a) Assume you have identified a stock you think will go down in price in the next year. Briefly discuss (in one or two sentences each) two potential trading strategies you could implement that will allow you to profit if indeed the stock price declines.

b) What if you are worried about a stock you already own declining in value? What are two things you could do to protect yourself against a price decline? Briefly (1-2 sentences each) discuss each.