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After all, a company may lose money and yet improve its competitive position. Buffalo automobile insurance Geoff Gannon writes a daily value investing blog and produces a twice weekly (half hour) value investing podcast at Gannon on Investing. But if we treat customers with indifference or tolerate bloat, our businesses will wither. Warren Buffetts annual letter to Berkshire Hathaway shareholders was released over the weekend. It makes no sense to evaluate a years losses as if the alternative was to stop time. You need to look to the comprehensive income number to find that information.