peHUB First Read

* Is water the next oil?

* Who will buy Merrill Lynch’s minority stake in Bloomberg LP? Robert MacMillan thinks there is only one viable candidate.

* Jimmy Lee on leveraged buyouts: “The math just doesn’t work anymore.”

* TheFunded today introduced a service that allows its members to post business plans in order to: (A) Get feedback from other members and (B) Get referred by members to potential funding sources. Like everything with TheFunded, there are some obvious questions — Matt Marshall, for example, plays skeptic on this new service — but I accept Ressi’s basic thesis: “A venture capitalist is always going to read a portfolio company CEO’s email. That doesn’t mean you’re necessarily going to get funded, but it does give you a good shot at an introduction, which is very difficult for a lot of entrepreneurs to get.”

* Handicapping the July 3 sentencing of former Refco boss Phillip Bennett.

* Obama joins private equity fight. Well, that’s the juicy headline. The story itself is short and speculative.

* Bear Stearns indictments may be on the way. No, surely you jest…

* Tugboat Ventures raises its second fund.

* Dubai’s next buyout? How about Cirque du Soleil.

* Wallstrip on True Religion Apparel: [youtube=http://www.youtube.com/w/?v=Wl-eQvWcOjM]