Suppose that X is a strictly stable process under P and denote its
running maximum to time t 0 by Xt. Suppose that for z 0, Y under Pz has
the same law as the process f(z _Xt) ..Xt : t 0g under P. Let [0;1] be the rst
passage time of the process Y over the level 1. We give in explicit terms the law of
Y[0;1] under Pz for any z 0.