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Brownian beads

We show that the past and future of half-plane Brownian motion at certain cutpoints are independent of each other after a conformal transformation. Like in Ito's excursion theory, the pieces between cutpoints form a Poisson process with respect to a local time. The size of the path as a function of this local time is a stable subordinator whose index is given by the exponent of the probability that a stretch of the path has no cutpoint. The index is computed and equals 1/2.