In a very broad sense, this is true, but if we look a little more closely we can see that the zero-sum game does not exactly fit investing because of the timescale involved. Only finite limits define a zero-sum game and, as long as people are in the market and companies are being created and sustained — then, the zero-sum game heuristic does not fit.
In other words, investing isn’t so much a zero-sum game as investors are zero-sum thinkers. There are probably other types of investing that are better understood in the zero-sum model.

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That’s why when we one of our investments sours, we immediately equate that to a game, like baseball or football.

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