(I'm new here, don't bite :P)..
DrValue is talking about a very specific type of LEAP trade mentioned in the Big Short, which was super asymmetric. If my memory serves me correctly, Capital One had some issue (2003ish), the market totally tanked the stock over the issue, they did a ton of research and didn't think it made sense, and decided to act accordingly. It was a binary bet, either the stock would go to near nothing or go back to near normal values. The extra thing is that the LEAPs may have been mispriced as well, which made it almost a sucker's bet in their favor.
I don't even know if trades like that come around every year:)