This morning the Livewire team gave us a gong for one of this year's top performing stock ideas (Whitehaven Coal). While the sentiment is much appreciated, it is completely undeserved. Our typical holding period for a stock is three years. We buy shares because we think they are worth more than their trading price, and we wait for that value to become obvious to everyone else (assuming our assessment was right). When a stock doubles just three weeks after we bought it, it can't possibly be because our assessment of it was correct. It is luck, plain and simple, and it can just as easily go both ways. We will know in a few years' time whether we were right to buy Whitehaven at $0.38. Until then, we have banked some lucky profits. Our March quarterly report discusses this luck, as well as RNY's latest results (horrible), Service Stream (one we should get a gong for) and a new addition to the international fund, Baidu. Use this (VIEW LINK) to read it in full