We analyse visual observations of the pulsations of the red giant variable L2 Puppis (L2 Pup). The data cover 77 yr between 1927 and 2005, thus providing an extensive empirical base for characterizing properties of the oscillations. The power spectrum of the light curve shows a single mode resolved into multiple peaks under a narrow envelope. We argue that this results from stochastic excitation, as seen in solar oscillations, with a mode lifetime of about 5 yr. The random fluctuations in phase also support this idea. A comparison with X Cam, a true Mira star with the same pulsation period, and W Cyg, a true semiregular star, illustrates the basic differences in phase behaviours. The Mira shows very stable phase, consistent with excitation by the κ‐mechanism, whereas W Cyg shows large phase fluctuations that imply stochastic excitation. We find L2 Pup to be intermediate, implying that both mechanisms play a role in its pulsation. Finally, we also checked the presence of low‐dimensional chaos and could safely exclude it.