peHUB First Read

Some links for the five of you who aren’t nursing a turkey hangover:

* A new study finds that buyout funds underperform the S&P 500 by 3%, once carried interest and fund fees are taken into account. In other words, LPs would do better in an index fund (well, assuming the LP is in the PE equivilent of an index fund, which few are).

* FeedBurner CEO Dick Costello on the preferred composition of an early-stage board of directors.

* Fred Wilson says that the latest stem cell breakthrough is the umpteenth example of technology solving a problem that has tied politicians in knots. Next up? Global warming.

* Remember that standing ovation that PE-backed newspaper publisher Gatehouse received when it went public last year? It’s been all downhill since then

* Warner Music also is experiencing sagging fortunes as a public company.

* If WSJ Online becomes free, what does that mean for all those other DJ services (like VentureWire) that sit inside of walled gardens?