The answer to your question depends on which Puma knife you are looking at. I think the 4 star are generally pretty good. I have the fixed blade, and at one time had the folder.
As was stated above, the quality has gone down in recent years, at least on some of their more recent designs. Puma has been offering "low cost" versions. They priced themselves out of the market in the mid 80s, and are now trying to get back in.
I have several Pumas from the early 80s and they are all high quality, semi-production. The steel was hot rolled and then hot forged, and heat treated well, and will outperform any of the 440 or AUS series. You can still get this level, to some degree, with various models they make. Just make sure that the particular knife you are looking at has an individual hardness test (Rockwell test mark on the blade). In general, the knives with pinned stag handles are good, but they can get expensive. These are the "traditional" hunting blades they make, not the newer laser cut varieties. Some of them are also available with wood handles.
The 4 star folder is a nice one, and also comes in a wood handle. Just make sure it has the individual hardness test.