Warren Buffett has asked the Fed if he can own more than 10% of Wells Fargo

“Berkshire’s purchases of Wells Fargo shares of common stock were made for long-term investment purposes,” said the filing.

“Berkshire’s acquisitions constituted less than 10% of the outstanding shares prior to share repurchases that were effected by Wells Fargo.”

Going forward, the filing also indicated that Buffett has no plans at the moment to buy more shares of the bank, but has his eye on the stock nonetheless.

“Berkshire does not have any present intention to acquire additional shares of common stock of Wells Fargo,” said the filing. “However, Berkshire routinely assesses market conditions and may decide to purchase additional shares of common stock of Wells Fargo based on its evaluation of the investment opportunity presented by such purchases.”

The filing states that Buffett and Berkshire have not purchased shares of Wells since October 21, 2015. He currently holds 506,308,470 shares of the bank, according to the filing.

Additionally, the filing said that Buffett and Berkshire have no plans to alter the business strategy of Wells Fargo.

Wells Fargo is among Buffett’s largest investments, called the “Big Four” stocks, along with IBM, Coca-Cola, and American Express. According to Bloomberg, his investment in Wells is worth $23 billion as of the stock’s closing price on Friday.