All depends how you look at it. Maybe he considers the put premium his 'stop loss' and does better that way. After all, our timing may be right, but our numbers wrong (incorrect entry price) just as often as our timing is wrong and our numbers are right (incorrect entry time). Puts do well in the first case. After all, look at these markets. I don't see them staying in the same place (to the point) for long. quite a conundrum.