Long FP, XOM, GOOG, MSFT, RIMM, PGR, IBM

I like all those positions.

In average across those the current market PE ratio is about 12, which is very low considering the Fed Funds Rate is at 0.25%.

I consider these positions typical Warren Buffet plays: companies making consistently making profits, profits consistently growing, and low market valuation (PE about 10 to 15).

The only downside risk is really a 'Lehman' type event, perhaps in Europe with banks balance sheets, or sovereign debt issues.

Ideally one would have a hedge against such risk: PUT option on certain banks?
I have little hedge position right now: just PUT option on PCY, just in case the world markets tank.