peHUB First Read

* The Economist: “Western private-equity firms trying to enter China run into two problems: getting their money in and getting their money out.”

* Cerberus is planning to float rifle maker Freedom Group, just as the firearms bubble appears ready to burst.

* The comment period has ended on proposed FAS 157 revisions, and Jennifer Rossa has a roundup.

* Morning Call: U.S. futures point higher, London rises early, European shares bounce back on banks, Nikkei closes up 0.2% and Hong Kong and Shanghai both surge.

* Buzz Bissinger: Why Moneyball has failed.

* Jason Mendelson: When to shut down your startup.

* Photo gallery of top moments from the Web 2.0 Summit.

* Former VC Tony Audino is guiding Seattle startup Conenza through Chapter 11 (btw: Happy 1st birthday TechFlash!). 

* Mohamed El-Erian: The two-stage de-risking of banks

* Scott Kirsner launches yet another blog, this time as a place to dump all the interesting emails he doesn’t have time to fully write about.

* Not all dividend recaps are dead. 

* Carlyle Group’s David Rubenstein on the future of private equity: