Thanks Colin. A mixture of different asset classes like the robo-advisors recommend (or a Vanguard balanced fund) would work if you prefer a passive approach and don't want to actively play around with your portfolio. The risk there is that much of the hedging potential of such a portfolio depends on the low to negative correlation between stocks and bonds.

Another alternative would be to hold a mixture of cash and TIPs in the core part of your portfolio and make levered bets via long dated options (LEAPS) in the risky part of your portfolio. The pro of this approach is that your loss is limited to whatever you pay for the options. But you would need to actively manage the options part of the portfolio, moving strikes around and taking profits at regular intervals (this would also generate more short term gains, and thus taxes).

Personally, I hold a portfolio of stocks (and cash) that I've owned for years that I hedge by writing LEAPS (long the stock, short a call at a price higher than today's price). I also dabble in buying index puts when volatility is reasonably low. All in all, my portfolio is about 50% stocks (which would be considered very low risk for my age) at the moment with a little extra hedging from puts on SPY. The very conservative allocation is mainly just because I personally think the current market has run ahead of itself and the risks outweigh the opportunities.

Sorry for the long rambling response lol.