This morning we got a nice little surprise from Top Tankers, Inc. (TOPT). There are probably very few MFIers who hold TOPT (it was only on the MFI list for a few days, and then it disappeared). I am, however, one of the lucky few. Anyway, this morning, management announced that they were firing their auditor and will be restating Q1 and Q2 earnings. Oh, what fun! TOPT was down 14% today, and this is on top of the 20% it was already down since I purchased the stock.
This begs the obvious question: should I continue to hold TOPT for the full 1 year holding period. The fact that TOPT is restating its Q1 and Q2 financial results suggests that TOPT was never really a MFI stock in the first place, but simply made its way onto the list by virtue of faulty accounting. On the other hand, selling before the 1 year holding period would be a break from the formula. I'm sure Joel would say that his back-testing took these types of companies into account.
I'm going to hold. Still, in this particular instance, selling is tempting and has crossed my mind.
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