With leap call you may lose everything.
For example, Jan 2015 460 call for AAPL is worth $53. You can lose all if
AAPL doesn't move up in the next 1.5 years. If AAPL moves up 13%, you'll
break even. Only above that you'll make money.
Of course, downside is $53 for the leap call trade, that compares well with
the $460 of potential fall in outright long of AAPL shares.