Billionaire of the year

Look at this guy: he is the (money) man of the year.

David Tepper made bucketloads of cash by betting that banks had been oversold early in 2009.

According to the story, Tepper has pocketed about US$2.5 billion of his hedge fund firm's profit this year. I suppose that explains the cheesy grin (but not the squint, the cheap PC in the background, the rumpled tieless shirt or the rolled up trousers - why is he dressed like a journalist?).

He also allegedly "keeps a pair of brass testicles on his desk", which could be construed as either a philosophical statement or a commodity play.

These are mere superficial details, however. Tepper and his cojones are now seriously loaded.

He took some chances: doubled up, went short, cashed in.

"Mr Tepper has built his reputation on judging value in panic situations," the UK Telegraph story reports. And if 2009 had nothing else going for it, the year was chock-full of panic.

Like all hedge fund managers, though, Tepper has had his upper and downer years. For most hedge fund managers - however you want to define them - the last two years have been abysmal.

As we creep into 2010, however, the mood amongst the long/short crowd is improving.

"After an appalling 2008, the [hedge fund] survivors are rebuilding the industry's tattered reputation, helped along by rising markets," the Telegraph article says.

But who wasn't helped by rising markets? Even the much-maligned New Zealand government borrowing program got a leg up late in the year.

"Compared to Budget 2009 forecasts, there is an $8 billion reduction in the total net borrowing requirement over the years 2009/10 to 2012/13," the New Zealand Debt Management Office informed us last week.

Financial Times writer Gillian Tett, however, reckons that 2010 will be a testing one for government debt. In her story Tett quotes some big bank insider as saying that sovereign debt "is going to be the big debate for 2010".

Tepper may need to consult his brass balls again next year.