Overnight we will learn whether or not Argo has won Best Picture. I recommended just two points @ 9/2 since when the price has contracted to around 1/5. If you have just had the equivalent of two points to win I don't think it is worth hedging. However if you topped up when I blogged that it was being heavily backed (at that time reducing to around 5/2) you could consider recovering your stakes by laying Argo at the current 1.22 price on Betfair.
However I am not officially recommending a covering bet so the decision whether or not to lay anything I will leave to the reader. Let's hope it wins!
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