Hedge is not necessary "零和" for the investor.
When hold a stock for long (long term), and investor could see short term risk of down side pressure. Investor could choose to buy some put options to limit the down side risk and protect the long position. But after the investor covers the put positions for recovering the loss, and stock comes back, this hedge position creates the profit for investor.
When hold a stock for long (long term), and investor could see short term risk of down side pressure. Investor could choose to buy some put options to limit the down side risk and protect the long position. But after the investor covers the put positions for recovering the loss, and stock comes back, this hedge position creates the profit for investor.