### Comment:
Yeah, they're less risky *as* leverage but more risky than straight-up owned stocks. At the end of the day you're way less likely to have a stock drop to zero than an option, just by accounting for book value and lack of expiration.

### REPLY:
Yes, in the above example, you only risked the premium, but the option is basically worthless if OPMM drops to $80, and you're out $2300. However, if you'd bought $2300 worth of OPMM you'd only be out $460 if it dropped 20% to $80

### END.