You will not find many hedge funds bragging about making money on the Japan catastrophe right now, but some made bearish bets on the country--and they fared well. Big hedge funds like Hayman Advisors and smaller funds like Commonwealth Opportunity Capital have seen the value of various investments soar since the earthquake, notes the Wall Sreet Journal.

Of course, they were not betting on a disaster to strike. Rather, they were betting on stagnant growth and general malaise, a quite reasonable bet at the time.

The stock market has since tanked, as has the bond market. CDS values have soared. The yen, however, has actually strengthened.

The ranks of "winners" in this regard may be smaller than you might expect, as until now bearish bets weren't paying off. In any case, some winners may have mixed feelings as they count their profits. One good move would be to donate a portion of their winnings to relief efforts or some other worthy cause.

Of course, at some point, the smart money will resume their bullish bets. You can count on a recovery, though it may take time. It's always better to make money in a recovery situation.

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