I bought Spark in 2011 and 2012 and sold earlier this year at...

I bought Spark in 2011 and 2012 and sold earlier this year at just below $1.80. Good Capital gains plus dividends.

The tip off for me to sell was when all the brokers you esteem so highly started recommending the company about 2 years late to the party.

What do you think that you know that others don't? Do you think that the people selling now are being really irrational?

It's true that you could go a lot worse than Spark. However, the company faces some major risks when the regulatory periods end in 2015. Most likely, all will be OK, but at $2 spark is priced for high certainty. That betrays a complete lack of understanding of the business. The company was priced for uncertainty in 2011 when when there was about 4 years of certainty ahead of it... and now with less than 2 years to go, the analysts have priced it for higher certainty.

Once the regulatory periods are reset then you can value the company beyond 2015. I'll look at it again then.