peHUB First Read

* Paul Volcker explains himself. Seems like his argument against bank-sponsored private equity is more about conflicts of interest than about systemic risk. May be a tougher case for Wall Street to argue against, given how many banks cited those very conflicts when giving up internal PE programs six or seven years ago (before reversing course when buyouts got big again).

* Are fairness opinions really fair?

* The yo-yo life of a tech entrepreneur: A cautionary tale

* Zynga’s Mark Pincus on management: “I also like to hire people into one position below where they ought to be, because only a certain kind of person will do that — somebody who is pretty humble and somebody who’s very confident.” He also says to “make everyone the CEO of something.”

* Morning Call: U.S. futures point higher, London opens flat, European shares slip, the Nikkei stays flat as Toyota support slips and China shares hit 3.5 month closing low.

* Eric Wiesen has a friend who hates tech.

* Rob Go has some suggestions for MBA programs that want to train the next generation of entrepreneurs.

* Survey Says: Buyout pros are less gloomy than last year, but hardly jolly

* Speaking of gloom, Peter Schiff compares Obama’s economic outlook to General Custer at the outset of Little Big Horn.

* Tweet of the Day: erichippeau #WEF I tell CMO of large financial services company that economy grew 5.7%. She says: “where, in China?”

* Arif Naqvi, chairman and CEO of Abraaj Capital, discusses why his firm has launched a new PE fund in Palestine: