Hi, Well, the last year on the markets has been a very good learning exercise for many (including me!) For people who are trying to build an income stream via shares (and other assets) its was a tough call last year on whether to hold on, or sell and try to buy back cheaper, later. My question is, if in future at a time one feels that the market is too high, but doesnt want to sell for CGT and other considerations, how can strategies like index put options (or other methods) be used to hedge against falls in value over the 6 - 12 month time period? To put some numbers to it: Say, you have a portfolio worth $100, which pays divs of $5 per year. If I want to spend that $5 to buy portfolio protection for 1 year (say against falls in All Ords or S&P 200), how much protection would $5 buy you? And what product to buy? Thanks!!