Week of 01/03, page-13

Hi folks, have not posted on here for years .... I reside on XSO these days.
Did a post yesterday and @cha suggested I should come to the brains on this thread and ask for help. I will C & P the post below.
Self explanatory; any thoughts or ideas would be appreciated.
Sorry for intrusion/ feel free to reply here or if intrusive on the xso thread??

Ok BT'ers back in the day @CaptainGrumpy explained here his hedging strategy utilising long dated put options on US indices. FWIW I had a dabble in said strategy & struggled to "get" correlation between it and Oz shares.

With markets at or near ATH's and ff div yields readily available at 5% + on oz market it seems to me that inside a SMSF there must be some relatively risk free ways of playing the market using a disciplined put strategy. For info my work shows that options on individual shares in Oz are:
1. expensive

2. illiquid

3 Huge spreads

I am even considering a "type of hedge" whereby entering covered call strategy; and using the call premium as a "partial hedge"

Anyone got any thoughts much appreciated .... or any WOW (Words of wisdom)?PS I have one of my infamous investment lunches tomoz where I am hoping to debate the ideas BUT these guys tend to break out in a sweat at the mention of options LOL They are serious BULLISH LT type dudes.