Bill Seale, a principal and director of portfolios at ProFund Advisors of Bethesda, Md., has more than 30 years of experience in financial services. At one point in Seale's career, he was appointed commissioner of the U.S. Commodity Futures Trading Commission by then President Ronald Reagan. Seale oversees the management team in charge of ProFunds' 74 specialty bull and bear index funds, two money market funds and 22 variable insurance products, with a total of $2.5 billion under management. The firm's bear funds have the dubious distinction of being some of the best-performing funds so far this year. MFMN Associate Editor Chris Frankie recently interviewed Seale.

MFMN: What's the rationale for your bear market fund? After all, owning a bear market fund over the long term has got to be a losing strategy since stocks have always risen over long periods of time.

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