Buffett publicly acknowledged that he wants more than five percent of Apple shares

Warren Buffett said on Saturday that he would like his company Berkshire Hathaway to own more than five percent of Apple shares, especially if the iPhone maker buys back more of its shares.

Buffett made this statement in front of tens of thousands of Berkshire shareholders gathered at the annual meeting in Omaha, Nebraska. Two days prior, he revealed that he had purchased an additional 75 million Apple shares, and four days ago, Apple announced that it could buy back its shares for $100 billion.

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“I am glad they are buying back their shares,” said one of the richest people in the world.

“I like that we have five percent, maybe one day six or seven…. But you have to have a very, very special product that has a tremendously large market, a product that is easily accepted,” he added.

Apple’s shares reached record prices after Buffett announced that he had increased Berkshire’s already significant stake in the Cupertino, California-based company to 240 million shares, currently worth $44 billion. Buffett’s comments surprised many given his aversion to technology companies, but the billionaire views Apple more as a consumer goods company.

The investment helps Buffett allocate Berkshire’s cash and equivalents while he considers his first major acquisition since buying aircraft parts manufacturer Precision Castparts Corp in January 2016 for $32.1 billion. Even after purchasing Apple shares, Berkshire has $108.6 billion in cash and equivalents, the company announced on Saturday.

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Buffett made the statements in response to a question from CNBC journalist Andrew Ross Sorkin. “$100 billion is a lot of money,” Sorkin concluded his question.

“I used to think that too,” Buffett joked, eliciting laughter and applause from the audience.