Cloyd is in a particularly bitter mood. He's deeply resentful of the fact that Walter has much more money than he'll ever need yet still has someone—i.e., Cloyd—do the work for him to make him richer still. Cloyd wonders why he'd ever liked the old man in the first place. He thinks it's because he found the bearstone on the very first day he started working for Walter. This gave him the peculiar notion that Walter was some kind of good luck charm. But that was then, this is now.
When he first started working for the old man, Cloyd also remembers how the bear hunters used to drop by the ranch and have a good old laugh with Walter. This is why Cloyd thinks that maybe "Laughs with Bear Hunters" should be the old man's secret name.