Subject: Re: PILOT
It would be fairly tricky to do a comparison to Alimentation Couche-Tard like that. ATD have quite the geographic mix, and presumably a different fraction of sales from fuel, and a lot of stores not attached to fuel stops. I had the impression that Pilot's line of locations was more homogeneous.

I'm not saying that Berkshire didn't overpay; I don't have an opinion on that. Mr Buffett was certainly scathing about the Pilot folks in the annual report, in his coded way. Maybe they succeeded in gaming the second payment after all.

Jim