I love when I think we're taking territory - if it makes sense in the long term, we just don't give a damn what it looks like in the short term. After all, we're running a cult, not a normal company.

They made a mistake. And it was an easy mistake to make. I don't regard setting incentives aggressively as a mistake. I think the mistake was, when the bad news came, they didn't recognize it directly. I don't think that impairs the future of Wells Fargo. They'll be better for it.

Wells Fargo had a glitch - the truth of the matter is they made a business judgement that was wrong. I don't think anything is fundamentally wrong.

Charlie Munger Quotes