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Warren Buffett Says He’s Ready to Buy Back “A Lot” Of Stock

Shareholders Gather Ahead Berkshire Hathaway Annual General MeetingShareholders Gather Ahead Berkshire Hathaway Annual General Meeting
A shareholder passes a sign ahead of the Berkshire Hathaway Inc. annual shareholders meeting in Omaha, Nebraska, U.S., on Friday, April 29, 2016.Photo by Bloomberg Bloomberg — Getty Images

Warren Buffett on Saturday said the odds were “extremely high” that his Berkshire Hathaway (BRK-A) would buy back “a lot” of its stock if the price fell below 1.2 times book value, a level it recently approached.

Speaking at Berkshire’s annual shareholder meeting in Omaha, Nebraska, Buffett also said he would consider raising the threshold “a little” if he found Berkshire with so much money that it “burns a hole in your pocket.”

He said that could happen if Berkshire’s cash hoard rose to $100 billion or $120 billion, a level it has never reached and perhaps double what it is now, following January’s $32-billion purchase of industrial parts maker Precision Castparts.

“The stock is worth significantly more than 1.2” times book value, he said.

Berkshire is expected to disclose its book value per share when it releases final first-quarter results on May 6.

Click here for all of Fortune‘s coverage of Berkshire’s annual meeting.