There are some problems with long term calls.
1/ The liquidity is usually sh!te
2/ At the moment, because of the massive volatility, you are going to pay through the nose for them, and sooner or later there will be volatility crush. Vega on long term options is enormous, so it is going to be costly.
3/ You are paying all of the cost of carry up front, that's 2-5 years of interest that can evaporate if the stock is taken out.
But.... I agree with the thought.
I am using the volatility to acquire and pay for shares that I can tuck away for keeps.
I've got a free parcel (paid for with some arsey trading) of Citigroup that I now have calls written over and will just write calls over into perpetuity... and hedge if needed.
Sure it's a crap company at the moment, but the options are now paying me psuedo dividends on a zero cost base holding...(and it just might come good one day)
I'm doing the same with other shares of better companies that will take a bit longer to lower the cost base to free, due not being so tinny with.
How I'm doing it:
Write OTM puts and take in the ludicrous premium on offer. Not silly amounts, just on the face value I want to acquire. I have bee getting anywhere between 8% - 15% of the face value on these near month OTM puts on companies that would normally yield 2-4%.
With C, I didn't let myself be assigned, but used a "virtual" holding via synthetics. Others I have let myself be assigned.
Actively trade the movements with shares or long options, depending on the risk profile I want. This process is described in Cottle's book under "Option Metamorphosis".
Take the profits and convert them to shares. Acquire additional shares as time goes by with written call and hedge profits. This is essentially with simple swing trading analysis that I normally use.
With the volatility as it is, this is a once in a generation opportunity to acquire shares quickly in this way. It can be done in normal times, it just takes a hell of a lot longer.
Risk: You could blow the hedging/metamorphosis process and get the opposite result. It can get frustrating as you put trades on and stock volatility does a whoopy on you. You get paranoid and think the market is out to get you.
Anyway just a couple by no means comprehensive thoughts and there are other ways of achieving long term goals.