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Stocks are down.
Investors in so-called bear funds are smiling lately about the same news that left most other investors in tears. These funds bet the stock market will decline and, as we all know, it has more than obliged this year. There are a dozen bear funds that make money whenever stocks go down. Some also use futures and options to exaggerate their move in the opposite direction from the index. So when the index goes down, the fund goes up twice as much.