In some years, we did particularly well on the strength of a few well-chosen stocks. In other years, we did exceptionally well because we were on the right side of the market.
For example, in 1973-1974, when the market went down enormously, we were up substantially, largely because we were net short.
There were other periods when the bulk of our money was made in bonds. I think there is a message in the fact that there is no real pattern:
Anyone who thinks he can formulate success in this racket is deluding himself, because it changes too quickly. As soon as a formula is right for any length of time, its own success carries the weight of its inevitable failure.