-month high and positive closes in both China and Hong Kong. * UBS hates loves LBOs * David Walt: Five disruptive biotech ideas to watch over the next decade * Jim Chanos keeps predicting economic meltdown in China: "Dubai times 1,000 — or worse.” Jim Rogers dissents.