While it's certainly disappointing to see that Fielmann shares lost 3.4% throughout the year, that wasn't as bad as the market loss of 3.8%. Of far more concern is the 4% p.a. loss served to shareholders over the last five years. While the losses are slowing we doubt many shareholders are happy with the stock. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Consider for instance, the ever-present spectre of investment risk. We've identified 1 warning sign with Fielmann, and understanding them should be part of your investment process.