I think the zero sum game in options extends to writers of options; i.e. the 90% lost by option buyers went to the counterparts that wrote the options.

Re: long term investing vs short term investment. I think it is possible to do both or at least that’s what I’m trying to do. I’m a long term believer in China and I’ve initiated a dollar cost averaging campaign using mutual funds and I plan to (and hope that I have the stomach to) hold thru market downturns for the next decade. At the same time I trade other asset classes. For me, it’s just part of my effort to diversify.