Consider the set of functions $f_θ(x)=|θ-x|$ on $\mathbb{R}$. Define a Markov process that starts with a point $x_0 \in \mathbb{R}$ and continues with $x_{k+1}=f_{θ_{k+1}}(x_{k})$ with each $θ_{k+1}$ picked from a fixed bounded distribution $μ$ on $\mathbb{R}^+$. We prove the conjecture of G. Letac that if $μ$ is not supported on a lattice, then this process has a unique stationary distribution $π_μ$ and any distribution converges under iteration to $π_μ$ (in the weak-$^*$ topology). We also give a bound on the rate of convergence in the special case that $μ$ is supported on a two-point set. We hope that the techniques will be useful for the study of other Markov processes where the transition functions have Lipschitz number one.