I would hedge the investment:
Use 40% to buy BTC directly.
Use 25% for a mining plan (Cloudhashing is going for $2/GH for their next upgrade)
Use about 10% for other coins (Litecoin and/or Darkcoin and/or Doge)
Use 25% for a hardware order -- but be careful: BFL is useless, KNC has gone bad, and most other companies will never make ROI.
I feel you are using the word "hedge" incorrectly - at least not in the way it is typically used with investments. Perhaps you meant diversify.
Buying cloud mining is just plain silly. Do you know anybody who will sell you $1 for $0.75? The cloud mining company will just take your premiums and make a farm to sell more hash which will directly compete with your investment. It also centralizes mining power - bad for Bitcoin.
Buying altcoins is very risk buy also offers high potential for gain.
Hardware might be viable if you have infrastructure, cheap power and get a good price.