Subject: Re: From the letter
Berkshire paid $8.2 Billion cash on 1/31/2023 for the additional 41.4% of Pilot . The original 38.6% interest was carried at $3.2 Billion on Berkshire's books and will be subject to a remeasurement gain in Q1 2023.

Valuation of 100% of Pilot based on the original 38.6% carrying value of $3.2 Billion is $8.29 Billion

Valuation of 100% of Pilot based on the Jan. 2023 deal is $19.81 Billion.

Berkshire's 80% would make Pilot a $15.85 Billion subsidiary.