The simplest stochastic halo formation models assume that the traceless part of the shear field acts to increase the initial overdensity (or decrease the underdensity) that a protohalo (or protovoid) must have if it is to form by the present time. Equivalently, it is the difference between the overdensity and (the square root of the) shear that must be larger than a threshold value. To estimate the effect this has on halo abundances using the excursion set approach, we must solve for the first crossing distribution of a barrier of constant height by the random walks associated with the difference, which is now (even for Gaussian initial conditions) a non-Gaussian variate. The correlation properties of such non-Gaussian walks are inherited from those of the density and the shear, and, since they are independent processes, the solution is in fact remarkably simple. We show that this provides an easy way to understand why earlier heuristic arguments about the nature of the solution worked so well. In addition to modelling halos and voids, this potentially simplifies models of the abundance and spatial distribution of filaments and sheets in the cosmic web.
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