This Is a Sucker s Rally David Tice of Prudent Bear Funds,

"We see this as being a long-going economic malaise, where all three of those legs are going to continue to be hurt," Tice Says. Given the long-term down trend, Tice argues investors should be focused on liquidity and having some portion of their portfolio holdings in negatively correlated assets. In other words, when one set of assets moves down in value, another will gain.

Prudent Bear David Tice Battles Bull Run, Says Market Will Make New Lows

While most of us were losing our fortunes (big or small) in 2008, David Tice was reaping the benefits. Tice saw his Federated Prudent Bear Fund nearly double from the time the stock market hit an all-time high in Oct. 2007 to when the panic set in after Lehman’s collapse in Sept. 2008.

Today, he's as bearish as ever even after giving back more than 14% in the fund this year, (though, his Federated Prudent Global Income Fund is up 14%).