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:

Ticker Company Industry Shares Value ($1000) % Weighting as of
2011-06-30
Share # Change
from Last Period
Trade Impact to Portfolio (%) New!
Holding History
AON AON Corp. others 2,383,886 122,293 5.4138% +1.96% +0.1% History
LINTA Liberty Media Corp. Series A Media 7,188,310 120,548 5.3366% -3.44% -0.19% History
MSFT Microsoft Corp. Software & Computer Services 4,485,129 116,613 5.1624% -5.94% -0.33% History
DELL Dell Inc. Technology Hardware & Equipment 6,213,079 103,572 4.5851% -4.81% -0.21% History
WFC Wells Fargo & Co. Banks 3,544,150 99,449 4.4025% New Buy +4.4025% History
RWT Redwood Trust Inc. Financial Services 6,485,904 98,067 4.3414% +3.1% +0.13% History
LBTYK Liberty Global Inc. Series C Media 2,286,517 97,634 4.3222% +1.14% +0.05% History
BRK.B Berkshire Hathaway B Insurance 1,186,488 91,822 4.0649% +13.37% +0.48% History
TXN Texas Instruments Inc. Technology Hardware & Equipment 2,584,100 84,836 3.7556% +1.8% +0.07% History
COP ConocoPhillips Oil & Gas Producers 1,056,360 79,428 3.5162% +0.15% +0.01% History
GOOG Google Inc. Software & Computer Services 140,465 71,129 3.1488% +36.45% +0.84% History

Visit msnbc.com for breaking news, world news, and news about the economy