Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable.
I'm newly widowed, so I've gone from having a life partner, and having another brain to make decisions with, to doing it all on my own and questioning what I'm doing. I have to be a calmer person, because my anger can look pretty terrifying to a young person.
The only thing that really matters is that there be an action of goodness, love and intelligence in living. Is goodness individual or collective, is love personal or impersonal, is intelligence yours, mine or somebody else? If it is yours or mine then it is not intelligence, or love, or goodness. If goodness is an affair of the individual or of the collective, according to one's particular preference or decision, then it is no longer goodness.
It is obvious that the performance of a stock last year or last month is no reason, per se, to either own it or to not own it now. It is obvious that an inability to "get even" in a security that has declined is of no importance. It is obvious that the inner warm glow that results from having held a winner last year is of no importance in making a decision as to whether it belongs in an optimum portfolio this year.