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A self‐pumped phase conjugating mirror in conjunction with a traveling‐wave acousto‐optic modulator can be used to derive a spatially undisplaced frequency translatable optical beam. One can also obtain a beam consisting of multiple optical frequencies spaced by twice the modulator drive frequency. We find that the appropriate measure of the phase conjugating mirror’s ability to retroreflect a moving optical beam can be its response (writing) time, its memory time, or the ratio of the two, depending on how the beam is moving.