Value guru, Wallace Weitz was on CNBC recently talking about finding value in these volatile markets. He thinks it it is important between macro conditions and valuable stocks. However Weitz does think the European crisis should continue for a while.

The only bank he owns is Wells Fargo. It has been a holding of his since the 1980s. He thinks Wachovia was a good acquisition by Wells, and thinks that the Wells can earn $4 per share, which would give it a pe of 6.

He discusses some of his top holdings in the video, below is a list from http://www.gurufocus.com:

TickerCompanyIndustrySharesValue ($1000)% Weighting as of
2011-06-30
Share # Change
from Last Period
Trade Impact to Portfolio (%)New!
Holding History
AONAON Corp.others2,383,886122,2935.4138%+1.96%+0.1%History
LINTALiberty Media Corp. Series AMedia7,188,310120,5485.3366%-3.44%-0.19%History
MSFTMicrosoft Corp.Software & Computer Services4,485,129116,6135.1624%-5.94%-0.33%History
DELLDell Inc.Technology Hardware & Equipment6,213,079103,5724.5851%-4.81%-0.21%History
WFCWells Fargo & Co.Banks3,544,15099,4494.4025%New Buy+4.4025%History
RWTRedwood Trust Inc.Financial Services6,485,90498,0674.3414%+3.1%+0.13%History
LBTYKLiberty Global Inc. Series CMedia2,286,51797,6344.3222%+1.14%+0.05%History
BRK.BBerkshire Hathaway BInsurance1,186,48891,8224.0649%+13.37%+0.48%History
TXNTexas Instruments Inc.Technology Hardware & Equipment2,584,10084,8363.7556%+1.8%+0.07%History
COPConocoPhillipsOil & Gas Producers1,056,36079,4283.5162%+0.15%+0.01%History
GOOGGoogle Inc.Software & Computer Services140,46571,1293.1488%+36.45%+0.84%History

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