Brian Frank, manager of the Frank Value Fund ( FRNKX), says the valuation of his portfolio is the cheapest he has ever seen headed into second-quarter earnings, and that includes 2008 and 2009 when share prices plummeted during the heart of the deep recession. Frank's fund finished the second quarter up 14% and the portfolio still remains cheaper in July than it was at the beginning of the year. Even with a concentrated portfolio, Frank says earnings season can be frentic as a fund manager. "We hold 33 positions, so that's 33 conference calls and 33 releases we're looking at as soon as they come out," Frank says. "We read the statement, we glance at analyst estimates for reaction, and we update our numerical models on every company. Most of the time, we'll listen to management's conference call. It is pretty intense around earnings season." One company he will be paying close attention to is Weight Watchers ( WTW) as the stock has already more than doubled this year and has also found a fan in Steven Cohen, manager of the hedge fund SAC Capital. Frank bought Weight Watchers when the stock traded around $20, and while he notes it doesn't look like a great value pick any longer, there is still room to run. "I've never seen operations accelerate before like I have in Weight Watchers," Frank says. "They're growing the business at an incredible rate without spending any money. The expectations may actually now be low, but with operations acceleration, it usually continues for a few quarters. We think they could surprise and some of the momentum could come back into the stock." Frank expects a similar surprise out of Google ( GOOG), which is looking to put a disastrous first-quarter conference call behind it. "Larry Page didn't make any friends in the first quarter," Frank says, referring to the Google co-founder who took over as CEO earlier this year. "He came on the call for two or three minutes, he said a few cryptic things, he didn't take any questions, and then he left." While most market participants may continue to focus on both Page and the new technology rollouts by Google, including the Google Chromebook and Android mobile operating system, Frank says investors would be smart to focus instead on what the company says about advertising. Google shares are down 10% this year, vastly underperforming the broader market. "Google has all this neat technology, but Google is an advertising company," Frank says. "They really generate revenue by people clicking on ads when they do a Google search. That growth was tremendous in the first quarter. Not only are more people doing searches through Google, but the average price on those AdWords is going up. Traditionally, it's great to come out of the recession with an advertising company." Staying in technology, Frank is also bullish on Dell ( DELL), which has become a traditional value stock as the consumer PC market soured. Frank says Dell is also widely misunderstood, noting that consumer PC sales make up only 2% of Dell's operating income. "It's a very misunderstood company because you still hear it referred to as Dell Computer, and it actually changed the name to Dell Inc. They're not so much about the consumer PC," Frank says. "The vast majority of it is business PCs, servers and services. They're now doing consulting, installation and maintenance. With the emergence of cloud computing, there is a lot of back-end work to be done, which is what Dell is getting into. That's high margin stuff." Frank also highlights Dell's commitment to buy back over 10% of the company this year as well as insider buying by founder and CEO Michael Dell. "When the insider buys, they think their company is undervalued. Anyone can have a reason to sell, but there's only one reason to buy," Frank adds.