How Do You Hedge??

What's your preferred way of hedging public equities exposure?

I've been modeling some things out and put spreads (same calendar month) provide only limited downside protection. Just buying puts can get pretty expensive pretty fast, especially if you're hedging out risk more than a few months out. Going long VXX is a systematically losing proposition, since it buys front-month futures and sells current month (lose money by definition in contango).

Curious to hear what others have found useful and/or interesting.

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