Quote from stevenpaul:
For all intents and purposes, there is no difference between buying stock and hedging it with a long Put, and simply buying a Call. The risk and reward profiles of each position are equivalent. Might as well buy a call and save your money on the stock. Of course, if you've spotted a mispricing in the put such that the dividend of a stock in not included in the put's premium, you could buy stock, hedge it with a put, and collect the dividend for a risk-free profit (unless the dividend is cut). Those plays do show up and are even published by companies like Dividendium, but other than tactics like that, married Puts and outright Calls are essentially the same thing, just as naked puts and covered calls are equivalent.
