Jerry Stockton is an equity trader at Alphabeta Funds. Based on his fundamental bottoms up stock analysis, he becomes bearish about Moth Motors Company (MMC) stock, expecting that the stock will decline 30% from its current level of $100 per share. Please mark the only strategy that will make Stockton to lose money:

a. Write a call option with a strike price of $105 and a premium of $2

b. Write a put option with a strike price of $65 and a premium of $5

c. Buy a put with a strike price of $80 and a premium P of $5

d. Borrow MMC shares and short MMC stock, covering the position at $70