David takes on Gretchen Morgenson’s horrific new book, "These Are the Plunderers," an embarrassing assault on private equity (though now published thanks to private equity, hysterically enough). Understanding the innovation of private equity and its net benefit to society is facilitated by some general understanding of financial vocabulary, a deeper appreciation for private property and the rule of law, and, of course, the adoption of first principles that embrace risk and always ask the question, “Compared to what?”