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Since no ones replied yet, I'll lay out my first thoughts about LEAPS vs. "regular" investing:

1. LEAPS reduce the amount of investment required — acts like leverage.

2. LEAPS also limit the losses to the downside. If the stock goes to zero, you're only wiped out to the strike.

1. costs more — there is an expense — compare to just borrowing the money? For example, just to pick a random stock: XOM trades currently for $38.35, and ATM $37.50 LEAPS expiring Jan 2022 trade for around $6.00. So you'd paying $5.15 for time value, which is the same as a 13.4% interest rate. (If you can borrow for less than 9% annualized, just buying the whole share might be cheaper....check my math?)

2. Usually Miss out on dividends. Same example, with XOM, you won't get the juicy 9.1% yield!

3. Not all stocks have LEAPS — mostly large-cap or popular stocks, and few have over 18 months expirations. I'm not a huge buy-and-hold investor, but I have held some winners like PYPL for going on 6 years.

4. Tax treatment can be different, if I'm remembering rightly.

That's all I got off the top of my head.
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