Mr. Zero invested all his cash into a stock portfolio which consist of all S&P 100 index stocks. The size of the portfolio amounted $320 million and invested equally on all shares. He anticipated that market may enter into bear market and would like to protect his portfolio. He also learnt that option contract able to protect his portfolio value and he seeks your advice on this matter.

Based on the information given above, advise to Mr. Zero on how to protect his portfolio. Illustrate with appropriate examples. (Note: You may use any table(s) or diagram(s) to assist your explanation)