Question: a. Our firm took a hit because we wrote put options just before the stock market crash. b. Before hedging our stock portfolio with options

a. "Our firm took a hit because we wrote put options just before the stock market crash."
b. "Before hedging our stock with options on index futures, we search for the index that is most appropriate."
c. "We prefer to use covered call writing to hedge our stock portfolios."
Interpret the above statements made by Wall Street analysts and managers.

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