The best option is not to allow your user account to be used by people you don't trust.
Ahhh,...stolen notebooks happen.
Keep in mind the original question, and why you should reply in the first place.
The best way to password-protect files on a computer is to use the operating system's permissions architecture.Is there anyway to password protect folders on my computer?
Unfortunately FileVault encrypts the entire home directory. IMO there is no need if you just want to keep prying eyes out of, say an employee evaluation directory. Even though you are sharing out other files in your home directory.
Relax,...
I'll agree to disagree,...