Zero compression would almost certainly be a valve hanging open or burnt out. A holed piston would be another but you have plenty of other symptoms if that was the case.
A lifter pumping up, bent pushrod, broken valve spring, sticking valve, all these faults would give no compression. Broken rings or piston would give low compression but still give you some.
What state were the plugs in?, reading a plug can tell you a lot about how the the engine is running.
Give us more information and we can hopefully help narrow it down. Bear in mind 195000 miles means your engine will be worn anyway, I know a well looked after engine will often run for much longer than that, but it may be a rebuild might be the best long term solution.