Traditionally one could reduce risk by decreasing stock % and increasing bonds. What about reducing risk by going heavier into stocks but buying put options against the S&P. e.g. put almost everything into VOO then once a year invest a small percentage of portfolio to buy put options for the S&P to drop 30% (SPY options can be used which closely approximate VOO). If the market drops you make money on the puts which offsets the losses in VOO. If the market does OK then the put options lose money which is like a small insurance policy.
Does anyone have any feedback on this strategy?