Start with a necklace consisting of one white bead and one black bead, and add new beads one at a time by inserting each new bead between a randomly chosen adjacent pair of old beads, with the proviso that the new bead will be white if and only if both beads of the adjacent pair are black. Let Wn denote the number of white beads when the total number of beads is n. We show that EWn = n/3 and, with c2 = 2/45, that (Wn − n/3) / c√n is asymptotically standard normal. We find that, for all r ≥ 1 and n > 2r, the rth cumulant of the distribution of Wn is of the form nhr. We find the expected numbers of gaps of given length between white beads, and examine the asymptotics of the longest gaps.