In his own words · Leverage & debt

“In engineering, people have a big margin of safety. But in the financial world, people don't give a damn about safety. They let it balloon and balloon and balloon. It's aided by false accounting.”

— Charlie Munger · Berkshire Hathaway annual meeting, 2003 (Whitney Tilson's meeting notes; quoted in Tren Griffin, 'Charlie Munger: The Complete Investor', 2015) · 2003

As recalled from Berkshire Hathaway annual meeting, 2003 (Whitney Tilson's meeting notes; quoted in Tren Griffin, 'Charlie Munger: The Complete Investor', 2015) · 2003 — the sense is right but the wording is not verbatim.

From Tilson's 2003 notes (near-verbatim, not an official transcript).