Stocks continue surging to record highs. Here's how to hedge

The S&P 500 has staged an impressive recovery, rallying more than 17% off its March lows on a combination of tariff relief optimism, resilient earnings and a powerful rebound in semiconductors. It is a move that has rewarded patience. It is also one that has quietly made hedging both more affordable and more strategically sensible. The arithmetic is straightforward. Protection costs less when volatility is compressed. …