You manage a $1.12 million portfolio 0 and that the market is about to fall, I'm Beta = 1.2 Alpha = 2% Risk-free rate = 1% S&P 500 (SC) = 1,344 Hedge your exposure by selling S&P 500 futures contracts (S&P multiplier = $250) Long on Portfolio and Long on Futures Short on Portfolio and Short on Futures Long on Portfolio and Short on Futures