peHUB First Read

Cofee* Six degrees of sandwiches.

Hugo Dixon says that we’re now seeing the folly of 2 and 20, when it comes to hedge fund managers. No mention of private equity, probably because it doesn’t have the redemption/panicked selling issues that can cause systematic crisis.

* Speaking of troubled hedgies: Dallas-based Highland Capital Management is closing its flagship fund. And Perry Capital just laid off up to 30 equities pros. 

* More job cuts at VC-backed companies in Silicon Valley. And that’s in addition to yesterday’s AdBrite news.

* Ritholtz blows up the notion of correlation between market performance and a sitting president’s party. 

* European stocks rise, U.S. futures drop. Equity Private warns us that this is going to be a very volatile day (speaking of EP, does she still work fulltime at a PE firm? If so, how does she manage to be Carney’s quasi replacement at DealBreaker?)

* Icahn likes the Paulson plan, but thinks it needs more accountability.

* Back in the fall of 2004, I remember certain friends debating whether they’d prefer a Bush loss and Red Sox championship, or vice versa. The Red Sox usually won out. Seems the same sentiment is being felt in Ohio, where more people would prefer a Buckeye victory over Michigan than a 13k Dow.

* WallStrip celebrates its second anniversary: