I know you'll be surprised Stevo but I've rarely, if ever, timed...

I know you'll be surprised Stevo but I've rarely, if ever, timed my investments to perfection! The rule of thumb is that it's easier to be a good buyer than a good seller, certainly applies to me. Having said that, I am prepared to sell (often at a loss) if an individual company disappoints, either from a management perspective or from failing to meet stated objectives. KAR to date, has not disappointed me. I'm not smart enough, or have the time, to try and pick the tops and bottoms of the market.
I had a firm view as to the potential of KAR when I first bought the stock and if anything, events over the last few years since the initial Poseidon discovery, have solidified my view. I had a target price in mind then (obviously it wasn't $12!) and I still have a number in mind and I'm sticking with it. As you correctly point out, having management's fortunes closely aligned with shareholders' interests is never a bad thing and despite your veiled criticism of Bob, I struggle to see what he could have done better. He regularly visits the UK and US, knocking on the doors of the major money managers, not without some notable success.
The problem, as I see it, regarding the SP performance, stems from the local Aussie institutions who are as weak as a fairy's fart when it comes to supporting Australian resources enterprises...it is ALWAYS the case that offshore institutions are far more likely to back a potential winner than the gurus running money in Oz. If you want to criticise Bob, that may be a valid reason but he is in the same boat as the Twiggy's of this world ie if it's not BHP, RIO or WPL behind the venture, and the "AMP or Col Mut aren't involved so I'm not playing either" mentality.
And finally, the value of the underlying assets, albeit unrecognised by the market, has increased exponentially since the $2 days. And also, I'm still up 150% on my original investment which is more than I can say about some of my other oil and gas holdings!