Prudent Bear portfolio manager Doug Noland is staying a skeptic. The Monday WSJ Fund Track highlights the short-selling fund's bets during this time of "green shoots" and rising stock prices. Indeed, Noland sees the seeds of optimism for pessimists in the current market.

"The theme here is global reflation that replaces the mortgage bubble," he tells the paper. "We believe very strongly that this is a secular bear market."

The Prudent Bear fund is owned by Federated Investors. 

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