AW1O, page-250

The risk generally with options

1. You can't vote
2. Time decay - As options have an expiry date where you must convert to heads, sell the option before expiry or they expire worthless sometimes

options can be great in the instance of AW1 where you have long expiry timeframe, less capital intensive and ability to buy more options than you could possibly buy heads due to price descrepency

As the expiry gets closer, the options generally speaking go continually lower than the heads % wise due to time left inherent risk etc