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The S&P 500 is up more than 13 percent since the lows of February 11 and at these levels, Mark Travis, president and portfolio manager at Intrepid Capital Funds, tells CNBC's "Power Lunch" it is hard to argue the market is cheap. He is waiting for opportunities created by either the Fed or the Brexit vote.
"We're trying to generate equity returns without equity risk. We need volatility. It helps us," Travis said.
It's getting more difficult, but Travis still finds value in this market.
One of his top picks is X-ray equipment manufacturer American Science & Engineering. "Their business is ripe for a bigger defense company to acquire; we think it trades higher than $32," Travis said.
American Science & Engineering is down nearly 20 percent in the past year, but is up more than one percent during trading.