Key facts
- Charlie Munger, who died at 99, reportedly skipped insuring his mansion.
- Munger believed it was better to self-insure and write a check to rebuild.
- He stated that insurance meant paying for the fraudulent actions of others.
Charlie Munger, the influential billionaire investor and vice chairman of Berkshire Hathaway, who passed away at the age of 99, reportedly opted out of insuring his own mansion. Munger's rationale, as cited in reports, was that he could simply write a check to rebuild his property if necessary, a strategy he believed was employed by 'all intelligent people.' He further elaborated on his stance regarding insurance, suggesting that it often involves subsidizing the fraudulent behavior of others, making it an undesirable proposition for him.