There is a very clever cookie in the US who continually buys puts (probably has a more complex strategy though) in the belief the market always underprices the risk of a high sigma event.
I am thinking this might be an appropriate strategy for the aussie market now.
I am thinking that I should wait until the market continues in its merry uptrend and IV's sink. Then buy some longdated XJO puts which are out of the money.
The idea is you continually loose small premiums until the market has a big correction and collect bigtime.