After the market has had a large run up, it makes sense that an investor would want to protect their returns. Traditional financial advice would suggest that you buy a put to protect your long stock position. This is known as a married put and will provide you with protection in case of a market down turn. While this sounds great, the cost of the puts are usually quite high. In order to reduce the cost of your protection, you can sell a call to finance the put and thus form a cash-less collar. Today, Tom Sosnoff and Tony Battista compare these two defensive strategies to see if either would have been able to save a long stock portfolio. The guys even give the strategy the benefit of the doubt by looking at 2007-2009 during the worst market sell off in recent history. They find out that buying the put outright would actually lose more money than just holding a long stock position! The cash-less collar on the other hand was able to mitigate the positions losses to less than 10% of losses experienced by the stock!