Cheers Gareth, really appreciate you guys taking the time to explain alternatives - especially as the original question was a little vague.
With regard to risking capital - good point. A proportion of the profits I'm making from the rise in indices is being stashed away for a time when things go the other way - and get very hairy...probably with spike in vol. This bear fund is could of course go to money heaven but since it can be partially hedged by going/staying long index futures - hopefully the pain won't be too great.
Like many, I think the big down day is inevitable but I'm happy to hold my nose and ride the market higher - and get my bear strategy sussed in the meantime.
Cheers Again Gareth