Still don't see how 2 units of "synthetic" straddle is different from 1 unit of regular put+call straddle, since they would give you the same exposure. The only difference, as newwurldmn points out, is that shorting the stock has a difference treatment from margin and funding perspective.
Your interpretation of what I said is skewed. I've been talking about synthetics only. You're talking regular straddles. The example I gave was an extreme only. Bottom line is a long synthetic is far less risky than a traditional straddle…that's my two cents.
So you are saying that if Bobby buys 2 calls and shorts stock, while Jimmy bought a call and a put, Bobby is somehow better off?
Not sure we are on the same page here: Long put synthetic straddle: 100 share of stock = 100 deltas 2 ATM puts = 100 deltas
" buys 2 calls " +100d " and shorts stock " -100d vs " bought a call " ATM +50d " and a put " ATM -50d
Furthermore, futures is linear, i.e. always 100d! Options is nonlinear. Therefore for buying long 2 ATM options, they can be 100d initially. However they could change to say 120d or 80d, varying to anything between ~0d to ~200d!