No. of Recommendations: 2
I look at it from the arbitrage viewpoint.
If one was reliably better than the other, everbody would know it.
If one was reliably better than the other, the big players like Goldman Sachs would be doing it and collecting "free" money.
Some people would kill their own grandmother to collect an additional basis point.
Thus the price would shift to cancel out the difference. Probably.
At any rate, just the discussion & disagreements of which is better most likely demonstrates that any difference is so small as to be negligible.
From a practical standpoint, I could see that a cash-secured put could be more dangerous. There would always be the temptation, or just forgetting that the cash is encumbered, to do something else with the cash like buy something else.
