Kent Holden was one of a small number of investors for whom Friday morning's relatively good jobs report wasn't such good news.
Mr. Holden runs Holden Asset Management LLC, a small hedge fund dedicated to betting against stocks. As the Dow Jones Industrial Average fell 512.76 points, or 4.31%, Thursday, his fund surged nearly 5%.
Then, when he saw the job figures on Friday morning, he knew it probably meant giving back some of the money. He dubbed it "rally time" and braced himself as millions of others sighed with relief. In a day with lots of ups and downs, the Dow Jones Industrial Average ended modestly up.
All in all, it was an unusually good week for Mr. Holden, who since 2008 hasn't had much to celebrate. As stocks rose in 2009 and 2010 during the recovery from the global financial crisis, his portfolio suffered big losses.
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