Another recognised cycle, discovered indeed long before Kitchin's, is the Juglar or investment cycle.1 This has, or had, a length of seven to eleven years, and appears to have been driven by investment in fixed assets (plant, machinery, etc.) rather than stocks, but to be otherwise analogous: investment overshoots at the peak, giving excess capacity, and undershoots at the trough. The longer period between peak and trough reflects the slower process of adjustment involved. As with the Kitchin, and for much the same reason, it is unlikely that the Juglar survives today in its old form, though it appears from van Duijn (1983) that there is still some such cycle at work, at least in the USA.