Calls/call spreads on the VIX. :P
Joking aside, I’d bet most people do quite well going long VXX while the term structure of VIX futures is in backwardation. If the nature of the trade isn’t your style, precious metals and a good short duration bond manager would also prolly be a good bet.
People like to laugh at Einhorn for his lousy performance the last 5-7 years, but he is a well hedged value manager with (IMHO) a string of bad luck and one bad call - shorting the “bubble basket”. Even if I think he is wrong on several of those stocks, he is bound to capture most of the downside volatility without the same carrying cost as a straight short on the S&P.