Here is the Libertarian reason why Romney lost: he just wasn't liberal enough for the nation. They might have a point. If the will of the majority of the voters was truly to move the nation in a more liberal direction then perhaps what Mitt Romney represented wasn't the modern world view.
But to suggest that those in the nation who don't want to bow down before the alter of the liberals (about half of those who voted and I suspect a lot more that didn't) is more the problem than what Romney represented. The Republican Party does indeed represent traditional values. If those traditions are being eroded and replaced with a new morality then the shift might hurt republican chances in the future unless the pendulum swings back the other way.
But for those who don't like the direction the nation is going they have every right to fight for their ideologies, even if it means losing. You will remember the quote "I'd rather die on my feet than live on my knees." For Libertarians who can't get any traction at all to be preaching to Republicans that they need to drop to their knees and abandon their principles is the most ridiculous moronic irony of the day.